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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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CJEU
Malta faces new dawn as EU courts gather strength
With Bill 55 on increasingly shaky ground amid a transitional era for online gambling, what does the future hold for Malta’s point-of-supply industry?
This week has seen the EU heap yet more pressure on Bill 55, a defensive measure introduced by the Maltese government to hold back a tidal wave of player refund lawsuits that could cost the industry hundreds of millions of euros.
Players in Austria and Germany have been able to successfully argue in court that they should be repaid all money lost to operators that offered gambling in their countries without a local licence. The cases stand to erase years of grey market earnings at many operators.
Bill 55, which in June 2023 became an official amendment to the Malta Gaming Act under the title Article 56A, allows judges to reject court rulings from other EU nations if they threaten the economic security of the island’s gambling industry.
It has served Maltese operators well since it was enacted, effectively blocking lawyers from passporting claims from Austria, Germany and elsewhere to the location where operators are legally headquartered, in order to force them to pay out.
This has triggered an international legal wrestling match, now being fought via a series of cases at the Court of Justice of the European Union (CJEU), the EU’s highest judicial authority.
So far, the judgements and opinions issued have not made comfortable reading for the Maltese industry or its regulatory officials.
Earlier this month, the court appeared to settle a longtime debate on which the entire premise of Malta as an offshore hub is founded. Judges said that the freedom to provide services within the EU does not allow for operators to ignore local prohibitions on certain types of gambling.
That was followed this week by an Advocate General (AG) advising judges that if they were to consider the legality of Bill 55, it should be struck down.
It also reaffirmed the court’s dim view of gambling as a cross-border service.
As the opinion put it: “Under the current state of EU law, Member States are under no obligation to recognise gambling licences issued by other Member States. Accordingly, a Maltese gaming licence is, in principle, valid only in Malta.”
This opinion is only advisory, and is unlikely to amount to anything in this particular case (C-683/24) because the AG also recommended that the case as a whole should be ruled inadmissible.
But this is just one in a handful of similar issues being considered by the CJEU and the more time that passes, the greater the pressure appears to be on Malta and Bill 55.
The EU is also taking a tandem approach: The European Commission, the EU’s executive arm, has itself opened an investigation into Malta and the legality of Article 56A and has indicated through its own statements and submissions to the CJEU that it considers the provision to be against EU law.
New tactics needed?
All of which leads to several difficult questions for Malta and the many gambling companies based there.
The first is a defensive issue: With Bill 55 on the ropes, how will the nation prevent the many operators who call its islands home from being stuck with a huge refund charge?
Work is already underway to mount a new defense. The tactic uses the same inspiration as Article 56A, which argues that allowing the foreign court judgments that demand large payments from operators would seriously damage the Maltese economy and thereby upset its “public policy”.
The EU principle, also known as “ordre public”, allows for member states to make legal exceptions in order to protect their society.
In a pair of new cases addressing transferred player refund claims from Austria, Maltese lawyers have argued, without reference to Bill 55, that granting the payment orders would upset the nation’s public order.
These two cases are a clear attempt to establish that, even without any specific Gaming Act amendments, the principle of ordre public protects Maltese gambling firms from having to pay up.
The problem is, the CJEU may have seen this coming.
“The fact that the enforcement of certain judgments may entail serious economic consequences for a national operator, an industry or even the Member State addressed does not justify recourse to the ‘public policy’ clause,” reads the recent AG opinion.
Although lawyers in Malta insist that the AG’s comments should be taken only to refer to Bill 55.
Meanwhile, lawyers fighting to recover refunds believe that cases like these, which have already been appealed, will themselves wind up in the CJEU and at least buy more time for Malta before payouts need to be made.
A new kind of industry hub?
Perhaps the more fundamental question is what Malta offers as a gambling hub over the next decade.
It’s been apparent for some time that the value of a Maltese licence is degrading, through no fault of local authorities.
As European nations gradually switched on their own licensing models, operators have needed to collect local approvals.
Even where nations have clung firmly to monopolies, like in Norway, authorities have also become more effective in enforcing against offshore operators who offer into their territories.
The clear trend of the CJEU also indicates that arguments based on the freedom to provide services are practically finished.
In face of this reality, regulators and business leaders in Malta are looking further afield. Maltese law firms have appeared in locations as far afield as the UAE and Taiwan in recent years, as they look to advertise the nation’s status as a centre of iGaming excellence to emerging online gambling markets.
