Kambi Revenue Rises as World Cup and AI Trading Boost Results

Kambi Group (STO: KAMBI) reported a 23% year-on-year increase in Q3 revenue to €46 million ($53 million), boosted by the FIFA World Cup and greater use of AI trading technology.

Adjusted EBITA surged 161% to €7.9 million ($9.1 million) while operating profit more than tripled to €5.1 million ($5.9 million). The results represented the third consecutive quarter of year-on-year revenue and profit growth.

The growth was helped by the latter stages of the FIFA World Cup, with Kambi achieving its second-highest ever quarterly trading margin of 11.9%.

Overall operator turnover increased 3% year-on-year, supported by new launches and favorable currency movements. 

This included a stronger Colombian peso, which contributed €1.7 million ($2 million) in additional revenue compared with the previous year.

AI Trading Now Handles 85% of Bets

Kambi said that its expanding use of artificial intelligence had played a significant role in increasing the number of bets it takes.

The company said its AI trading system now processes approximately 85% of all bets across its network, up from 75% in Q2. It expects to reach 90% of all bets by the end of the year, with American football and table tennis currently being added.

“As an even more tangible metric, we estimate this improvement will result in 18 million more accepted bets during the year,” CEO Werner Becher told analysts during an earnings call.

The system is also reducing the number of bets that are rejected. Since NBA bets were migrated to AI trading in October, Kambi said it had seen a 32% decrease in the number of bet rejections.

Great automation has also seen Kambi reduce its headcount. The company ended September with 943 employees, compared to 1,054 the previous year.

CFO David Kenyon cautioned that “it is likely to be a trend that continues.”

Nevada Launch, Brazil Ban

Kambi also highlighted its 10-year agreement with Station Casinos, which will introduce its sportsbook technology and proprietary player account management platform in Nevada.

The company said an initial field test would begin in the next few weeks, with a wider rollout across around 20 properties planned for 2027.

Becher confirmed the agreement contains no exclusivity clause, and Kambi will be looking for similar deals with other operators in Las Vegas.

Meanwhile, Brazil’s online gambling ban was cited as a headwind. Kenyon said it would likely reduce Q4 revenue by approximately €1 million ($1.2 million). Kambi has assumed there will be no revenue for Brazil during that quarter.