Endeavor Completes Acquisition of Sports Betting Company OpenBet
September 30 2022 - 8:10AM
Business Wire
Complementary acquisition supports Endeavor’s
expansion in the sports betting ecosystem
Endeavor Group Holdings, Inc. (NYSE: EDR), a global sports and
entertainment company (“Endeavor”), today closed its previously
announced acquisition of OpenBet, a leading content, platform and
service provider to the sports betting industry, from Light &
Wonder, Inc. (Nasdaq: LNW) 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,” said Ariel Emanuel,
CEO, Endeavor. “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.”
“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,” said
Jordan Levin, CEO, OpenBet. “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.”
OpenBet and IMG ARENA will form a fourth operating segment for
Endeavor, Sports Data & Technology, beginning January 2023.
OpenBet, with more than 1,000 team members situated across the
globe, focuses exclusively on licensed customers and regulated
global gaming markets serving a customer base that includes many
top-tier sportsbooks such as DraftKings, FanDuel, SkyBet, Ladbrokes
and William Hill. OpenBet specializes in betting engine technology,
processing billions of bets annually, as well as trading, pricing
and risk management tools; player account and wallet solutions;
innovative front-end UX and UI; and content offerings such as
BetBuilder, DonBest pricing feeds and an industry-first sports
content aggregation platform.
IMG ARENA works with more than 470 leading sportsbook brands,
leagues and federations worldwide to deliver official FastPath live
streaming video and data feeds for more than 45,000 sports events
annually. Additional expertise includes the creation and delivery
of some of the world’s best, second-screen sports content, as well
as virtual and mobile sports-specific betting products for
fans.
The Raine Group acted as exclusive financial advisor to Endeavor
on the transaction. Latham & Watkins LLP acted as legal advisor
to Endeavor.
About Endeavor
Endeavor is a global sports and entertainment company, home to
many of the world’s most dynamic and engaging storytellers, brands,
live events and experiences. The company is comprised of industry
leaders including entertainment agency WME; sports, fashion, events
and media company IMG; and premier mixed martial arts organization
UFC. The Endeavor network specializes in talent representation,
sports operations & advisory, event & experiences
management, media production & distribution, experiential
marketing and brand licensing.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Statements that do not relate to matters of historical fact
should be considered forward-looking statements, including the
expected benefits from Endeavor’s acquisition of OpenBet and
Endeavor’s new operating segment. In some cases, you can identify
forward-looking statements by terms such as “aim,” “anticipate,”
“believe,” “could,” “expect,” “should,” “plan,” “intend,”
“estimate,” “target,” “mission,” “will,” “potential” or, in each
case, their negative, or other variations or comparable terminology
and expressions. These forward-looking statements are based on
management’s current expectations. These statements are neither
promises nor guarantees and involve known and unknown risks,
uncertainties and other important factors that may cause actual
results, performance or achievements to be materially different
from what is expressed or implied by the forward-looking
statements, including, but not limited to: Endeavor’s potential
difficulties integrating OpenBet and in realizing the expected
benefits of the transaction within its expected time-frames or at
all; Endeavor may incur significant transaction costs and
integration costs in connection with the transaction; and
challenges Endeavor may face protecting and preserving the acquired
intellectual property rights. These and other important factors
discussed in Part I, Item 1A “Risk Factors” in Endeavor’s Annual
Report on Form 10-K, for the fiscal year ended December 31, 2021,
as updated by Part II, Item 1A “Risk Factors” in Endeavor’s
Quarterly Report on Form 10-Q for the quarterly period ended June
30, 2022, as any such factors may be updated from time to time in
its other filings with the SEC, accessible on the SEC’s website at
www.sec.gov and Endeavor’s Investor Relations site at
investor.endeavorco.com. Forward-looking statements speak only as
of the date they are made and, except as may be required under
applicable law, Endeavor undertakes no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220929005957/en/
Media contact: Maura McGreevy press@endeavorco.com
Endeavor (NYSE:EDR)
Historical Stock Chart
From Aug 2024 to Sep 2024
Endeavor (NYSE:EDR)
Historical Stock Chart
From Sep 2023 to Sep 2024