UFC owner Endeavor acquires sports-betting firm OpenBet

Endeavor Group Holdings Inc acquired OpenBet for $1.2 billion, consisting of $1 billion in cash and $200 million in shares, to further diversify its business and help it monetize its assets.

Endeavor, which owns the UFC, Professional Bull Riding, and Euroleague Basketball brands, operates and represents over 800 events annually.

The company also sells media rights on behalf of clients such as the NFL, IOC, NHL, and PBR.

The acquisition of OpenBet is expected to close in the second quarter of 2022.

OpenBet, which is owned by Scientific Games Corp., specializes in “betting engine technology” and processed over three billion bets in 2020

According to Endeavor, the combination of OpenBet and IMG Arena will create a unique end-to-end solution, delivering official data and video streams, premium content, cutting-edge mobile products, and best-in-class betting technology solutions.

Endeavor added that the acquisition will complement its position within the sports betting ecosystem.

Endeavor’s IMG Arena currently works with 470 sportsbook brands to deliver live streaming video and data feeds.

Meanwhile, OpenBet counts Draftkings Inc, FanDuel, WynnBet, SkyBet, Ladbrokes Coral, and William Hill as customers.

Endeavor could look to package media rights, sports betting data, and other items together in deals.