Light & Wonder, the American provider of gaming products and services formerly known as Scientific Games, has announced that it has completed the sale of OpenBet, its sports betting arm, to Endeavor for 800 million dollars.
The deal was agreed in July, but at that time it was expected to take a month longer to complete. Moreover, the seller initially wanted 1.2 billion dollars for OpenBet, its sports betting platform, but ended up settling for 800 million dollars, with 750 million to be paid in cash and the remaining 50 million in shares.
The sale is another step in the strategy adopted by Light & Wonder in recent months as the company is looking to streamline its business and focus more on gaming services. After having switched names from Scientific Games to Light & Wonder, the company also sold its lottery arm to Brookfield Business Partners, a private equity group.
Matt Wilson, the interim Chief Executive Officer of Light & Wonder, said that now the company can set its sights on growth as it fully focuses on gaming services for both online and land-based casinos and gaming venues.
The Light & Wonder Chief Executive Officer added that he has faith in the company’s research and development capabilities and added that the corporation has “an unparalleled ability” to leverage its leading industry positions in order to drive growth.