High-margin World Cup Helps Power Kambi to Q2 Growth

Sports betting provider Kambi Group lauded high World Cup margins as it reported a strong second quarter, with CEO Werner Becher declaring the company had “turned a corner and returned to growth.”

Revenue for the second quarter was up 13.5% year-on-year to €45.9 million, with adjusted EBITA increasing 102% to €7.6 million. H1 2026 revenue grew 9.1% to €89.4 million. Full-year estimated adjusted EBITA was increased to €23-27 million from €20-25 million.

This was driven in large part by an impressive operator trading margin of 18% across the FIFA World Cup, with Kambi CFO David Kenyon describing the margin achieved during the quarter as “extraordinary.”

Margins for the previous eight quarters averaged around 11%, and Kenyon said the company would likely consider raising its long-term sportsbook margin guidance for next year.

Billion dollar World Cup turnover

The strong performance was primarily product-driven, with Becher singling out the company’s “expansive Bet Builder.”

“This high-quality product means players are increasingly engaged by higher-margin products, meaning financial performance is now less reliant on who wins the match than previously,” said Becher during an earnings call following the release of the results.

While Kambi processed more than €1 billion in turnkey sportsbook turnover during the World Cup, Becher noted that high margins can negatively impact turnover. But he also stressed how they provide Kambi’s operator partners with greater flexibility to bonus customers.

“If they wish, they can give back a bit of this high margin to their punters and be more aggressive on bonusing, on incentives, on engagements to take more market share,” he said.

Kambi’s share price rose 14% on the release of the Q2 results, although it has since retraced. Nonetheless, the share price is up 30% since the start of the year.

Alternative products

The World Cup also brought into focus sportsbook-adjacent products.

The company highlighted its eSports product, which it said was now its fourth largest sport. It also reported strong engagement and activity on eSoccer during half-time of World Cup matches. “We expect more growth going forward,” said Becher.

On the topic of prediction markets, Becher said Kambi was in a “wait-and-see position.” Becher responded to reports that prediction markets had captured close to 30% of World Cup betting volume in the US. He pointed out that a similar share of Americans live in Texas and California, two states that have not regulated sports betting. “I think you have your answer,” he said.

Becher also stressed that Kambi is actively evaluating options and partnerships around prediction markets, as well as developing in-house.

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.

Kambi Group CEO Werner Becher

Elsewhere, Kambi also pointed towards its partners across the Americas. The region generated 57% of global turnover for the 2026 World Cup, compared to 38% during the 2022 edition.

Kambi has been expanding its footprint in the region over recent months. In April, two Canadian lotteries selected Kambi for new sportsbook deals. Atlantic Lottery Corporation and British Columbia Lottery Corporation will both use its multi-province solution.

It also agreed a multi-year partnership with Canadian operator Pure Casino Entertainment. The deal came ahead of Alberta opening its regulated market in July.