Stockholm-listed Kambi Group has agreed a deal to power the launch of a new online sportsbook for SJSC Latvijas Loto, Latvia's state-owned national lottery operator.

The long-term agreement will see Latvijas Loto roll out Kambi's fully managed sportsbook solution later this year, making it the company's first national lottery client.

Kambi credited the contract win in part to its accreditation by leading industry associations European Lotteries and the World Lottery Association.

"To meet the standards required by Latvijas Loto, Kambi had to demonstrate the highest levels of compliance and security, as well as showcase a market-leading sports betting product," Kambi chief executive Kristian Nylén explained.

"Having proven ourselves to be the secure and quality choice, we're delighted Latvijas Loto has selected Kambi as its sportsbook supplier and we look forward to building a strong and lasting partnership."

Latvijas Loto board member Jānis Pone commented: "With this deal, the Latvian national lottery company expands its product portfolio with sports betting games, offering quality products for playing in a legal and controlled way and also shifting profits to the public interest."

Shares in Kambi Group plc (STO:KAMBI) were trading up 0.54 per cent at SEK186.00 per share in Stockholm Thursday morning.