Light & Wonder has completed the sale of its OpenBet sports betting platform to Endeavor, three months after the initial planned closing date and for $400m less than was first agreed.
Endeavor – a sports media business that owns IMG Arena – will pay $750m in cash for OpenBet, plus 2.3 million Class A shares, worth $50m.
The sale forms part of a general streamlining of the Light & Wonder business, formerly known as Scientific Games. It also sold its lottery arm – which retained the Scientific Games name – in October of last year to private equity group Brookfield Business Partners.
The sale also follows the exit of Barry Cottle as Light & Wonder chief executive, with Matt Wilson serving in the role on a temporary basis until a full-time replacement is found.
Wilson said the new business can now focus on growth, now that it has a more clear focus on gaming, whether land-based, online or social.
“With the completion of the OpenBet divestiture and our now streamlined organisation, Li..