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Endeavor Group Holdings Inc, the parent company of UFC, WME, and IMG, is looking forward to using the recently acquired OpenBet to ratchet up the quality of what’s being offered to sports fans and online sports betting sites.
The closing of the approximately $800-million OpenBet purchase from Light & Wonder Inc. by Endeavor was one of the highlights of the latter company’s third-quarter earnings report that was released last Thursday.
By folding OpenBet into its corporate infrastructure, Endeavor is following the path taken by other companies attempting to harness the synergies in the convergence between the legal sports betting and entertainment sectors.
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Endeavor CEO Ari Emanuel described how the acquisition of OpenBet puts Endeavor on track to launch a new sports data and technology division. It will integrate the operations of OpenBet with Endeavor’s IMG Arena unit — a leading provider of data and content to online sportsbooks.
Emanuel added that both IMG and OpenBet are already profitable businesses and that combining them is expected to generate “meaningful revenue synergies,” noting the former “has the data and the content” while the latter has “player ads” and much more.
Upon the original announcement of the closing of the OpenBet deal at the end of September, Emanuel also described how OpenBet, a leading tech provider to sportsbooks, represented a significant strategic move that would broaden Endeavor’s reach across the sports ecosystem.
Endeavor is one of the world’s leading sports and entertainment companies that began an impressive expansion program under the direction of Emanuel, starting with the 2009 merger between two of Hollywood’s most powerful talent agencies — William Morris Agency and Endeavor Talent Agency — to form WME.
Under its corporate umbrella, Endeavor comprises WME, IMG, and the highly popular mixed martial arts organization, UFC. As of January 2023, OpenBet will be merged into a separate unit with IMG Arena, the sports division of IMG.
OpenBet is a global company that provides betting engine technology, player account, wallet solutions, trading, pricing, and risk management tools to some of the world’s leading sportsbooks.
The company said it processes 40% of online sports bets in the U.S. market, 46% of digital sports action in Australia, and a commanding 65% of online wagers in the U.K.
OpenBet’s client roster includes major U.S. sportsbooks such as DraftKings, FanDuel, and WynnBet. It also provides its state-of-the-art platform services to leading U.K. operators SkyBet, Ladbrokes, and William Hill. It also has its own content business, with offerings such as BetBuilder and the DonBest pricing feeds.
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