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DraftKings, which has long argued its business isn’t gambling, wants to build a sports gambling business
CEO Jason Robins says the company is preparing for a world in which sports gambling is legal.
DraftKings has long argued that its business, a daily fantasy sports game where users can win cash prizes in exchange for cash entry fees, is a game of skill (legal), not a game of chance (illegal).
Now, DraftKings is preparing to cross over to the other side. The company is building a sports betting product, says CEO Jason Robins, who hopes that his startup will be ready if and when sports gambling is legalized in the United States.
“For me it was always, ‘this is going to happen, it’s just [a matter of] when,” Robins said of the legalization of sports gambling. “We’ll be prepared.”
Sports gambling is not legal in the United States outside of a few markets, like Nevada. People are betting billions on the Super Bowl this year, as they do every year, and estimates are that a very small fraction of that is done legally.
Robins is optimistic that might change as the gambling world awaits the decision of a Supreme Court case in which New Jersey is fighting to legalize sports gambling. The NBA is also preparing for legalization.
The irony is that Robins has spent the last few years trying to distance himself and his business from the world of sports gambling, spending big on lawyers to fight legal battles in multiple states that tried to block his daily fantasy business.
Robins is aware of the optics.
“I guess there’s always some worry there, but they’re two different products,” he said. “Any company that is going to become big generally has to expand into multiple products and we’ll be no different.”
Robins won’t say what his new gambling product will look like, but it’s coming.
Kambi Group plc (“Kambi”) has during the period 6 November to 12 November 2024 (the “Buyback Period”) repurchased a total of 54,000 ordinary B shares (ISIN: MT0000780107) as part of the share buyback programme, within the mandate approved at the Extraordinary General Meeting on 20 June 2024 (the “Programme”).
The objective of the Programme is to achieve added value for Kambi´s shareholders and to give the Board increased flexibility with Kambi´s capital structure by reducing the capital. The Programme is being carried out in accordance with the Maltese Companies Act, EU Market Abuse Regulation No 596/2014 (“MAR”) and other applicable rules.
From the beginning of the Programme, which started on 6 November, until and including 12 November 2024, Kambi has repurchased a total of 54,000 ordinary B shares at a volume-weighted average price of 111.87 SEK per share.
During the Buyback Period, Kambi has repurchased shares as follows:
| Date | Aggregated daily volume (number of ordinary B shares) |
Weighted average share price per day (SEK) |
Total daily transaction value (SEK) |
| 6 November 2024 | 14,000 | 117.27 | 1,641,822 |
| 7 November 2024 | 10,000 | 115.17 | 1,151,709 |
| 8 November 2024 | 10,000 | 110.08 | 1,100,826 |
| 11 November 2024 | 10,000 | 107.82 | 1,078,240 |
| 12 November 2024 | 10,000 | 106.81 | 1,068,130 |
All acquisitions have been carried out on Nasdaq First North Growth Market in Stockholm by Carnegie Investment Bank AB on behalf of Kambi. Following the acquisitions and as of 12 November 2024, Kambi’s holding of its own shares amounted to 1,428,678 and the total number of issued shares in Kambi is 31,278,297 ordinary B shares. Under the Programme Kambi is authorised to repurchase a maximum of 3,127,830 ordinary B shares, up to a maximum amount of €12.0 million.
A full breakdown of all transactions carried out during the Buyback Period is attached to this announcement.
Information on the Programme is available on Kambi’s website, kambi.com/investors/share-information/
Zillion Games launches Storm Fruits 2, an exciting sequel to the popular Storm Fruits. With 4,096 ways to win and a Bonus Buy option, players can jump straight into the action for even more chances to win. This refreshed classic fruit theme combines timeless charm with modern thrills for a truly engaging experience.
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Growe Partners, an affiliate program, which has skyrocketed its performance in the iGaming industry in just a year, has received yet another recognition as the Best Affiliate Program at the SiGMA Europe Awards 2024.
The ceremony took place in Valletta, Malta on Nov, 12th, and the victory was achieved through a combination of public votes on the award page and evaluations by a distinguished jury panel.
In just a year Growe Partners has rightfully reserved a place amongst industry leaders, who have been in the game for a lot longer, and as they say themselves — they are not going anywhere. Today Growe Partners is a network with over 32 thousand partners, operating in more than 10 locations worldwide.
“This achievement reflects our commitment to investing in our people, our partners, our ideas, and continuously implementing new innovative approaches. We are proud of the strong team we have built, which is always on the lookout for ways to develop and better themselves. And whose dedication resulted in this victory.
With winning this award we would like to once again emphasize that everything is possible in our industry if you set the right goal and work hard for it.” , — commented Dima Mariievskyi, Head of Growe Partners.
Kambi Group plc repurchase of shares during 6 November – 12 November 2024
Zillion Games launches Storm Fruits 2
Growe Partners Named Best Affiliate Program. Once Again.
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