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Kambi CEO Bullish on U.S. Market

Kambi CEO Bullish on U.S. Market

Kristian Nylén, CEO of Swedenh-based online and land-based sports book supplier Kambi, expressed optimism for the company’s entry into the U.S. market in last month’s report for Q3 2018. The report shows revenue ahead by nearly 40 percent year-on-year and turnover up more than 3 percent in a third quarter described as “historic” by Nylén.

“In August, Kambi made its U.S. debut, and in doing so created history when becoming the first company to process a legal online bet in the country outside of Nevada, following the launch of New Jersey’s regulated market,” wrote Nylén.

“We are already live with three brands in New Jersey—DraftKings, SugarHouse (Rush Street Interactive) and 888sport—which is not only a great achievement in itself but, according to the regulator’s recently released September figures, equates to Kambi-powered operators having a circa 70 percent share of the online market.

“It’s been a fantastic start in the U.S. for Kambi, which I believe reflects an enthusiasm for the high-quality sports book experiences we offer, which we hope to bring to players in additional states shortly. I’ve recently returned from a major gaming exhibition in the U.S. where, following our early success in New Jersey, the interest in Kambi was at an unprecedented level. It is for this reason we plan to continue to invest in areas such as talent, technology and licensing so we can maximize the opportunity presented by the gradual state-by-state rollout of regulated sports betting across the country.”

The report also confirmed that Kambi plans to enter further U.S. states where there is the demand and when local regulations allow. “In our Q2 report, we referenced five potential states—New Jersey, West Virginia, Pennsylvania, Mississippi and New York,” the report said. “In addition to our transactional waiver in New Jersey, where we have subsequently launched, Kambi recently obtained a permit for West Virginia and is also in advanced stages of the licensing process with regulators in Pennsylvania and Mississippi, states where regulation has already been passed.”

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