{"id":7525,"date":"2024-11-14T13:03:09","date_gmt":"2024-11-14T13:03:09","guid":{"rendered":"https:\/\/sbceurasia.com\/en\/?p=7525"},"modified":"2024-11-14T13:03:14","modified_gmt":"2024-11-14T13:03:14","slug":"openbet-exits-endeavor-through-a-management-buyout","status":"publish","type":"post","link":"https:\/\/sbceurasia.com\/en\/2024\/11\/14\/openbet-exits-endeavor-through-a-management-buyout\/","title":{"rendered":"OpenBet Exits Endeavor Through a Management Buyout"},"content":{"rendered":"\n<p><strong>Endeavor Group Holdings<\/strong> has agreed to sell <strong>OpenBet<\/strong> and <strong>IMG Arena<\/strong> in a management buyout backed by <strong>Ariel Emanuel<\/strong> (CEO of Endeavor) with participation from executives of OpenBet, including the company\u2019s CEO <strong>Jordan Levin.&nbsp;<\/strong><\/p>\n\n\n\n<p>OpenBet, which enjoyed a strong first half of 2024 with its global customer base increasing by more than 40% year-on-year to over 200 customers, will continue to operate as normal with Levin leading the business.&nbsp;&nbsp;<\/p>\n\n\n\n<p>OpenBet and IMG Arena merged under the OpenBet banner earlier this year, creating an amalgamation between the former\u2019s betting technology services and the latter\u2019s data rights capabilities. Levin then took charge of the combined entity.&nbsp;<\/p>\n\n\n\n<p>Commenting on the latest management buyout, Levin said: \u201cThis management buyout allows us to continue executing our vision for increased market expansion and product innovation. Our group is extremely confident in OpenBet\u2019s future considering the premium product offering, superior talent, and solid foundation we already have in place following a strong period of business growth.\u201d<\/p>\n\n\n\n<p>The offloading of IMG and OpenBet further streamlines Endeavor\u2019s commercial focus on its flagship sports entertainment properties, with some of its key holdings being the UFC MMA promotion and WWE professional wrestling organization.<\/p>\n\n\n\n<p>Endeavor had previously disclosed in its second quarter 2024 earnings that it had begun marketing the sale of OpenBet and IMG Arena, in connection with PE fund <strong>Silver Lake <\/strong>acquiring the entertainment and talent management firm for $13bn in April this year.<\/p>\n\n\n\n<p>In 2022, Endeavour acquired OpenBet from <strong>Light &amp; Wonder<\/strong> for $800 million, aiming to build a technology-focused business targeting growth in North American markets by offering OpenBet wagering systems merged with IMG Arena data and intelligence solutions.&nbsp;<\/p>\n\n\n\n<p>Under the terms of the management buyout, the newly created <strong>OB Global Holdings LLC <\/strong>will acquire the businesses for approximately $450m, subject to certain adjustments, financed through a mix of cash and debt.\u202f&nbsp;<\/p>\n\n\n\n<p>Deal terms detailed that \u201cduring the sign-to-close period and after closing, Endeavor will continue to market IMG ARENA for sale to a third-party purchaser.\u201d&nbsp;<\/p>\n\n\n\n<p>2024 has seen OpenBet strengthen its global operator network after securing partnerships in Brazil with <strong>Grupo Silvio Santos (GSS)<\/strong> and <strong>BandBet<\/strong> ahead of the country\u2019s new regulated market opening in 2025. The agreements in Brazil follow the addition of new customers including Australian wagering giant <strong>Tabcorp<\/strong> and <strong>World Lottery Association (WLA) <\/strong>operators <strong>OPAP, Veikkaus <\/strong>and<strong> Westlotto<\/strong> \u2013 marking 20 WLA customers globally.&nbsp;&nbsp;<\/p>\n\n\n\n<p>OpenBet has demonstrated its commitment to innovation and product development through the introduction of a regulatory technology vertical following the acquisition of <a href=\"https:\/\/sbcnews.co.uk\/features\/interviews\/2024\/11\/07\/bede-gaming-neccton\/\"><strong>Neccton<\/strong><\/a>; launch of ground-breaking geolocation technology through OpenBet Locator; and continued investment in best-in-class core platform products and pricing solutions.&nbsp;<\/p>\n\n\n\n<p>The transaction is subject to customary closing conditions, including approvals required by applicable gaming regulatory authorities, and is conditioned on and expected to close immediately prior to the closing of the Endeavor take-private.<\/p>\n\n\n\n<p>Don&#8217;t forget to subscribe to our <a href=\"https:\/\/t.me\/sbceurasia\">Telegram channel!<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Endeavor Group Holdings has agreed to sell OpenBet and IMG Arena in a management buyout backed by Ariel Emanuel (CEO of Endeavor) with participation from executives of OpenBet, including the company\u2019s CEO Jordan Levin.&nbsp; OpenBet, which enjoyed a strong first half of 2024 with its global customer base increasing by more than 40% year-on-year to [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":7526,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[4,5,1],"tags":[10446,1223,10447,5068,3116,5062,10449,10448],"class_list":["post-7525","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-betting","category-gambling","category-news","tag-ariel-emanuel","tag-betting-market","tag-betting-technology-integration","tag-endeavor-group-holdings","tag-global-market","tag-jordan-levin","tag-management-buyout","tag-sale-of-openbet-and-img-arena"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - 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