The sports wagering company Kambi Group has celebrated impressive margins during the World Cup, revealing robust second-quarter results as CEO Werner Becher announced that the firm has “turned a corner and is back in growth mode.”
For the second quarter, the company reported a 13.5% year-on-year increase in revenue, reaching €45.9 million, with adjusted EBITA soaring by 102% to €7.6 million. Additionally, the first half of 2026 saw revenue growth of 9.1%, totaling €89.4 million. The full-year estimated adjusted EBITA has also been revised upwards to €23-27 million from a previous estimate of €20-25 million.
This success was largely attributed to an exceptional operator trading margin of 18% during the FIFA World Cup, which Kambi CFO David Kenyon referred to as “extraordinary.”
In contrast, margins for the preceding eight quarters averaged close to 11%, and Kenyon indicated that the company may consider updating its long-term sportsbook margin projections for 2027.
Billion-Dollar Turnover at the World Cup
The remarkable performance was primarily driven by product advancements, with Becher highlighting the company’s extensive Bet Builder feature.
“This top-tier product has led to increased player engagement through higher-margin offerings, making our financial performance less dependent on match winners than it used to be,” Becher explained during the earnings call following the results announcement.
Kambi managed to process over €1 billion in total sportsbook turnover during the World Cup. However, Becher acknowledged that high margins might impact turnover adversely. He emphasized that these margins provide Kambi’s operator partners with enhanced opportunities to reward customers.
“They can afford to share a portion of these high margins with their customers, becoming more competitive with bonuses, incentives, and customer engagement strategies to capture more market share,” he elaborated.
Kambi’s stock value surged by 14% following the Q2 announcement, although it has since retracted slightly. Still, the share price has risen by 30% since the beginning of the year.
Exploring Alternative Products
The World Cup also highlighted the potential for sportsbook-related products.
The firm revealed that its eSports offering has emerged as its fourth largest sport, and also noted increased activity and engagement on eSoccer during halftime periods of World Cup matches. “We are optimistic about future growth in this area,” Becher indicated.
When discussing prediction markets, Becher mentioned that Kambi is currently taking a “wait-and-see” approach. He responded to reports that prediction markets accounted for nearly 30% of World Cup betting volume in the U.S., noting the significant population of Americans residing in states without sports betting regulations. “That provides insight into the situation,” he stated.
Becher also affirmed that Kambi is actively exploring options and partnerships concerning prediction markets and is working on internal developments as well.
We are ready for prediction markets to become legal in the future in the U.S. Currently, given our licensing across over 70 jurisdictions, we can’t proceed with prediction markets. However, if this product becomes fully legal and licensed, particularly in the U.S., we will be able to support our partners.
Kambi Group CEO Werner Becher
Additionally, Kambi pointed to its partnerships throughout the Americas, noting that the region accounted for 57% of global turnover during the 2026 World Cup, up from 38% in the 2022 edition.
In recent months, Kambi has been expanding its presence in the Americas. In April, two Canadian lotteries selected Kambi for new sportsbook agreements, with the Atlantic Lottery Corporation and British Columbia Lottery Corporation opting for the multi-province solution.
Furthermore, Kambi secured a multi-year collaboration with Canadian operator Pure Casino Entertainment ahead of Alberta’s regulated market launch in July.