Endeavor has purchased OpenBet from Light & Wonder for $800m, paid through $750m of cash and $50m of Endeavor’s Class A common shares.
Endeavor CEO Ariel Emanuel said: “The addition of OpenBet to our sports betting portfolio will enable us to further capitalise 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 and IMG Arena will form the fourth operating segment for Endeavour – Sports Data & Technology – and launch at the start of January 2023.
OpenBet CEO Jordan Levin added: “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 complement to live sports. We couldn’t be more excited to lean into the Endeavor network to accelerate and amplify that mission.”
OpenBet specialises in betting engine technology, processing billions of bets annually as well as trading, pricing and risk management tools.
IMG Arena works with sports brands to deliver streaming video and data streams to more than 45,000 sporting events annually.