Kambi reversed its fortunes in Q2 after a difficult opening to 2026, as the FIFA World Cup drove revenues and profits growth in the second half of the year.

The Stockholm-listed betting technology group recorded Q2 revenue growth of 13.5% year-over-year from €40.5m to €45.9m (£39m) and adjusted EBITDA growth of 102% to €7.6m (Q2 2025: €3.7m).

H1 revenue registered a 9.1% increase to €89.4m (€81.9m) alongside EBITDA up by 83% to €13.3m (€7.2m) – as investors are told that Kambi has “now turned a corner and returned to growth.” 

Similar gains were made with regards to profit as Q2 operating profit rose from €1.6m the year prior to €5.8m in Q2 2026, with the corresponding figure for the full first half of the year rising from €2.5m to €10.1m.

Werner Becher, Kambi’s Chief Executive Officer, remarked that “the quarter was shaped by the FIFA World Cup, where Kambi delivered a leading product throughout the tournament”.

Kambi attributed most of its revenue to America’s activity, with its operator partners there generating 57% of global turnover, up from 38% in the 2022 World Cup. 

Leadership underscores its growing portfolio of tier-1 sportsbook partners in North and South America that includes: Penn, Bally’s Interactive, OLG Canada, BetPlay Colombia and Corredor Empresarial. 

The tournament also marked a major moment for Kambi’s AI ambitions, with the firm having integrated AI into its trading ahead of kick-off.

“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 remarked.

“Our performance was also validated externally, with third-party benchmarking from Bettormetrics showing Kambi as a leader across live betting KPIs, including high market availability.

“This translated into a smoother and more engaging experience for end users, while we also delivered greater combinability through an enhanced Bet Builder, particularly across player props markets.”

Can Kambi ride-out the World Cup moneyball?

As expected, the FIFA World Cup has captivated betting audiences across the globe this year.

Regular updates from key operators showed growing engagement with the tournament as it rolled out, even from countries which had been eliminated from the tournament – as Tipico’s data on German betting behaviour showed.

In Kambi’s case, the Swedish firm has reported overall World Cup turnkey sportsbook stakes in excess of €1bn at an operator trading margin of 18% and more than 100 million bets processed across the tournament.

The tournament has been a roaring success for Kambi in flipping its 2026 fortunes, with Q1 having been a much more mixed bag than Q2. First quarter revenue was down 4% to €41.5m, EBITDA was down 60% to €2.3m and operating profit down 82% to €800,000.

It seems that the World Cup has bolstered Kambi’s H1 performance… but can momentum be maintained till the close of 2026? With the tournament now over, the firm’s big challenge , will be in ensuring trading continues into Q3 and the resumption of domestic football globally.

A saving grace is that, as Chief Financial Officer David Kenyon told analysts this morning, that World Cup revenue is still being invoiced from operators and so will continue flooding in during July and August, giving a good start to Q3 trading.

Another challenge is in addressing prediction markets. Predictions got a good amount of the spotlight during the World Cup, with newly founded ADI Predictstreet being a key partner of the tournament, while Kalshi also benefited from visibility due to its partnership with the Gibraltar licensed firm.

Kambi has previously stated it has no interest in predictions – yet. This remains the case.

“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. As I said before, we are in a wait and see position. I would say even more than that. We, of course, in the background, are evaluating options, partnerships, developing it in house on our own as well. 

“We are prepared for this being eventually legal in the future in the U.S. As it stands now, being licensed in 70-plus jurisdictions, we can’t start acting on prediction markets. But if this product is considered to be fully legal and licensed, particularly in the U.S. we’ll be able to serve our partners.”

While the pressure may be on for Kambi to keep the money train running into Q3, the World Cup has given the firm new confidence as leadership has raised full year adjusted EBITDA estimates from €20-€25m to €23m-€27m.

Investors may also be pleased to learn that earnings per share during Q2 were €0.128 (€0.009) and €0.213 (€0.036) during H1.  The company’s share price remains steady, having risen 11% since H1 results were published this morning to stand at 181 SEK (£13) per share (at the time of writing).