SBC News Kambi and PENN shake hands on retail sportsbook deal extension

Kambi and PENN shake hands on retail sportsbook deal extension

Kambi Group plc has inked a new deal with PENN Entertainment that extends their previous sportsbook platform agreement past the July 2024 expiry date. 

Now lasting until 31 December 2025, the partnership will enable Kambi to continue supplying PENN’s retail US casinos with its sportsbook solutions lineup, such as kiosks, point-of-sale terminals, odds boards, and Bring Your Own Device technology. These locations include 30 venues across 13 states. 

Kristian Nylén, Kambi CEO and Co-Founder, said: “We are pleased to agree to this extension to our retail sportsbook agreement with PENN Entertainment through which we have secured an important additional revenue stream for Kambi until the end of 2025.

“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.”

PENN will also utilise the extended term to migrate its retail sportsbooks to its proprietary technology. This means that any retail sports betting revenue generated by PENN, either through its own offering or through Kambi’s platform, will be subject to “the same level of revenue share payments from PENN to Kambi through December 2025”.

Earlier in January, Nylén, who co-founded Kambi in 2010, announced that he is planning to step down from his CEO duties at the Stockholm-listed sports betting technology group.

Under his leadership, Kambi has become the industry’s leading provider of B2B sportsbook technology systems, serving over 40 customers including Kindred Group, LeoVegas, Rush Street Interactive, and Bally’s Interactive.

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