Kambi has strengthened its position in its home market of Sweden through a new sportsbook contract with state-owned gaming operator Svenska Spel.
Kambi secured the long-term exclusive contract through a competitive bid process and expects the new business to provide a meaningful contribution to revenue in the second half of 2024.
Svenska Spel Sport and Casino will deploy Kambi technology to power its retail and online sports betting operations, with Kambi subsidiary Shape Games powering the front end of the new sportsbook.
“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,” said Kristian Nylén, founder and chief executive of Kambi.
“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.”
The contract win with Svenska Spel follows Kambi’s multi-year contract extension with Sweden’s ATG earlier this week, giving the supplier a dominant position in the market.
Dan Korhonen, Svenska Spel Sport and Casino head of sports betting, said: “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 launch our new Oddset sportsbook next year where focus will be on accommodating our customers on a new level.”
Shares in Kambi Group plc. (STO:KAMBI) surged 12.51 per cent on the news to SEK180.80 per share in Stockholm Tuesday morning.