OpenBet has officially completed its $450 million management buyout from Endeavor Group Holdings.
The acquisition closed on 24 March 2025 and transferred control to OB Global Holdings LLC, a newly formed corporate entity led by OpenBet CEO Jordan Levin. Other senior executives are supporting the company, including Endeavor’s CEO Ari Emanuel, who is involved personally.
Ahead of private equity firm Silver Lake’s $13 billion acquisition of Endeavor, the company is looking to divest its sports betting assets.
OpenBet was initially acquired by Endeavor back in 2022 for $800 million from game developer Light & Wonder (formerly trading as Scientific Games).
“We are confident in our business’ long-term growth profile considering our premium product offering, exceptional talent, and existing momentum in the marketplace,” Levin said following the deal’s completion. “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.”
IMG Arena Sale Marks Final Exit from Betting Sector for Endeavor
Endeavor recently agreed to divest IMG Arena, its sports betting data subsidiary, to Sportradar AG.
The deal’s financial considerations will total $225 million, but Endeavor will pay Sportradar $125 million to take IMG’s portfolio. Endeavor will also make $100 million in cash prepayments to predetermined sports rightsholders.
The acquisition will integrate IMG’s data rights, including those for Tennis Grand Slam tournaments Wimbledon, the U.S. Open, and Roland Garros, into Sportradar’s existing offer. Sportradar has indicated the move is to bolster its presence in soccer, basketball, and tennis, which generate 70% of global betting turnover.
The deal is expected to close in the fourth quarter of 2025, pending regulatory approval. Combined with the OpenBet exit, it effectively completes Endeavor’s exit from the betting sector.
Brazil and Lottery Markets Key to OpenBet’s Growth Strategy
OpenBet has reaffirmed that Brazil and lottery will be the company’s focus for growth.
In October 2024, the company entered the Brazilian market through a joint venture with Bell Ventures. It trades under BandBet, licensed from broadcaster Grupo Bandeirantes de Comunicação. It has also partnered with Grupo Silvio Santos’ Todos Querum Jogar brand and is actively pursuing other partnerships in the country.
“OpenBet is advancing its presence in Brazil, having already launched with BandBet and securing strategic partnerships with other major operators,” the company said in a statement. “These collaborations reinforce OpenBet’s commitment to delivering scalable, compliant, and engaging betting experiences in one of the world’s most exciting new regulated markets.”
In addition, OpenBet currently has contracts with over 20 members of the World Lottery Association and has obtained WLA Gold Contributor status, meaning it’s considered a leader in regulatory compliance.
Is Brazil a Regulatory Nightmare?
The Brazilian regulatory landscape is intriguing. Given the recent legalization of sports betting, the state is grappling with several different stakeholders, all of whom hold different opinions on how the framework should look.
The country has also been rocked by the findings of a match-fixing report, which showed a large amount of match-fixing in soccer. It is unclear whether crypto sportsbooks are being embroiled in the scandal. Previously, in Brazil’s grey-market era, several crypto operators had a presence in Brazil, and crypto casino giant Stake has identified the LATAM region as key for its ongoing growth.
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