Stockholm-listed sports betting provider Kambi has signed an agreement to relaunch the mybet sportsbook in Germany.
Under new ownership following the recent insolvency of its previous owner mybet Holding, the mybet online sportsbook was withdrawn from the market last year following 15 years of operation.
The mybet brand and digital assets have since been purchased by a new investment group, Malta-licensed Rhinoceros Operations, which has entered into a multi-year deal with Kambi.
"The story of mybet illustrates why operators cannot afford to rely purely on the strength of their brand and history in a market,” said Kambi CEO Kristian Nylén. “Online sports bettors are increasingly promiscuous so operators must ensure they have sufficient scale in their product investments to provide exciting sports betting experiences at all times to remain competitive. Partnering with a high-quality supplier such as Kambi solves that challenge.
"We are excited by the potential of mybet. The brand remains strong and, with the quality the Kambi Sportsbook offers, we believe mybet can once again become a leading player in the German market and elsewhere."
Kambi will provide its complete sportsbook and full range of managed services, enabling Rhinoceros to relaunch the mybet brand in the German online market during the first half of this year.
The contract also provides a provision for Rhinoceros to launch a Kambi Sportsbook with other brands under its ownership, which include Hyperino.com and Wunderino.com.
“Our agreement with Kambi is one of the cornerstones on which we will build the future of a great brand,” said Tobias Carlsson, CEO of the Rhinoceros Operations. “mybet was one of the pioneers in the German sports betting field, and together with Kambi and our other partners we will do everything in our power to revive that legacy and bring players the experience they desire and deserve."
Kambi said that the deal is expected to have a modest positive impact on its revenue for 2019, although there was potential for the partnership to provide a more meaningful contribution in future years.
The supplier also revealed that certain members of Kambi's management and board are shareholders in the ultimate parent company of Rhinoceros Operations, though they had no role in the commercial agreement between the two parties.
Shares in Kambi Group plc (STO:KAMBI) were trading at SEK211.00 per share in Stockholm Tuesday morning.