Kambi Group, a provider of premium sports betting services to licensed B2C gaming operators, announced that it has extended its retail sportsbook platform deal with PENN Entertainment. As a result, Kambi will continue to supply its partner’s land-based casinos with its sports betting suite.

Under the terms of the original partnership deal, Kambi was set to provide PENN with its sportsbook platform until July 2024. However, the extended deal will instead see the former firm provide the American entertainment company with sports betting solutions through December 31, 2025.

As per the original deal, Kambi will power PENN’s retail casinos across the United States with market-leading retail sports betting products, such as kiosks, point-of-sale terminals, odds board and Bring Your Own Device technology.

The deal currently spans 13 states and covers 30 PENN Entertainment properties.

Kambi Secured an Important Additional Revenue Stream

The announcement also pointed out that, over the course of the extended term, PENN Entertainment plans to migrate its retail sportsbook to its proprietary technology. Because of that, the amended agreement makes it clear that “any retail sports betting revenue generated by PENN, either via Kambi’s platform or via PENN’s proprietary sportsbook in jurisdictions previously supported by Kambi, will be subject to the same level of revenue share payments to Kambi through December 2025.”

Kambi’s co-founder and chief executive officer, Kristian Nylén, commented on the extended agreement, sharing his excitement about the opportunity to support PENN Entertainment through December 2025. This, according to him, will be an important additional revenue stream for Kambi.

Nylén promised that Kambi will continue to leverage its best-in-class products to help PENN maintain its presence in the US.

As the industry’s leading sportsbook provider, both online and in retail, we are committed to providing our partners with cutting-edge technology and a premium service which PENN’s vast retail estate will continue to benefit from throughout the duration of the extended contract.

Kristian Nylén, co-founder & CEO, Kambi Group

Speaking of Kristian Nylén, the CEO recently announced his intention to depart from the company. He, however, agreed to remain on board until a suitable successor has been appointed.

In December, Kambi agreed to power Bingoal’s new sportsbook in Belgium and the Netherlands and empower its business with reliable sports betting solutions.

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The leading business-to-business provider of services and solutions, powering betting operators across the globe, Kambi Group, announced changes to its senior leadership. On Monday, the company confirmed that its co-founder and CEO, Kristian Nylén, intends to step down from his role. The CEO and co-founder notified the company’s Board of Directors, confirming that he plans to step down at some point this year, whenever a successor for the role is appointed.

Nylén co-founded Kambi together with Anders Ström back in 2010. Since then, he played an instrumental role, navigating the business through different obstacles and successfully achieving many important milestones that made Kambi a go-to supplier of sports betting solutions.

Besides the plans for the CEO to step down from his role, Kambi confirmed that its Nomination Committee proposed Nylén for election to the Board during the upcoming 2024 Annual General Meeting (AGM).

Commenting on the topic, Ström, who serves as a chair of the Board, praised the efforts of Nylén that helped ensure Kambi is a leading provider for the growing betting sector. He spoke about the outgoing CEO’s dedication and commitment that helped the company achieve many milestones over the years. “I am delighted the Nomination Committee has proposed Kristian for the Board, where his extensive industry knowledge will continue to greatly benefit Kambi,” added Ström.

Nylén Was Instrumental for the Success of Kambi

He predicted that Nylén will continue to guide Kambi and help it create value for its shareholders. According to the Board’s chairman, Nylén’s shift to a Board position reaffirms his dedication as a major shareholder and founder of the company. Finally, Ström said that Kambi will start the search for a new CEO and vowed to deliver updates in due time.

“Kristian’s role has been critical in positioning Kambi as a frontrunner in our sector.“

Anders Ström, chair of the Board at Kambi

Nylén also commented on the topic explaining that the decision to leave his role at Kambi was a tough one. Yet, he confirmed his plans to spend more time with his family as a reason behind the difficult choice.

“The decision to stand down from my position at Kambi after so many enjoyable years has been difficult, but one predominantly driven by my desire to spend more time with my young and growing family.“

Kristian Nylén, co-founder and CEO of Kambi

Speaking about the proposal to join the company’s Board, Nylén said that it is an honor for him to accept this proposal. He outlined that he currently remains committed to helping Kambi continue to grow. Finally, Nylén explained that once he transitions to the role with the Board, his focus will shift toward the “strategic aspects” of the business.

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Kambi, a B2B provider of sports betting services, has reported that the arrival of the soccer legend Lionel Messi at Inter Miami has led to an unprecedented spike in Major League Soccer betting activity.

