Kambi reports that the recent World Cup, fully managed by its artificial intelligence trading system, handled over $1.14 billion in bets – more than 100 million individual wagers – without any human intervention. The company is also exploring collaborations with prediction markets and developing its own product, though legal concerns are currently preventing a launch in the United States.
Key Takeaways
- Artificial intelligence (AI) priced, managed and settled all 104 World Cup matches end to end.
- Turnkey partners took over $1.14B in stakes at an 18% trading margin.
- Kambi weighs a prediction-market entry but 70+ licenses bar a US launch.
Kambi Runs $1.14B World Cup, Now Weighs Prediction Markets
Kambi announced on Wednesday that the recent FIFA World Cup was fully managed by its artificial intelligence system. This means the AI automatically set odds, handled bets, and paid out winnings for all 104 matches – all without any human involvement. This achievement fulfills a goal Kambi set in April, when AI was already processing 60% of all bets placed on its platform.
When we say “AI-traded,” it doesn’t mean a computer simply made bets. Kambi’s system did all the things human trading teams usually do – like setting and changing odds, managing financial risks, deciding which markets to offer, and confirming bet results.
Kambi’s Turnkey Sportsbook partners processed more than $1.14 billion (€1 billion) in tournament stakes and over 100 million bets, recording an 18% operator trading margin. Millions more bets flowed through Odds Feed+, although Kambi does not receive complete wager and settlement data from operators using that product.
The written report said Kambi processed more than one million unique bets during the Spain–Argentina final, while CEO Werner Becher described them during the earnings call as unique combinations. Becher called that scale “impossible to deliver through manual trading” and said Kambi did not need to increase its number of human traders for the expanded tournament. Prediction markets separately recorded nearly $2 billion in final-specific trading.
Live Bet Builder options were used on 22% of live bets this year, a significant increase from just 3% during the previous tournament in 2022. Overall, Bet Builders made up 35% of all bets placed both before and during matches. The platform ran smoothly without any interruptions, and the average amount wagered per match increased by around 20% compared to 2022.
Kambi announced second-quarter revenue of $52.3 million, a 13.5% increase compared to last year. Their adjusted earnings before interest, taxes, and amortization (EBITA) more than doubled, reaching $8.7 million. Following a successful tournament, Kambi now expects full-year adjusted EBITA to be between $26.2 million and $30.8 million, an increase from their previous forecast. The $1.14 billion in bets placed on the World Cup, representing 18% of all bets, occurred during June and July, not just within the second quarter.
We’ve been looking into the volume of activity on prediction markets during the recent tournament, and estimates suggest they handled nearly 30% of all US sports betting. When asked about this, I explained that this figure largely reflects the fact that states like Texas and California – which make up about 30% of the US population – don’t yet have legal, regulated sportsbooks. So, a significant portion of that 30% likely came from those areas.
Regarding the future of the format, Becher explained that Kambi is waiting for more definitive legal rulings before making any decisions. They are currently exploring various possibilities – including partnerships and internal development – but haven’t chosen a specific path or revealed any product plans yet.
According to Becher, Kambi’s existing licenses across over 70 regions currently block them from entering the US market until there’s legal clarity regarding sports event contracts. He explained that Kambi could then begin working with partners if prediction markets were officially legalized and regulated in the United States. This view is a shift from his previous statement in April, where he said these platforms hadn’t significantly affected Kambi’s business in states where they *are* legal.
My research has been spurred by the recent surge in prediction market activity – we saw a record $44.8 billion in volume during the World Cup in June. This, combined with sportsbooks like DraftKings launching their own exchanges (DKeX debuted in June), has led me to consider Kambi’s potential role. Instead of creating a direct-to-consumer exchange, Kambi seems more likely to position itself as a technology provider, supplying the infrastructure and trading expertise to others.
2026-07-23 02:28