OpenBet has completed its $450 million management buyout from WWE and UFC owner Endeavor Group Holdings as the latter company continues to exit the betting business.
The deal, which was supported by Endeavor CEO Ari Emanuel, was confirmed in November. On Monday, OpenBet announced the acquisition has closed.
OpenBet CEO Jordan Levin and other executives participated in the buyout and Levin will continue to lead the company, which will be owned by OB Group Holdings, a holding company created for the purpose of the acquisition.
Levin said the closing of the deal marks a new chapter for the company as it looks to accelerate its expansion and innovation in the global sports betting landscape. OpenBet already provides services for more than 200 operators worldwide, including big-name betting brands such as FanDuel and BetMGM.
“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,” said Levin.
“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.”
Global talent and media group Endeavor acquired OpenBet from Light & Wonder (formerly Scientific Games) in 2022 for $800 million. OpenBet’s publicly signaled targets for this year and beyond include expanding in the new Brazilian market and strengthening its lottery sector presence.
Confirmation follows announcement of IMG Arena sale
The OpenBet deal’s completion comes fast on the heels of the announcement last week that Endeavor is handing over IMG Arena sports data business to Sportradar in an acquisition worth more than $200 million, most of which is going to Sportradar, not Endeavor.
IMG Arena currently operates under OpenBet and OB Global will own and continue to manage the business until the close of the Sportradar transaction, which is expected to be in the fourth quarter of 2025.
Once that second deal is completed, Endeavor will be rid of its major sports betting assets in strategic M&A moves. The company has been looking to offload areas of its business after it unveiled its $13 billion buyout by private equity firm Silver Lake last year.
