Kambi’s World Cup turnaround lifts profits as sportsbook group resets 2026 outlook
Kambi has reversed a sluggish start to 2026 after a surge in betting activity around the FIFA World Cup helped drive a sharp improvement in both revenue and profitability, giving the sportsbook technology provider enough confidence to raise its earnings expectations for the rest of the year.
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The Stockholm-listed company generated €45.9 million in revenue during the second quarter, up 13.5% from €40.5 million a year earlier. Adjusted EBITDA more than doubled to €7.6 million, compared with €3.7 million in the same period of 2025, while operating profit climbed from €1.6 million to €5.8 million.
The stronger second quarter transformed Kambi’s first-half performance. Revenue for the opening six months reached €89.4 million, a 9.1% increase from €81.9 million last year. Adjusted EBITDA rose to €13.3 million from €7.2 million, and operating profit advanced from €2.5 million to €10.1 million, allowing management to argue that the business has moved beyond the difficult opening months of the year and returned to growth.
World Cup delivers decisive boost
Much of that recovery was tied directly to football’s biggest international tournament.
Kambi described the World Cup as a defining event for its sportsbook platform, reporting more than €1 billion in turnkey sportsbook stakes during the competition. Across the tournament, its systems processed over 100 million bets while operator trading margins reached 18%.
The Americas accounted for the majority of activity. Operator partners across North and South America generated 57% of Kambi’s global World Cup turnover, a notable increase from the 38% contribution recorded during the 2022 tournament. That growth reflects the company’s expanding roster of major regional clients, including Penn, Bally’s Interactive, OLG Canada, BetPlay Colombia and Corredor Empresarial.
The tournament also served as a proving ground for Kambi’s artificial intelligence strategy. For the first time, the company relied on AI-powered trading throughout an entire FIFA World Cup, marking a significant shift in how its sportsbook is managed.
Management argued that external benchmarking by Bettormetrics ranked Kambi among the strongest performers in live betting, particularly in market availability. The company also pointed to improvements in its Bet Builder product, especially across player proposition markets, as contributing to a more engaging betting experience.
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From weak first quarter to stronger outlook
Those achievements stand in stark contrast to the opening quarter of the year.
Before the World Cup began, Kambi’s 2026 performance had been under pressure. First-quarter revenue fell 4% to €41.5 million, adjusted EBITDA dropped 60% to €2.3 million, and operating profit declined 82% to just €800,000. The second quarter effectively erased much of that early weakness, changing the tone of the company’s first-half results.
The question now is whether that momentum can survive once the tournament boost fades.
Domestic football leagues will again become the primary source of betting activity during the second half of the year, placing greater emphasis on sustaining wagering volumes without the benefit of a global sporting event. Even so, Kambi expects some carryover from the World Cup. Finance chief David Kenyon told analysts that revenue linked to the tournament is still being invoiced to operators and should continue flowing into July and August, providing an early lift to third-quarter trading.
Prediction markets remain on hold
Another strategic issue remains unresolved.
Prediction markets attracted increased attention during the World Cup, aided by partnerships involving companies such as ADI Predictstreet and the growing profile of Kalshi. Although Kambi has monitored developments closely, the company continues to hold back from entering the sector.
Chief executive Werner Becher indicated that the group is waiting for greater legal certainty in the United States before making any move. While Kambi has been evaluating potential partnerships alongside internal development work, its presence in more than 70 regulated jurisdictions means it cannot pursue prediction markets unless the regulatory framework becomes sufficiently clear. Should that happen, particularly in the U.S., management believes the business would be positioned to offer such products to its operator partners.
Guidance lifted as investors respond
The stronger trading performance has already prompted management to revise its financial expectations. Kambi increased its full-year adjusted EBITDA guidance from a range of €20 million to €25 million to a new target of €23 million to €27 million.
Investors responded positively. Second-quarter earnings per share rose to €0.128 from €0.009 a year earlier, while first-half earnings per share improved to €0.213 from €0.036. Following the results announcement, Kambi’s shares gained roughly 11%, trading at around 181 Swedish kronor during morning trading.
Source: sbcnews.co.uk
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