Endeavor to Buy Scientific Games Sports Betting Unit
The Endeavor Group Holdings will acquire the Scientific Games sports betting unit. Endeavor is the owner of the Ultimate Fighting Championship. Also, both parties announced that Endeavor will buy OpenBet from SG for $1.2 billion in stock and cash.
After the announcement, Endeavor’s shares increased ten percent. The company said that the acquisition would improve its position in the sports gambling industry. Also, it plans to incorporate OpenBet into its IMG Arena sports betting platform.
The online bookie software acquisition came when the online sports betting industry was experiencing a boom in acquisitions and mergers. At present, more states are legalizing sports wagering across the US.
Scientific Games Sports Betting Unit
Last week, British betting firm Entain said it had gotten a takeover proposition from U.S. fantasy sports wagering organization DraftKings, esteeming it at $22.4 billion.
Interest in web-based wagering has been generated during the pandemic. During that time, players chose to play from home when casinos and wagering shops were temporarily shut down.
The OpenBet deal, which is relied upon to shut in the second quarter of 2022, will be financed through $1 billion in real money and $200 million worth of Endeavor’s Class A typical stock, as per the best sports betting software provider.
Scientific Games is a top slot machine maker. It announced its plan to diversify its sports betting and lottery businesses. Also, it wants to become a digital and gaming content provider. According to sports betting software providers, Scientific Games hopes to keep a healthy balance sheet via the deal.
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