Shares in Kambi Group soared by nearly 20 per cent in Stockholm Thursday as the sports betting technology provider announced a new contract extension with leading US operator DraftKings.

The multi-state contract extension will see Kambi provide its technology to DraftKings in eight additional states - Colorado, Indiana, Iowa, Maine, New York, Pennsylvania, Tennessee and West Virginia.

The supplier said that the terms of the deal secure Kambi’s current revenue in New Jersey, while also providing opportunities to generate incremental revenue as and when the partnership enters the additional jurisdictions.

“Over the course of the past 12 months, Kambi and DraftKings have developed a symbiotic relationship, working closely together to deliver a high-quality sportsbook, which has only improved over time,” said Kambi chief executive Kristian Nylén.

“I’m delighted the extension of our relationship through this new agreement will enable players in other states to enjoy the same exciting sports betting experiences that have helped DraftKings become a market leader in New Jersey.”

DraftKings CEO Jason Robins added: “Kambi has been a key partner for DraftKings, providing us with backend sportsbook technology that has enabled to us to offer our customers an engaging product in a highly competitive market.”

Shares in Kambi Group plc (STO:KAMBI) gained 19.21 per cent to SEK166.90 per share in Stockholm Thursday following the announcement.