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Saturday, February 24, 2024
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Endeavor Acquiring Sports Betting Firm OpenBet

  • Endeavor has agreed to acquire OpenBet.
  • The parent company of UFC will pay $1.2 billion in cash and stock.
NYSE/Design: Alex Brooks

Endeavor is buying OpenBet from Scientific Games for $1.2 billion in cash and stock.

The acquisition will bolster Endeavor’s role within the sports betting ecosystem, which is already anchored by IMG Arena, a service that works with more than 470 sportsbook brands.

  • “The combination will further capitalize on the tremendous upside we see coming from this fast-growing industry,” said Endeavor CEO Ari Emanuel.
  • OpenBet and IMG Arena will deliver official data, video streams, and betting technology solutions to sports leagues, federations, and sportsbooks worldwide.

Endeavor generated $1.1 billion in revenue in Q2 2021 – a $650 million increase compared to the same period a year ago. The return of live events led to the biggest first half of the year in the Endeavor-owned UFC’s history.

OpenBet marks the second acquisition for Endeavor in three months. The company’s Chinese subsidiary acquired sports digital agency Mailman Group in July for $60 million.

Endeavor raised $511 million in its IPO in April. A private placement brought the total to $1.8 billion and made New England Patriots owner Robert Kraft and AC Milan owner Paul Singer stakeholders in the business.

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