Veralda Group, the investment fund of sports betting pioneer Anders Ström, has executed a series of share buys increasing its ownership in Kambi Group Plc. 

This afternoon, Kambi disclosed that Veralda had completed three back-to-back tranches of Kambi transactions on the Stockholm Nasdaq, authorised between 27 October and 19 November 2021.

“Veralda Investment Ltd acquired 777,624 shares in Kambi, in three batches between 27 and 29 October, 12 and 16 November and on 19 November. On 18 November, Veralda AB sold 125,000 shares in Kambi while terminating an endowment insurance,” – Kambi’s update disclosed.

As of 22 November, Veralda maintains a net acquirement of 649,624 shares of Kambi stock acquired for SEK 147 million (€15m). Veralda’s increased shareholding corresponds to 19.57% of corporate capital.

Last June, Kambi saw its share price almost halved from SEK 450 to SEK 240 (€44-to-€23), as the termination of its sportsbook supplier contract with DraftKings, was abruptly followed by US partner Penn National acquiring TheScore for $2 billion.

Both US contracts had chosen to end Kambi provisions, choosing to focus on developing their own in-house propriety platforms and wagering systems.

The founder of Unibet in 1997, Anders Ström was the original backer of Kambi Technologies, a unit established to build Unibet’s proprietary sportsbook software.

In 2014, Ström, then Chairman of Unibet Plc (legacy Kindred Group), convinced investors to allow Kambi to be spun-off as an independent business entity listed on the Stockholm Nasdaq.  

Ström ended his Chairmanship of Kindred last year, stating that he did not want any direct involvement with his business ventures past his 50th birthday.

Veralda provided no statement on its Kambi shareholding.