PENN Entertainment (PENN) announced on Wednesday that it reached a deal with Kambi Group (KAMBI) (OTCPK:KMBIF) to extend the term of their retail sportsbook platform agreement to July 31, 2027, superseding the previous agreement set to expire on December 31. Kambi (KAMBI) (OTCPK:KMBIF) provides B2B sports betting technology and fully managed sportsbook services to licensed gambling operators globally, including software, odds, trading, and risk management.
The new agreement relates to on-property sportsbooks active by the end of 2025, with Kambi currently supporting 30 PENN (PENN) properties in 13 U.S. states. Under the terms of the extension, Kambi’s (KAMBI) (OTCPK:KMBIF) premium retail sportsbook technology will continue to power PENN’s on-property sportsbooks, providing PENN with additional flexibility as it prepares for migration to its proprietary technology. Notably, PENN (PENN) is unwinding its ESPN BET partnership, pivoting its digital strategy toward an iCasino- and theScore Bet–led model. “This agreement ensures PENN can continue to benefit from our high-performance technology while maintaining the flexibility to execute its long-term strategic plans,” stated Kambi CEO Werner Becher.
Kambi (KAMBI) (OTCPK:KMBIF) is primarily traded on the Nasdaq First North Growth Market in Stockholm. It is also available via secondary listings on venues such as the London Stock Exchange and over-the-counter markets.
Shares of PENN were up 1.7% in Wednesday afternoon trading. The gaming stock is up more than 7% over the last week.