Kambi shares jump on Svenska Spel sportsbook supply deal
Stockholm-listed firm agrees long-term deal with operator across its retail and online sports betting arms
Kambi has penned a long-term partnership with Svenska Spel to power its online and retail sportsbook.
Following a competitive tender process, the sports betting supplier giant was selected on the power of its Complete sportsbook product.
Kambi said it expects the agreement to have a meaningful financial impact from H2 2024.
As part of the deal, Kambi subsidiary Shape Games will power the front end of Svenska Spel’s new sportsbook.
Shape Games’ tech allows operators to take control of the user experience and allow for differentiation over competitors.
Kambi’s share price soared on the news in early trading yesterday (3 October), before closing out at SEK174.20, up from a previous close of SEK160.70.
Kristian Nylén, Kambi CEO, said: “Svenska Spel is widely recognised 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.
“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,” he added.
Dan Korhonen, Svenska Spel head of sports betting product, commented: “It has been an extensive process. We have evaluated a number of different alternatives and we feel we have found the perfect partner in Kambi.
“This partnership will further strengthen our offering. We look forward to launching our new Oddset sportsbook next year where focus will be on accommodating our customers on a new level,” he concluded.
The deal with Svenska Spel follows hot on the heels of a similar deal penned last week, which saw Kambi extended its partnership with ATG.