As reported by the sports betting specialist, the popularity of Inter Miami and the MLS as a whole has skyrocketed, leading to a whopping 33% increase in bets on the MLS compared to 2022. This announcement comes ahead of the MLS Cup this weekend and highlights the growing growth of soccer and betting in the US.

For reference, Lionel Messi, who previously helped Argentina win the FIFA 2022 World Cup, joined Inter Miami in July, revitalizing interest in the MLS and MLS betting among Kambi’s operator partners.

In fact, Inter Miami quickly cemented itself as the most bet on MLS team of the year thanks to the addition of Messi to its roster. For reference, the ex-Barcelona and Paris Saint-Germain player forward played six times and scored four goals in the MLS. Inter Miami also participated in 8 of the 10 most bet on games during the season.

Prior to the acquisition of Messi, Inter Miami was only the 15th most bet on team.

Messi Helped Inter Miami Rise

Messi’s contribution to Inter Miami is not surprising considering the soccer star’s immense popularity. The player quickly cemented himself as the most bet on player in the MLS over the past four years, exceeding the bets on Denis Bouanga, the second most bet on player, by a whopping 140%.

Kambi’s head of soccer, Jonathon Hurst, commented on Messi’s contribution to the MLS, saying that it is a “landmark moment” the importance of which cannot be understated. According to Hurst, the popularity of Inter Miami is poised to explode even further as Messi is about to be joined by his former Barcelona teammate Luis Suarez.

Hurst added that Messi has an undisputable global appeal that will continue to positively affect his team.

Messi’s global appeal and star power have captured the attention of fans worldwide, and this has translated into a significant increase in betting engagement on MLS matches.
Jonathon Hurst, head of soccer, Kambi

Speaking of Kambi, the group just proceeded with a $3 million share buyback program that will be conducted over several transactions on the Nasdaq First North Growth Market in Stockholm.

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Sports betting technology supplier Kambi Group announced a new important long-term agreement Friday. The company revealed that it joined forces with the fast-growing gambling operator in the Netherlands, 711. Under the terms of the new collaboration, the renowned sports betting platform and technology supplier agreed to power the operator’s sportsbook.

Thanks to the latest long-term deal, 711 will gain access to Kambi’s market-leading complete sportsbook solution. This includes the company’s AI-powered trading products and award-winning Bet Builder solution.

Recently, 711 has been enjoying strong growth within the regulated gambling market in the Netherlands. The company holds a license for online gambling in the country and has steadily increased its customer base since its entry last year. Considering the latest deal with Kambi, the fast-growing online casino operator plans to secure an extension to its license, allowing it to offer sports betting services.

To start offering such services, 711 needs to secure approval from the gambling regulator in the Netherlands, Kansspelautoriteit (KSA). Once this happens, the fast-growing operator anticipates leveraging its established brand sponsorship deals with leading Dutch teams, including FC Emmen, Telstar and Excelsior Rotterdam.

The deal with 711 comes after earlier this month, Kambi was selected as sportsbook technology provider for Svenska Spel, a leading Swedish gambling operator. Under the terms of that deal, the company agreed to power Svenska Spel’s online and retail sportsbook, delivering its cutting-edge technology.

The Collaboration Brings Excitement to 711

Gilles de Backer, 711’s COO, spoke about the company’s growth within the online gambling sector since its launch in the Netherlands last year. He revealed that expanding into the sports betting vertical was identified as an important next step for 711. Finally, 711’s COO pointed out: “By partnering with a leading sportsbook provider like Kambi, we are excited to be in a position to provide our growing customer base with a best-in-class product and exciting sports betting experiences.”

“711 online casino has achieved strong growth since we debuted in the Netherlands last year and it became clear that sports betting would be an important next step in the brand’s journey.“

Gilles de Backer, COO of 711

Kristian Nylén, Kambi’s co-founder and CEO added that the company is thrilled to deliver its services and power 711’s sportsbook in the Netherlands. He added that the latest deal reaffirms Kambi’s position as a leading sportsbook technology provider in one of the important markets on the Old Continent. Finally, Nylén predicted that its technology would supercharge 711’s sportsbook and help them achieve success.

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The leading supplier of sports betting technology, Kambi Group, announced it inked a new important partnership in Sweden. The company said Tuesday it signed an exclusive long-term agreement with the leading Swedish operator, Svenska Spel Sport and Casino. Under the terms of the new collaboration, Kambi agreed to power the operator’s retail and online sportsbook.

The latest long-term partnership follows a competitive tender process that designated Kambi as the perfect partner for Svenska Spel. The company’s commitment to ensuring compliance, extensive experience with operators across the globe and complete sportsbook product that leverages cutting-edge technology were some of the advantages that helped the Swedish operator select Kambi.

