Kambi Group extends sportsbook agreement with Penn Entertainment
The new agreement will protect Kambi’s revenue share as Penn Entertainment migrates to new proprietary sportsbook technology.
Kambi Group has extended its agreement with Penn Entertainment.
This regards Kambi’s sportsbook products, which include kiosks, port-of-sale terminals, odds boards and Bring Your Own Device technology.
Under the new agreement, Kambi will continue to supply Penn Entertainment properties with this technology until 31 December 2025.
The original deal was set to expire in July 2024 and covers 30 different properties across 13 US states.
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.”
However, during this time, Penn Entertainment has announced that it will develop its own proprietary technology which it will migrate its retail sportsbook products over to.
As Penn Entertainment begins to migrate services over to its proprietary sportsbook, the amount of revenue share attributed to Kambi will remain the same until 31 December 2025.
This will not change whether the revenue comes from a Kambi platform or through the new Penn Entertainment platforms.
Last week, Penn Entertainment also announced that it would acquire Wynn Interactive’s New York licence for ESPN Bet.
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