Kambi Group posted Q2 revenue of €45.9m, a 13.5% year-over-year increase from €40.5m, and raised its full-year adjusted EBITDA guidance after the FIFA World Cup drove revenues and profits growth, with Kambi attributing most of its revenue to America’s activity.
Adjusted EBITDA for Q2 reached €7.6m, more than doubling the €3.7m recorded in Q2 2025, while Q2 operating profit climbed from €1.6m to €5.8m over the same period. For the first half of 2026, revenue grew 9.1% to €89.4m, with H1 EBITDA rising 83% to €13.3m and operating profit advancing from €2.5m to €10.1m.
The Stockholm-listed supplier told investors it has “now turned a corner and returned to growth” – language that carries weight
Americas Drive and AI Milestone
Kambi attributed the bulk of its World Cup revenue to North and South American activity, with operator partners in the region generating 57% of global turnover during the tournament, up sharply from 38% at the 2022 Qatar World Cup. The firm’s tier-1 Americas roster includes Penn, Bally’s Interactive, OLG Canada, and BetPlay Colombia.
The tournament also marked the first FIFA World Cup to be fully traded using AI across Kambi’s platform. CEO Werner Becher said the quarter was shaped by the World Cup, where Kambi delivered a leading product throughout, and described the AI trading rollout as “an important milestone in the evolution of our cutting-edge sportsbook technology.” Third-party benchmarking from Bettormetrics ranked Kambi as a leader across live betting KPIs including market availability, Becher added.
Across the tournament, Kambi processed more than 100 million bets and reported total turnkey sportsbook stakes exceeding €1bn at an operator trading margin of 18%.
Guidance Raised, Prediction Markets Watched
On the back of the H1 performance, Kambi lifted its full-year adjusted EBITDA range from €20–25m to €23–27m. Earnings per share reached €0.128 in Q2 and €0.213 for H1, against €0.009 and €0.036 respectively in the prior-year periods. The company’s share price rose 11% on the day results were published, reaching 181 SEK at the time of reporting. The guidance upgrade mirrors a broader trend of B2B suppliers revising estimates upward mid-year, as seen with Playtech’s own EBITDA guidance raise following a strong Q2.
CFO David Kenyon told analysts that World Cup revenue continues to be invoiced through July and August, providing a revenue bridge into Q3 ahead of the resumption of domestic football calendars globally.
On prediction markets, Becher indicated Kambi is monitoring US court decisions and conducting background evaluation – including in-house development and partnership assessment – but will not act while the product remains unlicensed across its 70-plus regulated jurisdictions. He said the expectation is for legal clarity in the US, hopefully by next year, at which point Kambi would be positioned to serve its partners.
Source: SBC News
Petra Vanhoof has spent the better part of a decade following the shifting tides of gambling regulation across Europe and beyond. She came up through the compliance side of the industry before pivoting to writing, which gives her a grounded, no-nonsense perspective on the rules, loopholes, and political maneuvering that shape how operators actually do business. She is particularly drawn to the gap between what regulators say and what the market ends up doing in response.