A record 60% of Q1 2026 bets were priced and traded by Kambi's AI systems (Tzeract). Combined with Kambi's existing partnership with the Ontario Lottery and Gaming Corporation, which launched its Kambi-powered sportsbook in January 2026, and a forthcoming Alberta launch, Kambi will soon be powering sports betting in nine of Canada's ten provinces. The company is transitioning toward high-margin growth driven by AI efficiency and geographic expansion.
Cyborg Score Rationale
Kambi reported Q1 2026 revenue of €43.5 million (+5% YoY), with EBITDA of €14.0 million (+18.6% vs forecast) and EPS of €0.09 (+14.7%). AI efficiencies drove a 64% surge in adjusted EBITA to €5.7 million. Strong margin expansion and AI-driven operational leverage position the company well for sustained profitability.
Top Insights
Q1 2026 net revenue outperformance was driven largely by the full integration of major partners, such as the Ontario Lottery and Gaming Corporation (OLG), and by a robust operator trading margin.
A record 60% of Q1 2026 bets were priced and traded by Kambi's AI systems (Tzeract), with the technology central to 64% surge in adjusted EBITA.
Kambi announced a multi-province sportsbook contract on April 29, 2026, positioning it to power sports betting in nine of Canada's ten provinces.
In Q1 2026, FDJ UNITED exited certain markets, which were cited as a primary revenue headwind for Kambi.
Named Competitors
Playtech — Leading gaming software and services provider for sportsbooks and iGaming
Genius Sports — Sports betting data and technology platform
DraftKings — Direct B2C sportsbook operator and largest U.S. online sportsbook
FanDuel — B2C sportsbook operator via FanDuel brand in North America
Rush Street Interactive — B2C iGaming operator and long-standing Kambi partner
Recent Developments
(April 2026) Won multi-province sportsbook contract covering seven Canadian provinces with Atlantic Lottery and BCLC, securing dominance in government-operated Canadian market
(April 2026) Q1 2026 earnings beat with €43.5M revenue (+5% YoY), EBITDA +18.6% vs forecast, and 64% surge in AI-driven EBITA
(February 2026) Entered 27th U.S. state through tribal gaming partnership with MHA Nation in North Dakota
(January 2026) Launched Ontario Lottery and Gaming Corporation (OLG) sportsbook, major Canadian expansion milestone
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