OpenBet completes management buyout
Endeavor agreed to sell OpenBet to OB Global Holdings LLC, a company led by Levin, in November last year in a deal financed through a mix of cash and debt. Endeavor CEO Ari Emanuel, in a personal capacity, is among the new business’ backers.
“As this new chapter begins, OpenBet is better positioned than ever to drive market expansion and product innovation while defining the future of betting and gaming entertainment,” Levin said this morning.
“Our group is extremely excited about OpenBet’s path forward and we are confident in our business’ long-term growth profile considering our premium product offering, exceptional talent and existing momentum in the marketplace.”
IMG Arena offloaded to Sportradar
On 19 March, Sportradar announced a separate deal to acquire Endeavor’s IMG Arena business in a deal that would see Endeavor pay upwards of $200 million to offload its sports data specialist.
Of that amount, Endeavor will pay $125 million to Sportradar and $100 million in cash repayments to IMG Arena’s sports rightsholders.
OB Holdings will own and continue to manage the IMG Arena business until the close of the Sportradar transaction, which is subject to regulatory approval and is expected in the fourth quarter of 2025.
Endeavor began to market OpenBet and IMG Arena in August 2024 as it sought to offload a number of assets ahead of its $13 billion Silver Lake private equity buyout.
It purchased OpenBet from Light and Wonder in September 2022 for $800 million, in an effort to beef up its betting offering and “further capitalise on the massive tailwinds in the fast-evolving sports betting ecosystem”, it said at the time.
However the opportunity for pure play betting platforms became less clear as many tier one and two operators insourced tech stacks and dropped their third-party suppliers.
In its 2024 earnings, for example, Werner Becher, CEO of OpenBet competitor Kambi, warned of “significant challenges” over the coming year as certain partners migrate away from its turnkey sportsbook.
OpenBet bullish on Brazil
However, OpenBet is bullish on its potential for growth as an independent supplier. It sees Brazil’s online betting launch as a huge opportunity. It will supply its end-to-end betting ecosystem to media company Grupo Silvio Santos’ Todos Querem Jogar brand.
The supplier will also power BandBet‘s online betting and gaming offering in the market. BandBet launched through a joint venture between OpenBet and Bell Ventures, licensing its brand from Brazilian broadcasting giant Grupo Bandeirantes de Comunicação.
“OpenBet is advancing its presence in Brazil, having already launched with BandBet and securing strategic partnerships with other major operators. These collaborations reinforce OpenBet’s commitment to delivering scalable, compliant, and engaging betting experiences in one of the world’s most exciting new regulated markets,” it said in a statement released at the time.
In addition, it continues to power a host of globally renowned betting and gaming brands, including Flutter’s FanDuel, Paddy Power and Sky Bet; Entain brands including Ladbrokes and BetMGM; and local heroes including Nederlandse Loterij, OPAP, the Singapore Pools and Danske Spil.