A record World Cup drove Kambi's second-quarter revenue up 13.5% and more than doubled its adjusted earnings, prompting the sportsbook supplier to lift its full-year profit guidance.
A record World Cup drove Kambi's second-quarter revenue up 13.5% and more than doubled its adjusted earnings, prompting the sportsbook supplier to lift its full-year profit guidance.
Kambi has returned to top-line growth, reporting second-quarter 2026 revenue of €45.9 million, up 13.5% from €40.5 million a year earlier, according to the supplier's results and coverage by SBC News. The rebound was driven by a record World Cup for the business and marks a clear turn after a subdued period for the sportsbook technology provider.
Profitability improved more sharply than revenue. Adjusted EBITA more than doubled to €7.6 million from €3.7 million, taking the margin to 16.5% from 9.3% a year earlier, while operating profit rose 262% to €5.8 million. Across the first half, revenue reached €89.4 million, up 9.1%, and adjusted EBITA climbed 83% to €13.3 million, indicating that the second-quarter strength built on a steadier start to the year rather than a single spike.
On the back of the quarter, Kambi raised its full-year 2026 adjusted EBITA guidance to a range of €23-27 million, up from €20-25 million. The upgrade signals management confidence that the improved margin profile will carry through the remainder of the year, even without a tournament of comparable scale in the second half.
The tournament numbers underline why. Kambi said the 2026 World Cup generated more than €1 billion in turnover across its Turnkey Sportsbook, with the trading margin reaching 18% during the event against a typical baseline of 11-14%. The company reported that its AI trading system processed more than 100 million bets across the expanded 104-match format, and that Bet Builder accounted for 22% of live bets, up from just 3% at the 2022 tournament. For readers tracking supplier performance through the tournament, the markets picture shows how heavily a single event can reshape a quarter.
The World Cup Margin Spike Flatters a Genuine Recovery
The most important number to interrogate is the 18% trading margin, well above Kambi's 11-14% baseline. Elevated tournament margins reflect favourable results as much as trading skill, so a slice of the quarter's profitability will not repeat once the sporting calendar normalises. That caveat matters, but it should not obscure the underlying recovery: revenue grew 13.5%, adjusted EBITA more than doubled, and the first-half figures show 9.1% revenue growth built on a broader base than a fortnight of football. A pure luck story would not lift the half-year margin the way these results do. The World Cup amplified a recovery that was already under way rather than manufacturing one from nothing.
Bet Builder's Rise From 3% to 22% Is the Real Structural Story
The most durable signal in the release is the shift in product mix. Bet Builder growing from 3% of live bets in 2022 to 22% in 2026 is a structural change in how customers wager, not a one-tournament quirk, and it favours the supplier. Combination and same-game products carry higher margins and deeper engagement than single-outcome bets, so a lasting move toward them supports profitability well beyond any single event. That Kambi's AI trading system cleared more than 100 million bets across 104 matches also demonstrates the platform can absorb peak volume, which is the capability operators pay for. This is the part of the quarter most likely to persist into 2027.
Guidance Raised on One Quarter Sets a High Bar for the Rest of 2026
Lifting full-year guidance to €23-27 million on the strength of a single record quarter is a confident move, and it invites scrutiny of the second half, when no event will match the World Cup's scale. Management is effectively asserting that the margin and product gains are structural enough to hold once the tournament tailwind fades. The evidence on the page supports cautious optimism: the recovery predates the World Cup, and the Bet Builder shift is real. Kambi has told the market to expect the momentum to last. The next two quarters, played without a marquee tournament, will show whether that confidence was earned or merely well timed.
