• Wed. Feb 19th, 2025

Kambi Group Set to Expand into Nevada

Byadmin

Feb 4, 2025


Kambi granted Nevada License

The Nevada Gaming Commission approved Kambi’s license to operate across the state last week. Approval follows a unanimous decision by the Nevada Gaming Control Board earlier last month.

Werner Becher, chief executive officer of Kambi, called the licensing an “important milestone” for the sports betting technology provider and a “testament to our market-leading technology, regulatory expertise and corporate integrity.”

Like fellow online wagering early mover New Jersey, gaming revenue in Nevada hit a record in 2024. Betting turnover in the state reached $15.6 billion for the year, including $1.46 billion in December. That marked a 2% year-over-year increase.

“Nevada is widely known as the gold standard for betting and gaming regulation,” Becher said in a statement, “insisting on a standard that few companies can meet and is, therefore, recognition of Kambi’s unwavering commitment to excellence. We would like to thank both the Commission and NGCB for their thorough review and approval of our applications.”

The licensing is the latest step in Kambi’s goal to expand nationwide, where it has operated since the rise of online betting in 2018.

The Swedish company handles more than one billion wagers a year, including the first one outside of Nevada when sportsbooks began their digital push. Altogether, it serves more than 45 operators across more than 50 jurisdictions, including 15 U.S. states and Ontario, Canada.

While casino revenue across the Las Vegas strip fell to $8.8 billion last year, much of the growth was driven by retail locations in downtown Las Vegas, Reno, and unincorporated Clark County.

Figures are expected to remain strong early in 2025, with the Super Bowl in New Orleans, and NCAA men’s and women’s basketball tournaments dominating the sports calendar.

Sports betting is now available in some form in 38 states plus Washington, D.C. Notably, Nevada has specific restrictions in which bettors must register in person at a casino before placing an online wager.

Kambi already has an exclusive deal with Bally’s Nevada properties on a business-to-business basis, as well as partnerships with PENN Entertainment, Rush Street Interactive and Mohegan.

The firm said in a statement that the deal “underscores [its] dedication to delivering world-class sportsbook solutions while adhering to the highest standards of regulatory compliance and corporate probity.”

Kambi’s expansion comes on the heels of Mattias Frithiof being appointed senior vice president of Investor Relations and Sustainability. Frithiof’s responsibilities include financial performance reporting and driving certain corporate initiatives. 

  • Brett Curtis

    Brett has been creating sports and gambling content for several years, having previously worked for the likes of Goal, Bleacher Report and Premier Bet. He lives and breathes every kick of the ball in the English Premier League, and he also enjoys playing EA Sports FC in his spare time.

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