Light & Wonder Closes $800m OpenBet Deal
Light & Wonder, the company which some casino players might know as SG Interactive, has announced that it has completed its OpenBet sale to Endeavor. The deal was closed three months later than the initial deal, and $400 million less than the initially agreed price.
How Much Does Endeavor Pay?
Light & Wonder should receive $750m in cash for the OpenBet. This media sports business will also pay 2.3m Class A shares that are worth $50m. Thus, the total price of this part of the Light & Worth gaming business is $800m.
What is OpenBet?
OpenBet is a sports betting platform that has been online for many years and has thousands of customers. It gains new customers every year and offers hundreds of sports betting events that are updated regularly.
If this business is thriving, why sell it?
Well, the company seems to change its strategy and make it streamlined. It means Light & Wonder plans to focus on gaming only and deliver top-notch content for online operators. This software provider concentrates on video slots, and many new releases should be presented soon.
OpenBet is not the only business that was sold by this company to have its streamlined strategy completed. Thus, it has earlier sold its lottery arm to a private equity group Brookfield Business Partners.
Moreover, there were some changes made in the top management, so rebranded and streamlined, the company formerly known as Scientific Games plans to get the status of the leading casino software provider.
“With our R&D engine and world-class talent at our core, we have an unparalleled ability to leverage our leading industry positions, evergreen franchises and unmatched platforms to drive sustainable differentiation and significant value,” said Matt Wilson who serves the role of temporary chief executive of Light & Wonder.
What Is to Come?
The company seems to have already become more active in software development, so players have a chance to enjoy new games. One of them is Spooky Vibes Acumul8, the slot inspired by Halloween celebrations and innovations. Thus, its players can take advantage of a branded mechanic with unusual win possibilities while diving into a spooky adventure full of mystic creatures and mysteries.
At the same time, Paytech presents a new iconic series of games. Players have an opportunity to discover the culture and mythology of ancient Asia while playing Qin’s Empire slots with unique features and jackpot wins.
