SBC News Voice of the Sports Betting Industry
The board of Kambi Group Plc has dismissed rumours suggesting that the Stockholm-listed sports betting technology group is subject to an acquisition by Genius Sports.
This afternoon, Chairman Anders Ström issued the following statement: “While Kambi tends not to comment on rumours and speculation, I can confirm that Kambi is not engaged in any such discussions.”
During morning trading on the Stockholm Nasdaq, Kambi’s share price increased by 14% to SEK 131 (€12) as rumours circulated that Genius Sports would initiate an M&A approach.
Kambi denied the speculation, stating that its board is not in discussions to sell the company or its technology assets.
Further developments saw Genius Sports CEO Mark Locke, deny M&A rumours: “To prevent any further speculation, we can confirm that we are not involved in any discussions of this nature with Kambi.”
H2 trading sees Kambi entering a transformative period as new CEO Werner Becher takes charge of the technology group, succeeding Kristian Nylén, who ended his 14-year tenure as CEO in H1.
Prior to the leadership transition, Kambi’s board terminated the firm’s long-term 2027 targets of doubling corporate revenues to €330m and generating an EBIT in excess of €150m.
Instead, Kambi will refocus its growth strategy on the development of key technology contracts, servicing tier-1 sportsbook platforms such as Bally’s, Svenska Spel, LiveScore Group, and LeoVegas.
At the close of 2023, company founder and largest shareholder Anders Ström returned to serve as Chairman of Kambi.
In previous discussions regarding Kambi’s future, Ström emphasised that he believed Kambi was significantly undervalued as a proven sportsbook technology group servicing global markets.
