Endeavor, a global sports and entertainment firm, revealed the transfer on Thursday. This endeavor aims to combine the knowledge of OpenBet's betting technology with the data collected by IMG Arena. IMG Arena will provide data to operators, media outlets, and other rights holders under the OpenBet name.
Mark Shapiro, president and chief operating officer of Endeavor, will report to Jordan Levin, chief executive of OpenBet, who will lead the firm. While the company goes through this change, Freddie Longe, president of IMG Arena, will remain a strategic advisor.
Following Endeavor's acquisition of OpenBet, this move had been planned for some time, according to Shapiro in the statement. The deal value was $800 million (£633.4 million/€740.3 million) in September 2022.
Openbet integrates IMG Arena.
According to sports betting news reports, Endeavor's 2022 acquisition of OpenBet from Light & Wonder was just one more step in the company's promising expansion into the sports betting market.
The sports data & technology section of Endeavor saw a 167.2 percent increase in sales to $124.8 million in Q3 2023 from Q3 2022. Endeavor attributed this to the expansion of IMG Arena and the purchase of OpenBet. The division's adjusted EBITDA for the third quarter was $24 million, an incredible 476.5 percent year-on-year increase.
DraftKings, William Hill, FanDuel, SkyBet, Ladbrokes, and OpenBet are among OpenBet's clientele—the international sports federations, leagues, and bookmakers that IMG Arena collaborates with number over 470.
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