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Kambi Group plc and U.S.-based Rush Street Interactive Sign Sportsbook Deal(May 17, 2018)
Malta, 17 May 2018
Kambi Group plc and U.S.-based Rush Street Interactive Sign Sportsbook Deal
Kambi to provide its market-leading sports betting technology and services to one of America's fastest growing online gaming companies
Kambi Group plc, a global leader in sports betting services, has signed a multi-year deal to provide its Sportsbook and innovative technology to Rush Street Interactive, one of the fastest growing online gaming operators in the United States.
Following this week's U.S. Supreme Court decision to repeal the country's federal sports betting ban in full, Rush Street plans to launch a Kambi-powered Sportsbook within select states where permitted.
Chicago-based Rush Street Interactive is affiliated with Rush Street Gaming, which owns and operates four bricks and mortar casinos in three of the country's largest states - New York, Pennsylvania and Illinois.
Rush Street Interactive also operates the rapidly growing PlaySugarhouse.com online casino site in New Jersey's regulated gaming market.
In two of the four states where Rush Street operates, local lawmakers have already enacted sports betting legislation, and the other two are in the process of developing a legal framework for regulated sports betting now that the prohibition is lifted.
The agreement will see the Kambi Sportsbook integrated into Rush Street Interactive's proprietary platform, and covers the provision of online and retail services, as well as markets outside of the U.S., if Rush Street Interactive is to expand its business internationally.
The uncertainty around a U.S. regulatory timetable means the impact of the deal on Kambi's 2018 revenues is difficult to predict, however, when also factoring in the potential for revenues from outside of the U.S., a positive contribution is anticipated.
"Kambi has long kept a close eye on the U.S. market, carefully building a business and technology to suit the likely state-by-state regulation of sports betting, as well as meet the requirements stakeholders have for a safe and secure sportsbook," Kristian Nylen, Kambi Chief Executive, said.
"This agreement with Rush Street Interactive, one of the most respected and innovative gaming companies in the U.S., is recognition that Kambi not only has online premium sports betting services ready to appeal to American sports enthusiasts, but those which will help protect the integrity of sports."
Richard Schwartz, President of Rush Street Interactive, commented: "Rush Street Interactive was founded on the key principles of providing entertaining and memorable experiences to our customers, without compromising on integrity.
"Therefore, when deciding to launch a sports betting product, it was key we chose a partner who shared those principles, and at the same time provided us with the opportunity to launch a premier product firmly aligned with Rush Street's focus on innovation and customer experience.
"In Kambi we are confident we have found that partner and, following the recent Supreme Court ruling, look forward to launching a high-quality Sportsbook in the U.S., as well as other regulated markets internationally," he added.
For further information, please contact:
Kambi Group plc
Kristian Nylen, Chief Executive Officer
David Kenyon, Chief Financial Officer
+44 203 617 7270
Kambi is a provider of premium sports betting services to licensed B2C gaming and gambling operators. Kambi Group plc is listed on First North at Nasdaq Stockholm. Active in six continents, our services encompass a broad offering from frontend user interface through to odds compiling, customer intelligence and risk management, built on an in-house developed software platform. Kambi's 18 customers include Kindred Group, 888, Paf, Televisa, LeoVegas, Mr Green and Napoleon Games. Kambi employs more than 600 staff across offices in Malta (headquarters), Bucharest, London, Manila, Stockholm and Sydney.
Kambi utilises a best of breed security approach. Kambi is a member of WLA, EL, Cibelae and is eCOGRA and ISO 27001 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 Rush Street Interactive
Rush Street Interactive, an affiliate of Rush Street Gaming, was founded by pioneers in the internet gaming industry with decades of collective experience in developing and operating regulated online gaming sites. Rush Street Interactive owns, develops, and operates an in-house proprietary iGaming platform, which enabled the company's playsugarhouse.com brand to rapidly become one of the leaders in the online casino market in New Jersey. In addition to deployments in legal and regulated iGaming markets, the Rush Street Interactive iGaming platform also powers a growing number of social casino4fun websites, including those belonging to several of the Rush Street Gaming's affiliated land-based casino brands. Rush Street Gaming is one of the fastest-growing gaming companies in North America and has developed and operates Rivers Casino in Pittsburgh, SugarHouse Casino in Philadelphia, Rivers Casino in Des Plaines, Illinois and Rivers Casino and Resort in Schenectady, New York. For more information, visit www.rushstreetgaming.com. SugarHouse Online Casino website: www.playsugarhouse.com
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 Thursday, 17 May 2018 at 16:00 CET by CEO Kristian Nylén.