Kambi Group has renewed its partnership with PENN Entertainment to continue supplying PENN’s retail casinos with its sportsbook solutions lineup.
Extending the deal beyond its original July 2024 expiry date to December 31, 2025, the collaboration will include Kambi’s range of sportsbook solutions, such as kiosks, point-of-sale terminals, odds boards and Bring Your Own Device tech.
As a result of this extension, PENN will continue using Kambi’s proprietary sportsbook tools within its 30 retail casino venues that span across 13 states.
Kristian Nylén, Kambi CEO and Co-Founder, stated: “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.”
PENN will also utilise the renewed deal to migrate its retail sportsbooks to its proprietary technology, meaning that any retail sports betting revenue generated by PENN, either through its own offering or through Kambi’s platform, will be subject to “the same level of revenue share payments from PENN to Kambi through December 2025”.
Publishing its financial results for Q4 2023, PENN outlined its optimism for 2024 despite its fourth quarter revenue falling short of the previous year’s figures.
Jay Snowden, PENN President and CEO, suggested that the firm’s solid property level performance and further investment into its digital business will hep to create “long-term shareholder value”.
