Endeavor closes deal for OpenBet acquisition from Light & Wonder
OpenBet and IMG ARENA will be combined next year to create a fourth operating branch.
Endeavor Group Holdings concluded its previously announced OpenBet acquisition from Light & Wonder for approximately $800m. Beginning in January 2023, the international sports and entertainment company will merge OpenBet and IMG ARENA into a fourth operating segment, called Endeavor, Sports Data & Technology.
Endeavor CEO Ariel Emanuel said the acquisition is a key component in expanding the company’s footprint within the sports betting market.
Emanuel commented: “The addition of OpenBet to our sports betting portfolio will enable us to further capitalize on the massive tailwinds in the fast-evolving sports betting ecosystem and lead the way in defining the future of sports betting entertainment.
“In combination with our IMG ARENA sports data and content business, we’ll look to create and unlock meaningful value for our rights holder and sportsbook customers, helping deliver the most compelling offerings for sports fans globally.”
OpenBet focuses on betting engine technology and providing services to licensed customers within regulated global gaming markets. Its customer base includes several notable sportsbooks, including FanDuel, DraftKings, SkyBet and William Hill.
OpenBet CEO Jordan Levin said the company is excited to join the Endeavor network and hopes the merger will result in additional quality sports betting products for the market’s growing fanbase.
He said: “We’ve been awaiting this day when we can bring together everything OpenBet has to offer with the depth of expertise and relationships that Endeavor and IMG bring to the table.
“Our focus remains on providing our customers with the most innovative solutions to give their fans the ultimate sports betting accompaniment to live sports. We couldn’t be more excited to lean into the Endeavor network to accelerate and amplify that mission.”
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