Kambi closed 2025 with mixed financial results but growing confidence in its AI-driven sportsbook platform as it heads toward what management sees as a defining World Cup moment.
Fourth-quarter revenue fell 4% year over year to €42.7 million ($46 million), Kambi announced Wednesday. Full-year revenue declined 1.2% minus transition fees, primarily attributed to gaming tax increases in Brazil, Columbia, Netherlands and Illinois.
Adjusted EBITDA rose 16% in Q4, and reached €7.4 million ($8 million) for the year driven by margin gains tied to expanded AI pricing.
Shares of Kambi are up 8.6% following earnings through Thursday‘s close.
AI trading adoption, efficiencies up
AI-driven systems now price the majority of bets across Kambi’s network, automating trading workflows for clients while enabling faster repricing, higher bet acceptance and longer market uptime.
Those efficiencies supported client margins that climbed to 10.8% last year, up from 10% in 2024, and continue to reduce Kambi’s manual trading costs, management said.
Last year 49% of all bets across the Kambi network were fully AI traded and in January, Kambi passed the 50% tipping point, CEO Werner Becher noted. The system powers pricing and trading for sports betting partners including BetRivers, Churchill Downs and more than 50 other global operators.
“We started to invest [in AI] already some years ago, and we are also already now seeing the results out of it,” Becher said.
Kambi eyes World Cup showcase
Becher framed the 2026 FIFA World Cup as the first major global event fully traded by AI across Kambi’s network.
The company expects roughly €5 million ($5.5 million) in incremental revenue from the tournament, about a 3% lift, though management positioned the event more as a product showcase than a short-term earnings driver.
“This World Cup represents a huge opportunity for our partners,” Becher said. “Their success will depend heavily on an offering of a world-class product. And while we never rest on our laurels, we have a product that competes at the highest level.
In recent months, our soccer product has improved further, driven by AI trading, including more player props, broader depth, and virtual limitless combinability.”
Kambi expands partner diversification
Kambi also continued to diversify its partner base. Revenue from its three largest customers fell to 36% in 2025 as the number of live turnkey sportsbook partners reached 53, with recent additions and pipeline deals expected to further broaden the mix in 2026.
Management said expanding the partner footprint across more geographies and operator tiers not only lowers revenue concentration risk but also helps smooth sportsbook margin volatility across the network.
The diversification push comes as supplier economics face mounting regulatory cost pressure. Executives cited Colombia’s deposit tax as a direct drag on wagering activity, alongside higher gaming levies in the Netherlands, Brazil and Illinois that pressure operator profitability and, by extension, Kambi’s revenue participation.
Prediction markets not seen as threat
On prediction markets, management said it has seen no material impact on its business, particularly in the U.S.
“We fully understand that in unregulated markets in the U.S. specifically, these guys have some first-mover advantage,” Becher said. “But in the regulated states, their impact so far was not material at all.”
Executives acknowledged prediction platforms may capture some share in unregulated markets due to first-mover advantage, but described the products as relatively simple compared to full-service sportsbooks offering live betting, player props and combinability. Kambi does not view it the segment as strategic focus, but will continue monitoring it.
“For now, our strategy is clear: to stay fully focused on sports betting,” Becher said.
