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Kambi Group plc extends partnership with Kindred Group and gains ability to prepay convertible bond
New contract continues successful partnership until 2026 while Kambi meets requirements to prepay convertible bond previously issued to Kindred
Kambi Group plc and Kindred Group have agreed a three-year extension to its sportsbook partnership after signing a new agreement up to the end of 2026. In addition to the contract, Kambi’s strong financial performance has seen it meet specific conditions required to prepay, at its own discretion, a convertible bond previously issued to a wholly owned subsidiary of Kindred.
The new agreement, which will take effect after the completion of the current contract which runs until 1 January 2024, continues the successful partnership first established in 2014 following Kindred’s decision to spin-off its sportsbook arm, Kambi, now the world’s leading sports betting technology and services provider.
As part of the spin-off, Kindred was issued a €7.5m convertible bond in Kambi, however, having satisfied certain financial performance criteria set out in the bond agreement, Kambi now has the option to prepay the full loan amount and exit the bond agreement at any time of its own discretion. Upon the prepayment of the convertible bond, Kambi will no longer be required to seek prior consent for certain events and will eliminate the prospect of Kindred converting the bond into shares, which would have given the operator a controlling influence over Kambi. This ensures Kambi and its shareholders have complete control of the company’s strategic direction.
As well as the continuation of a long and successful partnership, the contract provides security to both Kambi and Kindred throughout the extended term. The contract provides Kambi with a baseline guarantee of revenue, with Kindred committed to a minimum revenue contribution of €55m across 2024 to 2026. Meanwhile, Kindred will be guaranteed Kambi’s technology and services as it aims, over time, to leverage Kambi’s increasingly modularised offering to pursue its own platform strategy. As communicated by Kindred, from 2024 the operator seeks to reduce its reliance on Kambi and rebalance its use of proprietary and third-party products, with Kambi’s technology to remain an integral part of Kindred’s sportsbook offering.
The contract extension comes as Kambi continues to build on its market-leading differentiation capability by further modularising its technology and services to give operators greater scope to create unique sports betting experiences. In doing so, Kambi is strengthening its ability to attract and retain a select group of top-tier partners that increasingly demand a hybrid approach to technology. This approach is reflected in Kambi’s contract extension with Kindred and central to Kambi’s strategy of developing best-in-breed functionality.
Kristian Nylén, Kambi CEO and Co-founder said: “Kambi and Kindred continue to enjoy a fantastic relationship and this contract extension, which sees Kambi commit to providing Kindred with our modularised technology and services until 2026, enables this form of symbiotic partnership to further develop and best support the evolving strategies of both companies.
“The financial security and change of control protection granted by this new agreement, as well as the control we have gained over the convertible bond, place Kambi in a strong position as we enter our next chapter of global growth and take a significant step towards us becoming the key enabler for visionary operators in regulated markets across the world.”
Henrik Tjärnström, CEO Kindred Group, commented: “I’m very pleased that we have secured a continued collaboration with our long-term partner Kambi to supply us with high-quality technology and trading services for the coming five years. This agreement is an important building block in our long-term strategy to transform Kindred into a product driven company with a sustained dedication on customer experience, and we are excited to continue to work closely with Kambi to evolve the partnership.”
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Eastern Europe
FeedConstruct locks up exclusive Romanian football data and streaming rights
Deal covers Romania’s FA Cup, Super Cup, Liga 2 and Liga 3, women’s Superliga and national team matches, plus Liga 1 Futsal.
FeedConstruct has signed an agreement to secure exclusive data and video streaming rights for a portfolio of Romanian football competitions, the company said.
FeedConstruct said the rights are held on an exclusive basis across the full season and expand its European football content for betting operators.
The agreement covers the Romanian FA Cup, Super Cup, Men’s Liga 2 and Liga 3, Superliga Women, Women’s National Team matches, and Liga 1 Futsal competitions.
Financial terms, contract duration beyond “the full season,” and any distribution or integrity safeguards were not disclosed.
The post FeedConstruct locks up exclusive Romanian football data and streaming rights appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Aztec Spell – Hold & Hit 3x3
Spinomenal releases Aztec Spell – Hold & Hit 3×3
Spinomenal has released Aztec Spell – Hold & Hit 3×3, adding a new Hold & Hit title to its slots portfolio.
The game runs on a 3×3 reel set and uses the Quetzal Bird as the Wild, substituting for all symbols except Bonus symbols. Two special Bonus symbols drive the main feature: Bonus symbols can land only on reels one and three, while Bonus Collect can land only on reel two.
The Bonus Game triggers when Bonus Collect lands alongside one or more Bonus symbols. Triggering symbols lock and the feature starts with three spins; during the feature only Bonus and Bonus Collect symbols can appear. Each spin can award multipliers of x1, x2, x5, x7, x10, and x15, and the round ends after three spins without a win or when total collected winnings reach the max x5000 multiplier.
Spinomenal said Grand, Major, Minor, and Mini in-game jackpot symbols can appear during the feature and pay immediately. A Bonus Blast feature can also trigger randomly to add extra Bonus and Bonus Collect symbols, and Spinomenal said Bonus Collect can still collect values even if it lands without starting the Bonus Game.
Spinomenal CO-CEO, Omer Henya commented: “Aztec Spell – Hold & Hit 3×3 casts players into a mysterious jungle on the hunt for Aztec riches enhanced by some cool gameplay features. The titles’s beautiful visuals and proven Hold & Hit mechanics come together perfectly to give players an experience for the ages.”
The post Spinomenal releases Aztec Spell – Hold & Hit 3×3 appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Anthony Keen
Hard Rock Workers in Virginia Join Teamsters
A group of 221 table games dealers and dual rates at Hard Rock Hotel & Casino Bristol have voted to join Teamsters Local 519. They’re seeking a fair first contract that includes higher wages, improved benefits, and a strong voice on the job.
“Dealers and dual rates are the backbone of the gaming floor, and when they stand together, they have the power to win real improvements on the job. It was the best decision to choose the Teamsters, and we’re proud to support them as they move forward in securing a fair first contract,” said Tommy Blitsch, Director of the Teamsters Convention, Trade Show, and Casino Division.
The dealers are responsible for operating table games such as blackjack, roulette, and poker. They manage the games, handle chips and payouts, and ensure games are conducted fairly and efficiently.
“It was a team effort from start to finish, and we had the best team to fight for representation, including our organizer, Marty Hinch. At the drop of a hat we were ready to support this group in their effort to join the Teamsters. Their determination carried over, and they’re going to reap the benefits,” said Wes Trotterchaud, President of Local 519.
“Choosing to join the Teamsters was about securing respect, stability, and a voice on the casino floor. We’re ready to negotiate a contract that reflects the hard work we do every day,” said Anthony Keen, a table games dealer/dual rate and proud new member of Local 519.
Nationwide, the Teamsters represent nearly 6000 members at casinos and casino hotels.
Founded in 1903, the International Brotherhood of Teamsters represents 1.3 million hardworking people in the US, Canada, and Puerto Rico.
The post Hard Rock Workers in Virginia Join Teamsters appeared first on Americas iGaming & Sports Betting News.
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