{"id":1376,"date":"2024-11-12T19:38:19","date_gmt":"2024-11-12T20:38:19","guid":{"rendered":"https:\/\/extraniceshirts.org\/?p=1376"},"modified":"2024-12-23T13:03:33","modified_gmt":"2024-12-23T13:03:33","slug":"endeavor-ceo-ari-emanuel-buys-sports-betting-units-at-big-discount","status":"publish","type":"post","link":"https:\/\/extraniceshirts.org\/index.php\/2024\/11\/12\/endeavor-ceo-ari-emanuel-buys-sports-betting-units-at-big-discount\/","title":{"rendered":"Endeavor CEO Ari Emanuel Buys Sports Betting Units at Big Discount"},"content":{"rendered":"

Endeavor Group Holdings, Inc. (NYSE: EDR) announced that it’s selling its IMG Arena and OpenBet sports betting businesses to a group led by CEO Ari Emanuel. The sale price is $450 million.<\/p>\n

\"PGA
Endeavor CEO Ari Emanuel is leading a group that’s acquiring OpenBet and IMG Arena for $450 million. (Image: Getty)<\/figcaption><\/figure>\n

OB Global Holdings LLC is the buyer, and that group is comprised of Emanuel and OpenBet CEO Jordan Levin, among others. The $450 million purchase will be financed through a mix of cash and debt. The sale of IMG Arena and OpenBet is part of Endeavor\u2019s go-private transaction<\/a> with venture capital firm Silver Lake, which values the target at $13 billion and was announced in April.<\/p>\n

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The transaction is being pursued, and is a necessary step, for the closing of the proposed Endeavor take-private by Silver Lake. The transaction is subject to customary closing conditions, including approvals required by applicable gaming regulatory authorities, and is conditioned on and expected to close immediately prior to the closing of the Endeavor take-private,\u201d according to a statement.<\/p>\n<\/blockquote>\n

Endeavor will continue marketing IMG Arena for sale to another buyer, indicating that OpenBet is the asset OB Global really wants.<\/p>\n

OpenBet Sold for Far Less than What Endeavor Paid<\/h2>\n

Endeavor is taking a hit on OpenBet just over three years after announcing in September 20221<\/a> that it would pay $1.2 billion in cash and equity to the company then known as Scientific Games for the business.<\/p>\n

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That purchase price was ultimately trimmed to $800 million, resulting in approximately $700 million in after-tax proceeds flowing to the company now known as Light & Wonder. Endeavor is now selling OpenBet to OB Global for barely more than half what it paid.<\/p>\n<\/div>\n

The Emanuel-led management group that\u2019s acquiring OpenBet will be the company\u2019s sixth owner since it was founded in 1996. The sale price confirms recent speculation among industry observers that Endeavor would likely unload OpenBet at a steep discount.<\/p>\n

\u201cThis management buyout allows us to continue executing our vision for increased market expansion and product innovation,\u201d said Levin in the press release. \u201cOur group is extremely confident in OpenBet\u2019s future considering the premium product offering, superior talent, and solid foundation we already have in place following a strong period of business growth.\u201d<\/p>\n

OpenBet Buy Could Be Smart Move by OB Global<\/h2>\n

While OpenBet has changed hands multiple times in its three-plus decades of life, the purchase could be a shrewd move by the Emanuel-led group because a technology arms race<\/a> is forming in the sports betting industry.<\/p>\n

OpenBet notes its client roster includes well-known gaming companies such as BetMGM, DraftKings, FanDuel, Paddy Power, PointsBet, Super Group, and William Hill, among others.<\/strong><\/p>\n

As for the fate of IMG Arena, that remains to be seen. The most logical buyers<\/a> would be sports betting data providers Genius Sports (NYSE: GENI) and Sportradar (NASDAQ: SRAD), but neither firm has signaled interest in IMG Arena.<\/p>\n

The post Endeavor CEO Ari Emanuel Buys Sports Betting Units at Big Discount<\/a> appeared first on Casino.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Endeavor Group Holdings, Inc. (NYSE: EDR) announced that it’s selling its IMG Arena and OpenBet sports betting businesses to a group led by…<\/p>\n","protected":false},"author":1,"featured_media":1378,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[12],"tags":[],"_links":{"self":[{"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/posts\/1376"}],"collection":[{"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/comments?post=1376"}],"version-history":[{"count":2,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/posts\/1376\/revisions"}],"predecessor-version":[{"id":1379,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/posts\/1376\/revisions\/1379"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/media\/1378"}],"wp:attachment":[{"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/media?parent=1376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/categories?post=1376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/tags?post=1376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}