Sports betting technology supplier Kambi Group announced today it signed an agreement with a newly developed sports betting brand in Latin America to provide its technology and services. The new agreement is backed by a private equity firm.
Entering Another Latin American Market
The Malta-based sports betting tech group teamed with NG Gaming for the launch of its online sportsbook brand Olimpo.bet, which was recently added to the assets of one of the leading corporate groups in the Latin American region.
Targeting Latin American markets, the Olimpo.bet brand will initially launch in Peru to take advantage of growth opportunities there, while further strengthening Kambi’s position in the region and expanding the group’s presence in Colombia and Argentina so far.
Speaking about the new agreement, Kambi CEO and co-founder Kristian Nylén outlined the importance of the new strategic partnership as the technology company is looking to expand its “footprint in Latin America’s growing sports betting markets”.
“The ambition shown by NG Gaming to be among the leaders in sports betting matches our own, and we are excited at the prospect of Olimpo.bet going live in time for the Copa América.”Kristian Nylén, CEO and Co-Founder, Kambi Group
A spokesperson of Olimpo.bet parent company NG Gaming expressed the excitement the partnership with Kambi created prior to the launch of their new sports betting brand that is expected to disrupt the industry in the region, while outlining Kambi was “the only partner we could trust to support us with our ambitious time-to-market strategy and future expansion across the South American continent”.
“Furthermore, Kambi’s flexible technology, alongside its proven risk management and price differentiation capabilities, will give Olimpo.bet a platform on which to outcompete the market.”Spokesperson, NG Gaming
Americas Represent Kambi’s Core Markets
Kambi Group finished 2020 with remarkable results driven by impressive performance across its major US market. It continued on the same trajectory in the first quarter of 2021, launching sportsbook products in Michigan, Illinois, Virginia, and Arkansas to expand the total number of US jurisdictions where Kambi powers sportsbooks to 14.
In the Latin American region, Kambi established a leading position on the Colombian market, which offered regulated sports betting back in 2017, while continuing to explore growth opportunities presented by the large population in the region, in particular in Brazil, Argentina and Peru.
While in Brazil the regulated sports betting ecosystem is yet to launch, in Argentina where sports wagering regulation is approved on a case-by-case basis, Kambi teamed with Casino Magic in a multi-year partnership deal to launch an online sportsbook in the Neuquén province.