Kambi agrees multi-state contract extension with DraftKings
Swedish sportsbook supplier’s share price rises 18% following eight-state extension agreement
Kambi has agreed a multi-state contract extension with US operator DraftKings to launch its sportsbook services in eight new states.
The expansion to the deal originally signed in 2018 will see DraftKings go live in on Kambi tech in Colorado, Indiana, Iowa, Maine, New York, Pennsylvania, Tennessee and West Virginia.
Kambi currently powers DraftKings in New Jersey, where the DFS operator opened a new office in Hoboken in June.
Kambi CEO Kristian Nylén said: “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.
“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.”
Kambi’s share price rose 18% as a result of the news. The Swedish firm’s share price dipped by a similar amount in June after DraftKings was rumoured to be interested in buying rival supplier SBTech.
Kambi declined to comment on those rumours.
Kambi shares rise 18% on the back of DraftKings contract extension https://t.co/fbHGztYCtm
— Guy Harding (@GuyHardingBC) August 22, 2019
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.”