Swedish betting operator Unibet has proposed ditching its stake in its Kambi Sports Solution B2B sports betting subsidiary and distributing the shares to Unibet shareholders. Unibet holds a 95% stake in Kambi Group Limited, which, if approved by shareholders at the company’s AGM on May 24, would be renamed Kambi Group Plc. and listed on the First North exchange in Stockholm in June.
Spun off from its parent company in 2011, Kambi holds B2B operating licenses in Alderney, Malta and Spain. Besides Unibet, Kambi currently boasts a roster of eight clients, including 888 Holdings, Paf and multiple clients in the Spanish market. In March, Kambi inked a deal with Cambodian casino operator NagaCorp to provide a land-based sportsbook solution to the company’s flagship casino property NagaWorld in Phnom Penh. In 2013, Kambi generated revenue of €21.2m, €6.2m of which was recorded in Q4.
Unibet CEO Henrik Tjärmström justified shedding its ties to its sports betting offshoot by saying Kambi’s “opportunity to maximize the value of [its B2B services] is limited while it is under the ownership of Unibet. Separation will make it easier for Kambi to access wider markets.”
In other Unibet news, the company has signed on as sponsor of the Stockholm Marathon. In addition to various branding opportunities around the course, Unibet will also conduct a number of onsite activities and offer unique betting markets. Unibet spokesman Jonas Nilsson said the company saw the deal as “a step towards a broader and more involved role in the sport.”