Kambi Surges: Record Margins Driven by AI Trading During World Cup

Kambi has delivered a powerful performance in the second quarter of 2026, leading the company to raise its full-year financial guidance. The results reflect a business that has successfully navigated previous headwinds through strict cost control and a major technological shift towards artificial intelligence. By leveraging its global network, the supplier was able to offset regional challenges and capitalize on major sporting events, proving the resilience of its turnkey solutions.

The quarter was heavily influenced by the FIFA World Cup, where Kambi’s technology was put to the ultimate test. For the first time, the company’s sportsbook was fully traded by AI, a milestone that significantly improved efficiency and profitability. With a clear return to growth and an expanding footprint in North America, the company is positioning itself as a dominant force in the regulated sports betting infrastructure market.

Numbers and facts

The financial data for Q2 2026 shows a 13.5% year-on-year revenue increase to €45.9m, up from €40.5m. Profitability saw an even sharper rise, with adjusted EBITA more than doubling to €7.6m from €3.7m. This resulted in a margin of 16.5%, a significant jump from the 9.3% recorded in the same period last year. Operating profit reached €5.8m, while earnings per share grew to €0.128. For the first half of the year, total revenue hit €89.4m, an increase of 9.1% compared to 2025.

Operational expenses were kept under tight control, declining 0.6% in the quarter to €31.5m. This fiscal discipline, combined with strong turnover, allowed Kambi to increase its full-year adjusted EBITA guidance. The company now expects to reach between €23m and €27m for 2026, up from the previously estimated range of €20m to €25m. Cash flow remained healthy at €8.8m for the first six months of the year, excluding working capital and financing activities.

Background

The FIFA World Cup served as the primary catalyst for these results. Kambi processed over €1bn in turnover during the tournament, with 78 matches taking place in the second quarter. The shift towards automated systems was validated by an operator trading margin of 18% across the event. Furthermore, the diversification of Kambi's partner base proved vital. While European kick-off times were sometimes challenging, the Americas provided 57% of the global network turnover, up from 38% during the 2022 World Cup.

Strategic expansion in North America continued with new agreements involving the Atlantic Lottery Corporation and British Columbia Lottery Corporation. Kambi also signed a deal with Pure Casino Entertainment and expanded its relationship with 4 Bears Casino & Lodge. These moves illustrate a clear strategy to focus on newly regulated jurisdictions with high growth potential, moving away from less predictable or unregulated markets.

„Q2 marked another strong period of progress for Kambi, both in terms of financial delivery and in demonstrating the ongoing momentum we are building as a business. We delivered a positive financial performance during the quarter, with strong revenue growth to €45.9m and double the adjusted EBITA to €7.6m.“ - Werner Bercher, CEO of Kambi

Why it matters for German players

For bettors in Germany, Kambi provides the backend for numerous licensed operators. A financially healthy provider ensures that the betting platforms remain stable and that user experiences, such as live betting and bet builders, continue to improve via AI integration. However, the high trading margins reported indicate that the house is becoming increasingly efficient at pricing.

Since Germany operates under the strict GlüStV 2021, players are subject to the 1,000 Euro monthly deposit limit and the LUGAS central monitoring system. Kambi’s commitment to regulated markets means their systems are fully compliant with these German requirements. While the provider's success is a corporate story, it guarantees that the legal market remains competitive against unlicensed offshore offerings from Curacao or the MGA, which do not offer the same level of player protection as GGL-licensed sites.

What it means for GGL-licensed casinos

Operators holding a GGL license face significant overhead due to taxes and compliance costs. A partner like Kambi that focuses on efficiency and AI-driven cost reduction can help these operators maintain thin margins. The record 14.0% quarterly operator trading margin mention in the report shows that Kambi's technology is directly contributing to the bottom line of its partners.

As the German market matures, the ability to offer a sophisticated product at a lower operational cost will be the deciding factor for many sportsbooks. Kambi's transition to an "AI-first" organization aligns with the need for better automated player protection tools, which is a core requirement of the GGL. A stable, growth-oriented provider is a win for the regulated German ecosystem, providing the tools necessary to keep players within the safe, licensed environment.