Per the terms of the new agreement, Kambi’s subsidiary, Shape Games, will power the front end of Svenska Spel’s new sportsbook. This will result in strategic benefits and customization options for the operator that will be able to stand out from its competitors and deliver thrilling experiences. A statement released by Kambi reveals that the latest agreement is expected to have a “meaningful financial impact” starting from the second half of 2024.

Dan Korhonen, Svenska Spel Sports and Casino’s head of product sports betting, explained that Kambi was selected after an extensive evaluation process. “We have evaluated a number of different alternatives and we feel we have found the perfect partner in Kambi,” he added.

Korhonen predicted that the collaboration will strengthen significantly Svenska Spel’s offering. Finally, he said that the company is looking forward to the launch of its new sportsbook next year, delivering unrivaled entertainment to customers.

Kambi Is Excited to Power Svenska Spel’s Sportsbook

Kristian Nylén, Kambi’s co-founder and CEO, spoke about the strong position Svenska Spel holds within the regulated gambling market in Sweden. He said that the company is delighted to be selected as a long-term sportsbook provider of the leading operator. “As we continue to build commercial momentum and execute our long-term strategy, this partnership is a significant milestone for the business and will enable Kambi to further strengthen its position in one of our core markets,” revealed Nylén in conclusion.

“Svenska Spel is widely recognized as one of Sweden’s most prestigious brands and given Kambi’s strong Swedish roots, I am proud that we have been selected as the operator’s long-term sportsbook provider.“

Kristian Nylén, CEO and co-founder at Kambi

Back in 1997, Svenska Spel was founded after the merger of the leading Swedish operators, Svenska Penninglotteriet AB and AB Tipstjänst. Growing from strength to strength, the company is currently a major player in the regulated gambling market in the country. Svenska Spel has a strong presence within the retail sector with its 5,000 retail outlets but also continues to grow within the online gambling vertical.

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The MGM Resorts International-owned LeoVegas Group will reinforce the BetMGM brand in the United Kingdom thanks to a partnership with Kambi Group, a leading provider of sports betting solutions.

Under the agreement, Kambi will supply the UK-facing iteration of the BetMGM brand with its reliable sports betting technology, including the award-winning Bet Builder solution and AI-powered algorithmic trading functionalities.

Kambi is a long-standing partner of the LeoVegas Group and has long supplied the operator’s betting brands with solutions. Its tech is live across the group’s multiple brands, including BetUK and expect.

The agreement comes a few days after Kambi helped Prairie Band Casino & Resort launch the first tribal sportsbook in Kansas.

Kambi Is Happy to Expand Its Partnership with LeoVegas

The partnership between LeoVegas and Kambi was hailed by Kambi’s co-founder and chief executive officer, Kristian Nylén. The latter expressed his team’s happiness about the opportunity to power the international launch of BetMGM in the UK with LeoVegas. According to him, this move will help Kambi expand its relationship with one of its “most longstanding partners.”

Nylén added that the pairing of LeoVegas’ experience and Kambi’s robust solutions will ensure the success of the BetMGM brand in the UK.

We are confident that the combination of LeoVegas’ operational expertise and Kambi’s proven sportsbook technology behind such an exciting brand provides an excellent platform to offer highly engaging, next-generation betting experiences to BetMGM’s customers.

Kristian Nylén, co-founder & CEO, Kambi Group

LeoVegas Group’s director of sports strategy, Per Carlander, also commented on the matter, expressing his team’s delight about the launch of BetMGM to the international market. He highlighted the importance of the UK market, expressing LeoVegas’ desire to make BetMGM a local success.

[The United Kingdom] is a key market for every operator, and we are confident that our sportsbook and exciting new product features, including a multi-million free-to-play game, will attract sport enthusiasts who enjoy a top-class live betting experience.

Per Carlander, director of sports strategy, LeoVegas Group

Carlander concluded that the best-in-class promotions, personalized navigation and innovative Bet Builder poise BetMGM for success in the UK.

In other news, LeoVegas recently acquired Push Gaming, expanding its international presence. Now part of the MGM family, LeoVegas continues to pursue growth opportunities, hoping to solidify its position as a leading gambling company.

Previously, LeoVegas secured a gaming license for the Netherlands.

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Kambi, a B2B provider of sports betting services, has extended its existing agreement with Rank Group, one of its most loyal partners. As a result, the former party will continue to leverage Kambi’s reliable sportsbook products and services.

Since 2016, Kambi has supplied Rank Group with a number of services, including tracking powered by artificial intelligence, a bet builder tool and a horse racing product.

