Kambi's World Cup Triumph and AI Trading Edge: A Dossier

Q2 revenue +13%, adjusted EBITA doubles, full-year guidance raised as the FIFA World Cup validates Kambi's AI-first sportsbook model.

KAMBI.ST · Earnings Call · 2026-07-22

Kambi Group reported a blow-out Q2, with revenue up 13% year-on-year to EUR 45.9m and adjusted EBITA nearly doubling to EUR 7.6m. The driver was an outsized FIFA World Cup performance, where Kambi processed more than 100 million bets and over EUR 1 billion in turnover through its Turnkey sportsbook, with an operator trading margin of 18%.

The company raised its full-year adjusted EBITA guidance from EUR 20-25m to EUR 23-27m, a signal that the momentum is sustainable.

The World Cup windfall: a testament to AI trading

Werner Becher, CEO, was emphatic: “the World Cup went just about as well as we could hoped” — Werner Becher, Chief Executive Officer · 2026-07-22. The success was underpinned by Kambi's AI trading system, which priced and traded all 104 games without needing to scale up human traders. As he noted, “Our AI trading system enables us and our partners to offer a near limitless offering” — Werner Becher, Chief Executive Officer · 2026-07-22. The proof is in the Bet Builder penetration – live Bet Builders jumped to 22% of all live bets during the tournament, up from just 3% in the previous World Cup.

Kambi now has five sports in production on its AI trading platform – soccer, basketball, tennis, baseball and ice hockey – and expects more than 90% of turnover to flow through its propriety system soon. This is a durable moat, as AI trading system data accumulation and liquidity advantages compound. The company is also expanding its Odds Feed+ service roster, with signings like RETABET in Spain and Peru post-quarter.

The high operator margin, while positive for revenue, has a flip side. CFO David Kenyon acknowledged:

It's really hard to predict the full knock-on effects of that very high margin. As we've always said, turnover is negatively correlated with high margins.
David Kenyon, Chief Financial Officer · 2026-07-22

That said, the company is confident the short-term dampening on turnover will be offset by stronger player acquisition from the World Cup.

A broader AI opportunity and the prediction market question

Beyond the World Cup, Kambi is positioning itself for the future of betting. The company is now exploring how to leverage its AI trading capabilities for potential new product areas, including prediction markets, which are gaining traction in the U.S. However, CEO Becher was quick to temper expectations, noting that the current share of prediction markets is concentrated in unregulated states like Texas and California, and that Kambi will only enter when it is fully legal and licensed. This is a measured approach, consistent with prior commentary.

The company is also seeing a shift in the outsourcing trend. As Becher said in the Q&A, “The short answer is yes” — Werner Becher, Chief Executive Officer · 2026-07-22 when asked if more Tier 1 and Tier 2 operators are returning to outsourced solutions. This opens a significant opportunity for Kambi's modular products, including its Odds Feed+.

On the cost side, headcount has dropped below 1,000, and CFO David Kenyon indicated that the AI rollout will likely continue to drive efficiency: “we'll see that journey likely continue” — David Kenyon, Chief Financial Officer · 2026-07-22.

What changed versus prior quarters?

Prior to this quarter, Kambi had guided for EUR 5 million of revenue from the World Cup in its February call, with CFO David Kenyon noting “we expect to generate around EUR 5 million of revenues” — Werner Becher · 2026-02-18. The actual outcome vastly exceeded that. The company is now reaping the benefits of its early AI investment, a theme that has been building for years. In November 2025, Werner said, “We are not desperate enough to stop investing” — Werner Becher, Chief Executive Officer (CEO) · 2025-11-05 – and that patient, aggressive investment is now paying off handsomely.

For investors, the key takeaway is that Kambi's World Cup outperformance is not a one-off; it reflects a structural shift toward higher-margin products and AI-driven efficiency. The raised guidance and the trajectory of new customer wins suggest the second half will be strong, with Q4 typically the seasonally strongest quarter. With the AI trading system now a proven, scalable asset, Kambi is well-positioned to capture more share of the global sports betting market.