Kambi Sports Betting
The majority of the proceeds will be used to repay, with interest, a £1.2m (€1.3m/$1.6m) interest-bearing loan provided to Nylén by a subsidiary of Kambi in order to exercise options in March 2020.
Kambi Group Plc is a B2B provider of sports betting services to licensed B2C gaming operators. The company provides a software platform with front end user interface, odds compiling, customer intelligence and risk management. Kambi Group is listed on First North at Nasdaq Stockholm under the symbol 'KAMBI'. Kambi is a provider of premium sports betting services to licensed B2C gaming operators. Kambi Group plc is listed on First North Growth Market at Nasdaq Stockholm. Our services encompass a broad offering from front-end user interface through to odds compiling, customer intelligence and risk management, built on an in-house developed software. Kambi Group PLC last week announced it had secured a deal to enter the Michigan sports betting market, thanks to an agreement with a tribal nation based in the state. There is a new operator entering the popular New York sports betting market. European-based company Kambi will manage sports betting operations at three casinos owned by the Seneca Nation of Indians. What we know about the Kambi – Seneca deal. The deal is relatively new, having only been announced last week. Kambi has been busy securing partnerships with tribal nations throughout the country. Kambi is not known as a leader in the US sports betting scene, but they run many operations throughout the country. This is the third deal that Kambi has been able to secure with tribal casinos in the last 18 months. In 2019 the company was able to secure.
The loan was used to pay the option price and income tax due on the exercise of 300,000 share options issued to the chief executive in 2013.
He remains a major long-term shareholder in the supplier, and owns 720,000 shares or 2.3% of the company, following the transaction.
Results published last week showed that Kambi expects revenue for the fourth quarter of 2020 to fall between €46.0m and €48.0m, meaning full-year revenue could rise 27.6% to €117.8m, despite the suspension of sports for much of the year.
Revenue for the quarter was up around 76% year-on-year, however expenses also rose to between €24.0m and €25.0m. The supplier said this was mostly due to the higher costs of stock options caused by the strong performance of Kambi shares.
Kambi’s share price increased 34.3% during Q4, ending the year at SEK393.4 (£35/€39/$48) per share. Full-year earnings before interest and tax is expected to be between €31.0m and €34.0m
Global sports betting supplier Kambi Group has signed a long-term agreement to become the sports betting partner of Racing and Wagering Western Australia.
RWWA plans to leverage Kambi's technology to upgrade its current sportsbook offering across its retail outlets and online brand TABtouch.
Kambi says its sportsbook will “complement RWWA's existing racing wagering product,” with RWWA planning to take “full advantage” of Kambi's deep sports betting offer, powerful bonusing toolbox and extensive differentiation capabilities across front-end and odds.
Established in 2003, RWWA is the state-run, self-funded racing authority for Western Australia, responsible for the operations of the state's Totalisator Agency Board.
Sales channels include a network of more than 320 retail agencies and TABtouch, which encompasses the online, mobile and call centre operations. RWWA distributes the profits gained through its wagering business to support the growth and competitiveness of the state's racing industry.
Kristian Nylén, CEO at Kambi, said: 'This is an important strategic partnership for Kambi. RWWA has achieved excellent recent growth and we are very pleased that they view Kambi's high-performance sports betting technology as central in pushing that to the next level.
'The agreement underlines Kambi's ability to configure our technology to meet the needs of any operator and regulated market and we are excited to play a crucial role in driving RWWA's online and retail success.'
Ian Edwards, CEO at RWWA, said: 'We are delighted to have partnered with Kambi to build on our reach across our online and retail sectors.
Kambi Sports Betting
“Kambi’s track record as a springboard for growth is evident and their flexibility and power under the hood marked them out as an ideal partner.”