OpenBet’s $450m management buyout completes
OB Global Holdings, which includes OpenBet boss Jordan Levin, concludes acquisition and provides update on IMG Arena plans following Sportradar deal
The management buyout of OpenBet, led by Endeavor CEO Ariel Emanuel in a personal capacity, and the supplier’s boss, Jordan Levin, has completed.
OB Global Holdings, the acquiring company, said the deal between itself and Endeavor had been finalised after first being announced in November 2024.
During the process, Oakvale Capital and The Raine Group acted as financial advisers to Endeavor. Latham & Watkins acted as legal adviser to Endeavor.
Endeavor had put OpenBet and IMG Arena up for sale last August as part of its preparations for going private after being acquired by Silver Lake for $13bn in April.
OB Global Holdings then struck the $450m cash and debt cash/debt deal to take ownership of OpenBet and IMG Arena.
Endeavor originally paid $800m to acquire OpenBet from Light & Wonder (formerly Scientific Games) in September 2022.
Last week, Sportradar announced it would be snapping up IMG Arena in a deal that valued the business at $225m (£174m).
However, Sportradar will not pay any monies to Endeavor or OB Global Holdings. Instead, Endeavor will pay the New York-listed firm $125m.
OB Global Holdings said that until that deal completes, which is anticipated to be in Q4, it would continue to own and manage IMG Arena.
Looking to the future, OB Global Holdings said it was “advancing its presence in Brazil” after launching with BandBet and sealing other partnerships with major firms.
Other key focuses for the business include strengthening its position in the lottery sector and “continued investment in innovation” across regulatory tech and sports betting products.
Levin said: “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.
“Our group is extremely excited about OpenBet’s path forward, and we are confident in our business’ long-term growth profile considering our premium product offering, exceptional talent and existing momentum in the marketplace.”