Kambi Group and Penn Entertainment have extended the terms of their retail sportsbook platform agreement.
The deal was set to expire in July 2024, but the extension has pushed the agreement expiration to December 31, 2025.
Through this new deal, Kambi will continue to supply Penn’s retail casinos with its portfolio of retail sportsbook products, which includes kiosks, point-of-sale terminals, odds boards and Bring Your Own Device technology. The provider currently supporting Penn in 13 states across 30 properties.
Penn plans to migrate its retail sportsbooks to its proprietary technology and via this new agreement, any retail sports betting revenue it generates either through Kambi’s platform or its own proprietary sportsbook in jurisdictions previously supported by Kambi, will be subject to the same level of revenue share payments from Penn to Kambi through until the end of the agreement.
Kambi CEO and Co-founder, Kristian Nylén, said: “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.”
Last week, Penn released its fourth quarter results for 2023, showing a decrease in its revenue and a net loss figure of nearly $359m.