Leaning into the density of online gambling expertise is also an increasingly important strategy for those looking to attract investment to Malta.
The reason that the industry flocked to Malta in the first place may no longer be relevant, but it’s still the case that two decades later the nation boasts a greater concentration of industry talent than in any other European nation.
There’s also been an increased focus on suppliers, which typically have lower local compliance overheads and more ability to run their businesses remotely from the territories where their content is used.
Although this sector is increasingly subject to local licensing, as well as new compliance burdens designed by regulators looking to drive a wedge between on- and offshore online gambling markets.
Change is inevitable
Malta has demonstrated its ability to adapt and survive, but there’s little denying that the nation’s gambling industry has never been more under siege than it is now.
After decades of growth and success, new ideas are needed to steer the sector into a new phase.
The success with which it emerges from the Bill 55 era will have a dramatic impact on Europe’s online gambling sector and beyond.
The post Malta faces new dawn as EU courts gather strength appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
av advertising
BetVictor rolls out new brand campaign with biggest AV spend to date
BVGroup’s flagship brand BetVictor has launched a new brand campaign, “For All Your Favourite Things”, backed by what the company said is its largest AV investment to date.
The campaign, created by Barn Door Studios, uses a rewrite of “My Favourite Things” from The Sound of Music over visuals of sporting events. BetVictor said the creative focuses on “the uncomplicated thrill of sport and betting”.
BetVictor is timing the launch around this weekend’s Premier League schedule, with spots running alongside Arsenal vs Newcastle on Saturday evening and Chelsea vs Leeds on Sunday afternoon.
Media planning is led by Bountiful Cow. The plan includes a new partnership with Sky, spanning live sport integrations, on-demand, YouTube channels and targeted digital placements via Sky Advance. BetVictor also outlined a data-led SVOD and BVOD strategy across ITVX, Channel 4, Prime Video and Netflix, plus digital and social.
Richard Walters, Director of Brand and Creative at BetVictor, said:
“‘For All Your Favourite Things’ captures what BetVictor stands for today – a premium, straightforward experience that enhances the thrill of sport.
When done right, we believe that gambling is a simple pleasure; one that we love connecting our customers to. We wanted to celebrate the moments that matter most to sports fans.”
The post BetVictor rolls out new brand campaign with biggest AV spend to date appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Africa
QTech Games wins Leader in Online Casino at SBEA+ Eventus Awards 2026
QTech Games has won the Leader in Online Casino award at the Annual Sports Betting East Africa (SBEA+) 2026 Summit in Nairobi, Kenya.
The company said it beat other shortlisted suppliers including SA Gaming, BetConstruct, and DST Gaming. The award is described by the event as recognising the “top all-round online casino platform for innovation, user engagement, and sustained growth” over the past year.
The SBEA+ Eventus Awards focus on the East African igaming and sports betting sector and were presented at a gala ceremony at the Argyle Grand Hotel. QTech Games said the judging period covered 2025/26 and that its aggregation platform performance was ranked highest by the panel.
QTech Games CEO Philip Doftvik said: “We’re thrilled to have walked off with another notable award for the best overall online-casino-platform provision in East Africa. Being shortlisted in such good company was already a result, but victory provides the real validation, particularly after running a great campaign at recent Eventus events in Africa. We’ve been promoting QTech Hybrid, our breakthrough retail solution, to great effect and it’s been fantastic to see that going live with a handful of top-tier clients on this continent has led to such overwhelmingly positive feedback and immediate success cases in the realm of genuine innovation.
“This win is testimony to our diligent team at QTech Games, and to the constantly growing group of innovative suppliers that our platform represents. It’s a truly collaborative effort. We remain committed to rolling out high-quality content that drives revenue for our worldwide partners across Africa and beyond. After all, in today’s marketplace, only premium games of the highest standard will separate you from the crowd, so we were delighted to see the panel acknowledge how our premier platform is delivering across Africa’s eclectic ecosystem. We’ve made our name as the pre-eminent aggregator in these evolving margin markets, delivering localised games that speak to a host of player proclivities. This award win will spur us on to new horizons.”
The post QTech Games wins Leader in Online Casino at SBEA+ Eventus Awards 2026 appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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