Endeavor, a global sports and entertainment company, announced that it has agreed to sell OpenBet and IMG ARENA to OB Global Holdings LLC in a management buyout supported by Ariel Emanuel with participation from OpenBet executives, including CEO Jordan Levin. The MBO follows a period of strong momentum, including recent partnership announcements in Brazil with Grupo Silvio Santos (GSS) and BandBet.
This transaction marks the next positive chapter for OpenBet, opening up new possibilities for ongoing innovation and excellence.
In the first half of 2024, OpenBet's global customer base grew by over 40% year-over-year and now includes more than 200 partners.
The combination of Ariel Emanuel's experience in the sports and entertainment industry and OpenBet's over 25 years of innovation history creates an attractive proposition for the sports betting entertainment industry.
In terms of value, Endeavor acquired OpenBet at the peak of the global sports betting market, as evident in the market capitalizations of public comps like Sportradar (SRAD ~-55%) and Genius (GENI ~-30%) over a five-year period.
Levin said: “This management acquisition allows us to continue executing our vision for further market expansion and product innovation. Our group is extremely confident in the future of OpenBet, considering our premium product offering, superior talent, and solid foundation already in place after a strong period of business growth”.
Under the terms of the transaction, OB Global Holdings will acquire the businesses for approximately US$ 450 million, subject to certain adjustments, financed through a mix of cash and debt.
During the sign-to-close period and after closing, Endeavor will continue to market IMG ARENA for sale to a third-party buyer.
The MBO follows a period of strong momentum, including recent partnership announcements in Brazil with Grupo Silvio Santos (GSS) and BandBet.
OpenBet provides responsible betting and gaming entertainment to over 200 leading market operators worldwide. After the transaction closes, Levin will continue to lead the business as CEO.
The transaction is being pursued and is a necessary step for the closing of Endeavor's private acquisition proposal by Silver Lake. The transaction is subject to customary closing conditions, including approvals required by the applicable gaming regulatory authority, and is conditioned and expected to close immediately before the closing of the private acquisition of Endeavor.
OpenBet is a world leader in sports betting entertainment. With over 25 years of experience and a passion for innovation, OpenBet's modular range of technology, content, and services is trusted by the biggest sports betting brands, lotteries, casinos, and tribal operators worldwide.
It is a leading sports betting business-to-business partner in the USA, UK, Australia, and Canada, with a strong position in Europe and APAC. To date, OpenBet has more than 200 global customers and a record of 100% uptime during major sports events.
OpenBet is part of Endeavor, a global sports and entertainment company.
The company has gained industry recognition through several recent awards, including "Sports Betting Supplier" at the EGR North America Awards 2024, "Multichannel Supplier" at the EGR B2B Awards 2024, and "Sports Betting Platform Supplier" at the SBC North America Awards 2024.
IMG ARENA provides live streaming and data feeds for over 65,000 events across a wide variety of sports annually, as well as on-demand virtual sports products and front-end solutions, including the UFC Event Centre.
Clients include UFC, MLS, PGA Tour, DP World Tour, USTA, EuroLeague, and NWSL. IMG ARENA is part of OpenBet, a world leader in sports betting entertainment. The two businesses owned by Endeavor were integrated under the OpenBet banner in 2024 to form a global sports betting and data business.
Source: GMB
