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Endeavor to buy sports betting unit from Scientific Games for $1.2 bln

in Sports
Endeavor to buy sports betting unit from Scientific Games for $1.2 bln

Endeavor Group Holdings Inc (EDR.N), the owner of the Ultimate Fighting Championship, will acquire sports betting business OpenBet from Scientific Games Corp (SGMS.O) for $1.2 billion in cash and stock, the companies said on Monday.

Endeavor, whose shares were up nearly 10% in extended trading, said the acquisition will strengthen its position in the sports betting industry.

The company said it plans to combine OpenBet, a sportsbook and gaming software, with its existing sports betting business IMG ARENA.

The deal comes at a time when the online gambling space has been witnessing frenetic dealmaking as more states in the United States are expected to legalize the industry.

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