Endeavor announced its plans to acquire OpenBet with a combination of cash and stock. The acquisition aims to enhance Endeavor’s position in the sports betting market and expand its offerings to leagues, federations, and sportsbooks globally.
OpenBet, with over 1,000 team members worldwide, focuses on licensed customers and regulated markets. Its customer base includes major sportsbooks like DraftKings, FanDuel, WynnBet, SkyBet, Ladbrokes, and William Hill.
Endeavor CEO Ariel Emanuel stated that OpenBet is a valuable addition to their sports betting portfolio, enabling them to cover the entire sports betting value chain and capitalize on the industry’s growth.
Jordan Levin, CEO of Scientific Games’ digital business, expressed excitement about the combination of OpenBet’s leading sports betting ecosystem and Endeavor’s access to sports rights, content, and data. Both companies aim to define the future of sports betting entertainment and prioritize customer satisfaction.
This acquisition aligns with Endeavor’s strategy to expand its footprint in the sports industry. Endeavor, formerly known as William Morris Endeavor Entertainment, owns media and talent agencies and acquired IMG and its data division, IMG Arena, in 2013.
IMG Arena works with sportsbook brands, leagues, and federations, offering live streaming and virtual sports products. OpenBet was previously acquired by NYX Gaming Group before its acquisition by Scientific Games.
Scientific Games’ decision to divest OpenBet and its lottery arm aligns with their strategy to reduce debt and focus on gaming. The transaction will optimize their portfolio and enhance financial flexibility to invest in key growth areas.
The deal is expected to close in the second quarter of 2022, pending regulatory approvals. The Raine Group served as Endeavor’s financial advisor, while Oakvale Capital and Macquarie Capital advised Scientific Games.
