Scientific Games Sells OpenBet for $1.2 Billion

This week Scientific Games Corporation announced that they're selling OpenBet to Endeavor Group Holdings for $1.2 billion, offloading their sportsbetting business so that they can focus on other endeavors.

OpenBet serves as one of the world's largest sportsbetting platforms, providing services to operators throughout the world, especially throughout the USA, UK, Canada, and Australia. Thus far OpenBet has 75 customers, including operations in 12 US states and boasts 100% uptime for major sporting events. The terms of the deal will see Scientific Games getting $1 billion in cash as well as $200 million in Endeavor stock.

It's believed that the deal will close in the second quarter of next year, as there are various approvals that need to be obtained in order to close the deal.

Commenting on the deal Endeavor CEO Ariel Emanuel said, "OpenBet has built an incredible sports betting suite anchored in its best-in-class betting engine and now including expanded content, services and products for sports books and fans. This capability set is the ideal complement to our IMG ARENA sports betting business, which works directly with sports rights holders. We look forward to growing these businesses together to capitalize on the strong secular tailwinds in the sports betting ecosystem."