OpenBet’s present is solid, but its ownership future is uncertain.
The sports betting platform and technology provider reported a 40% year-over-year growth in its customer base in the first half of 2024.
That announcement came the same day that parent company Endeavor said during its second-quarter earnings release that it plans to market its sports technology and data segment, including OpenBet and sports data subsidiary IMG ARENA, in order to transfer, divest, or sell those assets.
Endeavor has recently made them more attractive by combining IMG ARENA’s data capabilities under OpenBet’s umbrella to create an end-to-end sports data, technology, and content ecosystem for sports betting partners.
“OpenBet has consistently advanced the vision of delivering an ecosystem that reimagines safe betting entertainment for billions of sports fans,” OpenBet CEO Jordan Levin said. “Reflecting on our growth trajectory within the Endeavor network brings me immense satisfaction.”
Business as usual
OpenBet is a B2B partner that offers its sports betting technology, services, and content to big betting brands like FanDuel, DraftKings, BetMGM, Hard Rock Digital, Super Group, William Hill, and Ladbrokes.
The provider has continued to add innovations with a regulatory technology vertical after acquiring Neccton, and launched a new geo-location technology.
OpenBet recently partnered with the World Lottery Association in Australia.
“Endeavor has been a great platform to accelerate and build on our most recent strategy, as demonstrated by the impressive growth in our global customer base over the course of the year,” Levin said. “As we build on this very solid foundation, I’m very excited about what the future holds for OpenBet and confident that we will maintain our track record of innovation and excellence regardless of future changes in our ownership structure.”
Moving on
Endeavor, which hauled in $1.75 billion of revenue in Q2, has placed OpenBet “Held for Sale.”
Despite discontinuing operations of the sports technology and data segment in the consolidated interim financial statements for Q2, OpenBet will continue operating until a clear path is presented.
Endeavor, which acquired OpenBet in 2022, announced during the Silver Lake take-private transaction in April that it would be selling off many of its assets.
