An insider purchase of lottery provider OpenBet from Endeavor Group Holdings closed on March 24, according to an announcement from the company. The buyout was spearheaded by OpenBet executives, with the backing of Endeavor CEO Ari Emanuel.
Among those participating in the buyout was CEO Jordan Levin. He will continue with OpenBet in that role.
As a consequence of the purchase, OpenBet will be rolled into OB Global Holdings. The company was bought from previous owner Endeavor Group Holdings for an unspecified sum.
Said Levin of the changeover, “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. We are confident in our business’s long-term growth profile, considering our premium product offering, exceptional talent, and existing momentum in the marketplace.”
According to OpenBet, it’s enlarging its presence in the newly expanded Brazil market, where it’s pursuing partnerships with major operators. It has already inked a pact with BandBet and gone live.
The announcement of the sale’s closing follows the March 19 disclosure of Endeavor’s selloff of IMG Arena, a sports betting-data service. It was purchased by Sportradar and had been run by OpenBet. That relationship will continue until the close of the Sportradar purchase, expected to occur in the last three months of this year.
The Latham & Watkins law firm advised Endeavor on the OpenBet sale. Also involved were Oakvale Capital and the Raine Group, financial advisors to the seller.
