Endeavor Group to Acquire OpenBet for $800 Million in Revised Deal

Endeavor Group Holdings Inc., the owners of the UFC, will pay $800 million for sports betting company OpenBet. Light & Wonder Inc., which owns OpenBet, confirmed this on June 30th, 2022. The conclusion of the deal, which had an anticipated completion date of June 30, 2022, might be delayed until autumn.

The purchase comes at a time when the online gambling sector is experiencing takeovers and acquisitions as more states in the United States continue to legalize sports wagering after the revocation of the 1992 Professional and Amateur Sports Protection Act United States Supreme Court in 2018.

Endeavor's sports betting brand IMG Arena now collaborates with over 400 sportsbook companies to provide live streaming and sought-after virtual sports products for clients in the UFC and the PGA Tour, MLS, Wimbledon, and Ryder Cup. When traditional betting outlets closed because of the COVID-19 pandemic, clients switched to online sports betting, which saw a rise then. The firm will settle the revised price with $750 million in cash and 2.3 million shares in Endeavor, each valued at $50 million. Light & Wonder's stock value has decreased by 45 percent, while Endeavor's share price has decreased by 28 percent.