While the company seeks a buyer, OpenBet and IMG will continue their operations as normal. The operator has indicated that the "put up for sale" status implies a potential transaction could occur within the next year.
Endeavor acquired OpenBet in September 2022 for around $800 million. In February 2024, Endeavor merged IMG Arena into the OpenBet operations and subsequently launched a strategic review of the combined entity.
Following the announcement of the sale, OpenBet CEO Jordan Levin highlighted that the company has expanded its global customer base by over 40% in the past year. “Endeavor has provided an excellent platform to accelerate and enhance our latest strategy, which is reflected in the significant growth of our global customer base over the year. We are building our business on this robust foundation, and I am genuinely optimistic about OpenBet’s future. I am confident we will sustain our innovation and technology regardless of any changes in our ownership structure,” he remarked.
It’s worth noting that Endeavor reported $1.8 billion in revenue for the second quarter, marking a nearly 40% increase from the same period last year. The sports properties owned by Endeavor generated $894.1 million in revenue for the quarter, a 162.9% increase compared to the previous year.
Interestingly, the news regarding the sale of OpenBet and IMG Arena coincides with Endeavor’s plans to be acquired by private equity firm Silver Lake for $13 billion, a deal expected to finalise in the first quarter of 2025.
