Malta, 4 February 2019
Kambi Group plc signs deal to relaunch mybet sportsbook in Germany
Sports betting brand to be reintroduced to German online market under new ownership and Kambi Sportsbook
Kambi Group plc has today signed a deal to power the relaunch of mybet, one of Germany's most recognisable sports betting brands now under new ownership.
Due to the recent insolvency of its previous owner, MyBet Holding SE, mybet was withdrawn from the market in the fall of 2018 following 15 years of operation, however, the mybet brand and digital assets have since been purchased by a new investment group.
Under the terms of today's multi-year agreement, Kambi will provide Rhinoceros Operations Ltd, the new operator of mybet, with its complete Sportsbook and full range of managed services, enabling the company to relaunch the brand into the growing German online market.
The mybet relaunch is scheduled to take place during H1 2019, while the contract also provides a provision for Rhinoceros Operations to launch a Kambi Sportsbook with other brands under its ownership.
The deal is expected to have a modest positive impact on Kambi's 2019 revenues, however, there is potential for the partnership to provide a more meaningful contribution in future years.
Kristian Nylén, Kambi Chief Executive Officer, said: "The story of mybet illustrates why operators cannot afford to rely purely on the strength of their brand and history in a market. Online sports bettors are increasingly promiscuous so operators must ensure they have sufficient scale in their product investments to provide exciting sports betting experiences at all times to remain competitive. Partnering with a high-quality supplier such as Kambi solves that challenge.
"We are excited by the potential of mybet. The brand remains strong and, with the quality the Kambi Sportsbook offers, we believe mybet can once again become a leading player in the German market and elsewhere."
Tobias Carlsson, CEO of the Rhinoceros Group, said: "Our agreement with Kambi is one of the cornerstones on which we will build the future of a great brand. Mybet was one of the pioneers in the German sports betting field, and together with Kambi and our other partners we will do everything in our power to revive that legacy and bring players the experience they desire and deserve."
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Kambi is a provider of premium sports betting services to licensed B2C gaming operators. Kambi Group plc is listed on First North at Nasdaq Stockholm. Our services encompass a broad offering from front-end user interface through to odds compiling, customer intelligence and risk management, built on an in-house developed software platform. Kambi's 20+ customers include 888, ATG, Corredor Empresarial, DraftKings, Kindred Group, LeoVegas and Rush Street Gaming. Kambi employs approximately 700 staff across offices in Australia, Malta (headquarters), Philippines, Romania, Sweden and the United Kingdom.
Kambi utilises a best of breed security approach, with guiding principles from ISO 27001. Kambi is eCOGRA certified. Kambi Group plc is listed on First North at Nasdaq Stockholm under the symbol "KAMBI". The Company's Certified Advisor is Redeye AB.
About Rhinoceros Operations
Rhinoceros Operations Ltd is a Malta-based operator holding an MGA Gaming Service Licence, by virtue of which it is licensed to provide Type 1 (casino) and Type 2 (sportsbook) gaming services. Founded in 2015, Rhinoceros is this year nominated as Casino Operator of the Year at the Global Gaming Awards.
Certain members of Kambi's management and Board are shareholders in the ultimate parent company of Rhinoceros Operations Ltd., however, had no role in the commercial agreement between the two parties.
Disclaimer: The information in this press release is such that Kambi Group plc is required to disclose under the EU Directive of Market Abuse Regulation and the Swedish Securities Market Act.
The information in this report was sent for publication on 4 February 2019 at 14:30 CET by CEO Kristian Nylén.