Kambi Returns to Growth as FIFA World Cup Drives Q2 Revenue and Profit Surge

Kambi Group has posted a strong rebound in the second quarter of 2026, propelled by the FIFA World Cup. The Stockholm-listed sports betting technology provider reported quarterly revenue of €45.9m, a 13.5% year-on-year increase from €40.5m, while adjusted EBITDA more than doubled to €7.6m (Q2 2025: €3.7m).

World Cup Drives Q2 Recovery

The improved results mark a sharp turnaround from the first quarter, when revenue fell 4% to €41.5m and adjusted EBITDA slumped 60% to €2.3m. For the first half of 2026, revenue rose 9.1% to €89.4m (H1 2025: €81.9m) and EBITDA jumped 83% to €13.3m (€7.2m). Operating profit also strengthened, rising from €1.6m to €5.8m in Q2 and from €2.5m to €10.1m for the six-month period.

Chief Executive Officer Werner Becher attributed the performance directly to the tournament: “The quarter was shaped by the FIFA World Cup, where Kambi delivered a leading product throughout the tournament.”

Kambi’s operator partners in the Americas generated 57% of global turnover during the World Cup, up from 38% during the 2022 edition. The company highlighted its growing roster of tier-1 partners in North and South America, including Penn, Bally’s Interactive, OLG Canada, BetPlay Colombia, and Corredor Empresarial.

AI Milestone and Operational Performance

The World Cup also marked a technological first for Kambi. “This was Kambi’s first FIFA World Cup to be fully traded by AI, representing an important milestone in the evolution of our cutting-edge sportsbook technology,” Becher said. He added that third-party benchmarking from Bettormetrics validated the firm’s performance, showing “Kambi as a leader across live betting KPIs, including high market availability.”

According to Becher, the AI integration “translated into a smoother and more engaging experience for end users,” while an enhanced Bet Builder improved combinability, particularly across player props markets.

Kambi reported that total World Cup turnkey sportsbook stakes exceeded €1bn, with an operator trading margin of 18% and more than 100 million bets processed during the tournament.

Outlook and Prediction Markets

Looking ahead, the company faces the challenge of sustaining momentum now that the World Cup has ended. Chief Financial Officer David Kenyon told analysts that World Cup revenue is still being invoiced from operators and will continue to be recognised in July and August, providing a solid start to Q3.

Regarding prediction markets, which gained visibility during the World Cup through partners like ADI Predictstreet and Kalshi, Kambi maintains its current stance of no immediate involvement. “I think we’re all looking forward to getting some final court decisions in the US,” Becher told analysts. “The expectation is that we will have this clarity hopefully next year. … We are prepared for this being eventually legal in the future in the U.S.” He noted that Kambi is evaluating options, including partnerships and in-house development, but cannot act until the product is considered fully legal and licensed in jurisdictions where it holds licenses.

Upgraded Guidance

Buoyed by the World Cup’s contribution, Kambi’s management has raised its full-year adjusted EBITDA guidance from the previous range of €20-€25m to €23m-€27m.

Investors have responded positively. Earnings per share came in at €0.128 for Q2 (Q2 2025: €0.009) and €0.213 for H1 (H1 2025: €0.036). Following the H1 results announcement, Kambi’s share price rose 11% to 181 SEK (£13) per share.