Kambi doubled its profit on an AI trading engine, and investors repriced the capability.
Kambi reported Q2 on 22 July. Revenue rose 13.5% to €45.9M and adjusted profit more than doubled to €7.6M.
The engine did the work. Its AI trading system handled over 100 million World Cup bets at an 18% operator margin, and the Americas supplied 57% of that World Cup turnover, up from 38% four years ago.
A supplier that prices bets by hand grows by adding traders. A supplier that prices them with a machine grows without that cost.
That is why the shares moved. Kambi raised full-year guidance to €23–27M, and the re-rating tracked the capability itself. The AI engine and the trading name are the durable assets, and both take years to copy.
Expect Kambi to make the AI trading engine its headline story, and to aim it at US prediction markets next.
The tell to watch: whether operator clients pay more at renewal once the World Cup lift fades. If they do, the capability is what holds the price.