Kambi’s Expansion in Nevada
Recently, the Nevada Gaming Commission awarded Kambi a license to operate in the state, following a unanimous suggestion from the Nevada Gaming Control Board.
This development marks a vital milestone for Kambi, whose CEO, Werner Becher, described the approval as a testament to the company’s strong market presence, proficiency in regulatory issues, and unwavering dedication to ethical business practices.
Gaming Revenue Growth
In 2024, Nevada’s gaming revenue soared to unprecedented heights, echoing the early success of New Jersey in online betting.
The state recorded an astonishing betting turnover of $15.6 billion throughout the year, with December alone contributing $1.46 billion—a 2% increase from the previous year.
Kambi’s Strategic Partnerships
Kambi has also forged an exclusive B2B partnership with Bally’s properties in Nevada, along with collaborations with PENN Entertainment, Rush Street Interactive, and Mohegan.
The company emphasizes that these alliances underscore their commitment to delivering exceptional sportsbook solutions while upholding stringent regulatory standards and corporate integrity.
Becher acknowledged Nevada as the gold standard for gaming regulations, noting that it sets a benchmark few can meet.
He expressed his heartfelt appreciation to the Commission and the Gaming Control Board for their thorough evaluation and support of Kambi’s licensing requests.
This license acquisition is just one part of Kambi’s overarching strategy to broaden its foothold across the United States, where the company has been an active player since the advent of online betting in 2018.
Handling more than a billion wagers each year, Kambi was a pioneer as the first to manage bets outside Nevada during the rise of digital betting.
Today, the firm partners with over 45 operators in more than 50 jurisdictions, including 15 states in the U.S. and Ontario, Canada.
Despite a decline in casino revenue on the Las Vegas Strip, which fell to $8.8 billion last year, retail betting locations in downtown Las Vegas, Reno, and certain areas of Clark County experienced significant growth.
Looking ahead to 2025, the future appears bright, particularly with major sporting events like the Super Bowl in New Orleans and the NCAA basketball tournaments around the corner, both of which are expected to spur interest in sports betting.
Currently, sports betting is available in various formats across 38 states and Washington, D.C. It’s worth noting that Nevada mandates bettors to register in person at a casino before participating in online wagering.
Kambi recently appointed Mattias Frithiof as Senior Vice President of Investor Relations and Sustainability.
In this role, Frithiof will oversee financial performance reporting and manage a variety of corporate initiatives, further enhancing Kambi’s strategic growth.
Source: Esportsinsider