Endeavor Group Holdings has completed its previously announced acquisition of OpenBet, a leading content, platform and service provider to the sports betting industry, from Light & Wonder for approximately $800 million paid through a combination of cash ($750 million, subject to certain customary adjustments) and shares of Endeavor’s Class A common stock.
“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,” Ariel Emanuel, CEO of Endeavor, 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 complement to live sports. We couldn’t be more excited to lean into the Endeavor network to accelerate and amplify that mission,” Jordan Levin, CEO of OpenBet, said.
OpenBet and IMG ARENA will form a fourth operating segment for Endeavor, Sports Data & Technology, beginning January 2023.
The Raine Group acted as exclusive financial advisor to Endeavor on the transaction. Latham & Watkins LLP acted as legal advisor to Endeavor.