Kambi Group plc (“Kambi”), the home of premium sports betting solutions, has signed a novation agreement providing for FDJ Group (“FDJ”) to assign and Kambi to assume FDJ’s contract with Ontario Lottery and Gaming Corporation (“OLG”), enabling Kambi to replace FDJ as OLG’s long-term sports betting partner, with OLG’s consent pending certain conditions.
FDJ, in line with its strategic refocus on international activities on B2C operations in the lottery, sports betting and online gaming market, has identified Kambi as its preferred assignee under FDJ’s contract with OLG. The three parties have since agreed to a contract novation process which, subject to conditions, is expected to lead to Kambi assuming the contractual responsibilities currently held by FDJ, which are due to run until 2032.
To complete the assignment/assumption of the contract, Kambi must make a material initial investment which, as a non-recurring item affecting comparability, will not form part of Kambi’s full-year 2025 operating expenditure guidance.
OLG is the Ontario government agency that conducts and manages gaming facilities and charitable gaming, the sale of province-wide lottery games, and online sports betting and gaming. OLG offers sports betting through its PROLINE brand online and at approximately 10,000 retailers, with 100% of proceeds reinvested into the province.
OLG was the sole legal provider of online sports betting and gaming in Ontario until regulation of the market in April 2022, which paved the way for approximately 50 operators to enter the province. Kambi believes the combination of OLG’s local market position, the PROLINE brand, and Kambi’s high quality sportsbook will enable OLG to further develop its market position.
The parties aim to have the novation agreement conditions satisfied as soon as possible, with Kambi’s expectation that the multi-channel migration will be completed in H2 2025.
Werner Becher, Kambi Group Chief Executive Officer, said: “The prospect of partnering with an organisation of the size and stature of OLG is an exciting one for Kambi and we are working diligently to complete the novation process with FDJ and launch later this year. Ontario has a competitive online market, but I believe a combination of OLG and Kambi will see PROLINE rightly compete with market leaders while continuing to raise the bar of its retail product.”
Mattias Frithiof
SVP Investor Relations & Sustainability
[email protected]
Chris Stutzman
Investor Relations Analyst
[email protected]
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