Leaders of sports betting services provider OpenBet have completed their $450 million USD managed buyout from Endeavor Group Holdings.

The deal, which was supported by Endeavor CEO Ari Emanuel, was confirmed back in November and has now closed. OpenBet CEO Jordan Levin and other executives participated in the buyout. Levin will continue to lead the company.

Levin said the deal marks a new chapter for OpenBet as it looks to accelerate its expansion and innovation in the global sports betting landscape. OpenBet already provides services for more than 200 operators worldwide, including big-name betting brands such as FanDuel and BetMGM and also has a large footprint in the worldwide lottery sector.

“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,” said Levin.

OpenBet operates in the majority of Canadian provinces.

Endeavor shedding its sports betting assets

Global talent and media group Endeavor acquired OpenBet from Light & Wonder (formerly Scientific Games) in 2022 for $800 million USD.

Last week, Endeavor announced it is selling its IMG Arena sports data business to Sportradar in an acquisition worth more than $200 million USD. IMG Arena will continue operating under OpenBet until the close of the transaction, which is expected to be in the fourth quarter of 2025.

Once that second deal is completed, Endeavor will have offloaded its major sports betting assets. The company has been looking to divest areas of its business after it unveiled its $13 billion buyout by private equity firm Silver Lake last year.

OpenBet said at the time that the managed buyout was announced that the transaction was a necessary step for the closing of the Silver Lake sale, which was first announced last April. Silver Lake is the biggest investor in Endeavor, holding around 31% of outstanding shares as of the end of 2023.