Sports betting services provider Kambi Group and Penn Entertainment have reached an agreement to extend the term of their retail sportsbook platform agreement to December 31, 2025. This renewal supersedes the previous agreement, which was set to expire in July 2024.
Under the agreement, Kambi will continue to supply Penn’s retail casinos nationwide with its portfolio of retail sportsbook products, including kiosks, point-of-sale terminals, odds boards, and Bring Your Own Device technology. Kambi currently supports Penn in 13 states across 30 properties.
Over the course of the extended term, Penn plans to migrate its retail sportsbooks to its proprietary technology. Pursuant to the terms of the amended agreement, any retail sports betting revenue generated by Penn, either via Kambi’s platform or via Penn’s proprietary sportsbook in jurisdictions previously supported by Kambi, will be subject to the same level of revenue share payments from Penn to Kambi through December 2025.
Kristian Nylén, Kambi CEO and Co-founder, said: “We are pleased to agree to this extension to our retail sportsbook agreement with Penn Entertainment through which we have secured an important additional revenue stream for Kambi until the end of 2025.
“As the industry’s leading sportsbook provider, both online and in retail, we are committed to providing our partners with cutting-edge technology and a premium service which Penn’s vast retail estate will continue to benefit from throughout the duration of the extended contract.”
Earlier in the month, Kambi signed an agreement to integrate Inspired Entertainment’s Virtual Sports products into its sportsbook platform. This integration will allow Kambi’s partners to leverage the Inspired Virtual Sports line-up and follows a rigorous competitive procurement process that ultimately selected Inspired as Kambi’s exclusive Virtual Sports provider.
Original article: https://www.yogonet.com/international/noticias/2024/02/21/70914-kambi-penn-extend-retail-sportsbook-platform-deal-through-2025