Rank Group relies heavily on Kambi when it comes to sports betting, as attested by their long-standing partnership. In addition, Rank Group has launched three sports betting brands on the Kambi platform, including Grosvenor Sport, Enracha and the recently-launched Spanish sportsbook YoSports.

The agreement between Kambi and Rank Group comes two months after the former company extended its sportsbook partnership with LeoVegas, another big gambling and betting operator. Last month, the company also expanded in Brazil where it agreed to power the launch of Eyas Gaming’s Lance! Betting brand.

Rank Group Trusts Kambi When It Comes to Sports

Speaking of the extension of the partnership with Kambi, Rank Group’s director of sports, Tom Orton, said:

With Kambi’s support, we have driven 80% growth in our Grosvenor sportsbook revenues over the past 12 months and are excited about what this extended partnership has the capacity to deliver.

Tom Orton, director of sports, Rank Group

Orton added that Rank Group aspires to be fans’ sportsbook operator of choice. He believes that the partnership with Kambi will turn this dream into a reality.

Kambi’s co-founder and chief executive officer, Kristian Nylén, also expressed his thoughts on the arrangement. He said that his team is “very proud” to have solidified its partnership with Rank Group. According to Nylén, Kambi is looking forward to providing the operator’s outstanding sports betting brands with sportsbook content and solutions.

One of the gaming industry’s leading operators, Rank has long been a valued Kambi partner and we look forward to empowering their sports betting ambitions in the years to come with our complete sportsbook.

Kristian Nylén, co-founder & CEO, Kambi Group

In other news, Kambi recently published its Q2 results, demonstrating a strong performance across many metrics. The period was described as “encouraging” by the company, which managed to sign multiple agreements with tier-one partners.

Two months ago, Kambi solidified its presence in Sweden by securing a B2B permit, in line with the newly-introduced Swedish regulations for B2B companies.

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This collaboration marks a significant milestone for both companies, combining Kambi Group’s expertise in providing cutting-edge sports betting solutions with Eyas Gaming’s vision for a dynamic and immersive wagering experience. The move significantly strengthens Kambi’s position in the Latin American market, aiding the company’s ambitious expansion strategy.

The New Sportsbook Unites Industry Leaders

Powering ‘Lance! Betting’ will see Kambi join some of Brazil’s leading sports companies. ‘Lance!’ is the country’s premier football media outlet, sporting over 15 million active monthly users. These impressive viewership numbers should give the company’s sportsbook project a significant head start, capitalizing on existing users willing to immerse themselves in their favorite sport.

Industry conglomerate Gauselmann Group also joined the project, leveraging its decades of experience in the entertainment industry to ensure the new sportsbook has a successful and memorable launch. Eyas Gaming CEO Adam Joseph noted that Kambi’s inclusion would help Lance! Betting realizes its full potential and secures a leading position in the competitive Brazilian sportsbook market.

Kambi’s track record in Latin America and proven suite of high-performance technology made partnering with them a natural choice.

Adam Joseph, Eyas Gaming CEO

The launch of the ‘Lance! Betting’ sportsbook represents a commitment to driving innovation and enhancing the user experience in the sports betting realm. Kambi Group’s advanced technology, extensive industry knowledge, and Eyas Gaming’s passion for creating an immersive platform will contribute to an innovative and customer-focused betting environment. 

Kambi Remains Ahead of the Competition

Collaborating with Eyas Gaming demonstrates Kambi’s commitment to expanding its market presence and working with innovative partners to deliver top-notch betting solutions. The developer’s growth-oriented strategy contributed to impressive Q1 2023 results, as new partnerships positioned it for sustained momentum. Kambi’s commitment to innovation, quality, and delivering an exceptional betting product proved paramount for remaining ahead of the competition.

While Kambi maintains its focus on the Latin American market, as demonstrated by its recent collaboration with Colombian operator Corredor Empresarial, the developer maintains a worldwide presence. Its state-of-the-art sports betting technology has proven its merits across diverse jurisdictions, setting the stage for sustained growth.

This agreement further bolsters Kambi’s impressive range of partners throughout Brazil and Latin America.

Kristian Nylén, Kambi CEO and co-founder

The upcoming launch of the ‘Lance! Betting’ sportsbook marks another opportunity to showcase Kambi’s industry-leading technology. The deal will bolster the developer’s Brazilian footprint and brand recognition, helping it secure future collaborations. As the partnership unfolds, the industry will closely monitor the impact of the ‘Lance! Betting’ sportsbook and how it elevates the sports betting experience

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The Swedish provider of technology for the gaming industry might be next in line for a takeover, according to the freshest Eilers & Krejcik Gaming (EKG) research included in their most recent EKG Line report. 

