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In a corporate statement informing investors the Stockholm-listed sports betting platform and systems provider Kambi Group plc announced that it has placed a temporary suspension on its sports betting service to National Lottery AD, after the Bulgarian operator voluntarily handed back its operating licence to the local gaming regulator. Kambi issued a formal notice to National Lottery AD this afternoon, with the ability to place bets restricted with immediate effect.
National Lottery AD had been leveraging the Kambi Sportsbook for its 7777.bg gaming brand since partnering with Kambi in 2017. Should the temporary suspension continue, the impact on Kambi’s 2020 revenues is expected to be a small negative.
Kambi’s suspension of service follows Bulgarian news reports that state police had arrested National Lottery AD owner and chairman Vasil Bojkov in connection to political bribery and tax evasion. Bojkov who is recognised as Bulgaria’s richest man has challenged the Bulgarian government’s gambling reforms that have seen all lottery products nationalised under the remit of state-owned Bulgarian Sports Totalisator (BST).
