Posted on: August 8, 2024, 04:41h.
Last updated on: August 8, 2024, 04:41h.
Endeavor Group Holdings, Inc. (NYSE: EDR) is looking to sell its sports betting and data arm comprised of OpenBet and IMG ARENA.
The company said those divestments are part of an effort to pat with select assets ahead of the $13 billion go-private transaction with venture capital firm Silver Lake announced in April. Los Angeles-based Endeavor reported second-quarter results earlier today.
During the quarter, we began to actively market the businesses comprising the Sports Data & Technology segment, OpenBet and IMG ARENA. As such, for financial reporting purposes, these businesses are considered Held for Sale and the Sports Data & Technology segment is presented as discontinued operations in the Q2 2024 consolidated interim financial statements. During this process, these businesses will continue operating as usual,” according to a statement.
The company did not say if it’s held talks with any potential suitors as of yet nor did it mention potential selling prices for IMG Arena and OpenBet.
Endeavor Quick to Sell OpenBet Following Purchase
Endeavor is quickly looking to sell OpenBet after announcing in September 20221 that it would pay $1.2 billion to the company then known as Scientific Games for the business.
The buyer was originally supposed to pay $1 billion in cash and $200 million in stock for OpenBet, but that price was lowered to $800 million in June 2022 with Light & Wonder (NASDAQ: LNW) — formerly Scientific Games — landing $700 million in after-tax proceeds.
OpenBet was folded into Endeavor’s Owned Sports Properties segment, which includes UFC, the Professional Bull Riders (PBR), and Euroleague.
Endeavor positioned the acquisition of OpenBet as an addition to the IMG Arena business, which provides data and other technology to sportsbook operators. It’s not clear if Endeavor will break-even on OpenBet, turn a profit or take a loss, but it could be an opportune time to sell the unit because a technology arms race is forming in the sports betting industry.
OpenBet Has Had Plenty of Owners
OpenBet was founded in 1996 as Orbis Technology and over its nearly three decades in business, it’s already been through a slew of owners. In 2000, NDS Group, a unit of News Corp., acquired Orbis.
A decade later, Orbis was renamed OpenBet and in 2011, NDS sold the sports betting technology business in a management-led buyout that was supported by private equity firm Virtuvian Partners. Five years later, NYX Gaming Group bought OpenBet. In 2016, Scientific Games purchased NYX, folding OpenBet into its SG Digital arm.
According to its website, OpenBet clients include BetMGM, DraftKings, FanDuel, Paddy Power, PointsBet, Super Group, and William Hill, among others.
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