Kambi Group Not Idly Waiting for a Potential Suitor 

According to EKG, Kambi’s repayment of the $8.3 million Kindred Group convertible bond has done an excellent job at successfully removing an overhang to a possible future acquisition. 

At the same time, the same experts noted that the independent sportsbook that has partnered with visionary operators around the globe is not patiently waiting for a potential buyer to come knocking. On the contrary, their share repurchase program might be a clear indicator of the exact opposite. 

In 2022, Kambi removed a poison pill provision that had been fending off all unsolicited offers for acquisition by selling stock to various investors at prices below the market value. 

Now that the respective provision has vanished, the Business-to-Business provider of sports betting services has turned into a much easier target for potential buyers.

Plus, the much-anticipated mergers and acquisitions that are expected to occur in the sports betting industry in 2023 and beyond wagering will be targeting technology providers as sellers, thus building the case for Kambi to be next in line for an important takeover.

Potential Buyers for the Group: Apollo Global Partners, Bally’s & MGM

Among the main interested parties with the potential to make a run at the Group, we can mention a number of reputable operators in the gaming industry, along with private equity firms. Names like Apollo Global Partners and Bally’s are on top of the list. 

The latter has already inked a fresh technology partnership with the Swedish group earlier in the week. The agreement features a series of provisions that would enable Bally’s to acquire Kambi’s source code in the foreseeable future.

Apollo Global Partners is searching for means to monetize the Yahoo Sports asset using sports wagering. Kambi might be just what they are looking for, especially thanks to their already existing connections via Apollo-owned Great Canadian and Wagr. Apollo also features a front-end technology partnership with Shape Games which is also under Kambi’s ownership. 

According to the same EKG report, MGM Resorts International is another big name that might consider taking over Kambi. Even though the chances that the NYSE-listed casino company to purchase the Sweden-based group are slim, MGM has expressed its desire to obtain ownership over Kambi’s iGaming and sports betting technology. 

The fact that Kambi is already part of MGM’s LeoVegas platform could increase the chances of turning into a potential target for MGM. However, the fact that the decision might also lead to the loss of business-to-business clients, believes EKG, might be a deal breaker. 

At the start of May, MGM Resorts’ LeoVegas announced it acquired Push Gaming as a means of speeding up its global growth. 

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Supplier of sports betting technology and solutions Kambi Group announced today it has signed an agreement to provide del Lago Resort & Casino in Waterloo, New York, with its on-property sportsbook solution.

New On-Property Partner

The agreement between Kambi and the land-based casino owned and operated by horse racing and entertainment operator Churchill Downs Incorporated (CDI) will see the leading supplier of sports betting technology provide its on-property betting solution and services to the casino in upstate New York.

Commenting on the new multi-year agreement, Kambi Group’s chief executive officer and co-founder, Kristian Nylén, could not hide his excitement “to sign del Lago Resort & Casino” as Kambi’s newest on-property partner in New York.

New York is a state known for its passionate sports fans and we are committed to bringing our high-quality sports betting service to the customers of one of the premier properties in the state.

Kristian Nylén, CEO, Kambi Group

Under the agreement, Kambi will deliver its best-in-class retail sports betting products and services to enhance sports betting operations at the casino which won the World Casino Award for North America’s Best Casino, as well as the New York’s Best Casino and Hotel award.

Pursuing the Best Casino Experience Possible

On behalf of del Lago Resorts & Casino, the casino’s general manager, Lance Young, expressed his and his team’s contentment with the opportunity “to partner with Kambi and leverage their award-winning sports betting technology” in pursuit of the best casino experience possible for the casino patrons and guests.

“The addition of Kambi’s products and services to our retail sportsbook and modern casino floor will create an even more exciting viewing and betting experience on game days,” Young concluded.

The technology delivered by Kambi will complement the casino’s already extensive gaming floor, more than 100 square feet dominated by modern LED video screens, to help create an even more exciting betting experience for del Lago’s customers.

The agreement with del Lago Resort & Casino is the second for Kambi with a land-based casino operator in February following the extension of its partnership with Sun International in Africa earlier in the month to continue to power the operator’s sports betting operations.

In January, Kambi teamed with Miami Valley Gaming, an operator of harness racing track and casino in Turtlecreek Township in Ohio, to power the operator’s sportsbook with its sports betting technology and services.

In December, Kambi signed a deal with Rei do Pitaco, a daily fantasy sports operator in Brazil, to provide it with sports betting technology.

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