Sports betting solutions provider Kambi Group has signed an extension to its supply contract with Gibraltar licensee 32Red, with the operator planning to build on the successful launch of its betting product in 2014. 

The companies have worked together since 2014, when 32Red and Kambi signed their original agreement. This saw Kambi replace Global Betting Exchange, the parent company of Betdaq, as the operator's sportsbook platform provider. 

While 32Red does not break out revenue figures for the sportsbook vertical, it contributed to year-on-year growth of 42 per cent for the company's non-casino products, which accounted for £2.4m of revenue in 2015. 

"We have truly enjoyed working with 32Red during the last two years and we are delighted the operator has decided to further extend its contract long-term," Kambi Group chief executive Kristian Nylén said.

"The partnership has been very successful and is further proof of the strength of the Kambi sportsbook and the power it gives our operators to offer a unique sports betting experience to their players.

"32Red is planning to invest more in marketing its Sportsbook and we see a lot of potential as we look forward to continue contributing to its success in a joint collaboration," he added. 

32Red chief executive Ed Ware commented: "I am pleased to continue working with Kambi on creating an exciting sports betting experience for our players.

"During the past two years, Kambi has been an invaluable driver for our growth in sports betting by contributing its experience and knowledge and with the creation of a premium Sportsbook. As we continue to accelerate our marketing budget we remain excited about the future growth possibilities the market is offering us."

Shares in Kambi Group plc (Co. Data) (STO:KAMBI) were trading at SEK135.50 per share in Stockholm Friday, while shares in 32Red plc (Co. Data) (AIM:TTR) were tradng up 0.40 per cent at 142.56 pence per share in London.