AI now sets most betting prices across the Kambi network
Kambi ended 2025 with mixed financial results but growing confidence in its sports betting platform. According to management, the AI-powered platform could deliver strong results at the 2026 World Cup, according to Legal Sports Report.
Fourth-quarter revenue declines
Kambi’s revenue for the fourth quarter of 2025 was €42.7 million, down 4% year-on-year. Excluding transition fees, revenue for the year decreased by 1.2%. The company attributed the decline primarily to rising tax burdens in Brazil, Colombia, the Netherlands and Illinois as the main reasons for this decline.
Adjusted EBITDA rose 16% in the fourth quarter to €7.4 million. This figure reflects improved margins due to the expansion of AI pricing for most of the network’s bets. The company’s shares rose 8.6% following the publication of the quarterly results.
Half of bets now processed by AI
According to management, AI now sets prices for most bets on the Kambi network. This allows partners to automate trading processes, speeding up repricing, increasing the share of accepted bets and increasing market uptime. These improvements have supported customer margin growth to 10.8% in 2025, up from 10% in 2024, and continue to reduce Kambi’s manual trading costs.
In 2025, 49% of all bets on the network were fully processed by AI. In January, the company surpassed the 50% mark, noted CEO Werner Becher (pictured). The platform serves major brands such as BetRivers and Churchill Downs, as well as more than 50 other operators worldwide.
‘We started investing in AI a few years ago, and we are already seeing results,’ Becher said.
AI to fully trade the 2026 World Cup
Kambi sees the 2026 World Cup as the first major global sporting event to be fully traded by AI on the company’s network. The company expects the tournament to generate up to €5 million in additional revenue (approximately 3% growth). However, management sees this event as a great opportunity to showcase the product rather than a short-term profit driver.
“This World Cup is a huge opportunity for our partners. Their success will largely depend on a world-class offering. We have a product that can compete at the highest level,” said Becher. He also noted that the company’s football product has improved thanks to AI: more bets on players, greater market depth and virtually unlimited bet combinations.
Focus shifts to expanding partner network
The company’s management expects further expansion of partnerships in 2026, which will reduce revenue concentration and help smooth out margin volatility across the network. The share of Kambi’s three largest customers has fallen to 36% of total revenue in 2025, and the number of live turnkey partners has reached 53. Over the year, the company has signed several new contracts in regulated jurisdictions, following a strategy focused on long-term partnerships.
Earlier this year, Kambi signed a multi-year partnership agreement with Mexican operator Pickwin, continuing to expand its presence in Latin America. The company will provide the operator with its fully-featured turnkey sports betting platform, replacing the operator’s current technology provider. The partnership will support the brand’s online operations in Mexico, where competition among licensed operators has been steadily increasing in recent years.
At the same time, the company is facing pressure from growing regulatory demands: a deposit tax in Colombia and increased gaming fees in the Netherlands, Brazil and Illinois are directly reducing betting activity and operator profitability, and therefore Kambi’s revenues.
Responding to questions about prediction markets, management said it does not yet see a material impact on the business, especially in regulated US jurisdictions. Outside of regulation, such platforms may have a first-mover advantage, but overall, they remain simpler in functionality compared to developed betting products. ‘At the moment, our strategy is clear: to focus entirely on sports betting,’ Becher concluded.
This article was first published in Russian on 27 February 2026.
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