Kambi Group plc

17 Sep 2021 - 05:00

Price

220.2 SEK

Change

-4.60 SEK

rss-icon

+44 (0) 20 3617 7270
investor.relations@kambi.com

Kambi Group plc and Mohegan Gaming & Entertainment enter into amendment to Connecticut sports betting agreement

Amendment ensures Kambi will receive expected revenue for five-year term following initial agreement signed in 2019

Kambi Group plc and Mohegan Gaming & Entertainment (MGE) have agreed amended terms to their sports betting services agreement in relation to the soon-to-be regulated US state of Connecticut.

The amendment respects the financial terms set out in the initial agreement between Kambi and MGE, signed in 2019, with Kambi to receive its full revenue forecasted for the duration of the full initial agreement term.

The amendment enables MGE to collaborate with alternative parties to launch on-property and online sports betting in Connecticut all while ensuring there will be no negative impact on Kambi’s forecasted Group revenue.

Separately, Kambi and MGE are engaged in bilateral discussions with regards exclusive sports betting alliances in additional territories where MGE has secured market access.

Kristian Nylén, CEO and Co-founder, Kambi, said: “While we had been looking forward to supporting MGE become a sports betting leader in the Connecticut market, the amicable discussions between both parties have found a positive conclusion, with MGE respecting Kambi’s financial interests for the duration of the original agreement.”

Aviram Alroy, Vice President Product, Mohegan Digital said: “As we have seen first-hand in Pennsylvania, Kambi provides great product and is therefore one we look forward to potentially collaborating with in new market opportunities.”