Sportsbook platform OpenBet has completed its management buyout from Endeavor, which had owned the company since a $1.2bn acquisition in 2021.
OpenBet had agreed terms for a management buyout with Endeavour in November 2024, with sports betting data company IMG Arena also included in the deal.
The company will be owned by a new holding group, OB Group Holdings LLC, as it enters its new era. Jordan Levin, the company’s CEO, will continue to play a key leadership role, having been a major figure in the buyout.
A key target market for the firm will be the lottery sector, it detailed, stating that ‘OpenBet also continues to strengthen its position in the lottery sector’. The firm’s MO in lottery is providing sports betting solutions to government-owned and sponsored lottery operators.
With lottery operators doubling up as sports betting providers in many countries – Hungary, France, the Nordics, Canada and some US states being a few examples – it is not hugely surprising that the sector is considered a lucrative target for the firm.
CEO Levin remarked: “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.”
In addition to lotteries, OpenBet is also eyeing up opportunities in Brazil – it is hardly alone in this respect, with the newly launched market having caught the attention of 71 licensed operators, with hundreds more being considered by the regulator, the Sectarian of Betting and Prizes (SPA).
The firm’s ambitions in lottery and Brazil may have coverage in South America’s largest market, with many state and municipal lotteries present throughout the country, some of which are also keen to get in on the new betting sector.
In other news related to the buyout, IMG Arena has since been the subject of another sale. Endeavour agreed to transfer the asset to sportstech and data firm Sportradar last week, with OpenBet retaining management until the transaction is completed in Q4 2025.