Endeavor Group Holdings, a sports and entertainment company, has bought OpenBet, a content and service provider to the sports betting industry, from Light & Wonder Inc. The company was sold for approximately $800 million paid through a combination of cash and share of Endeavor’s common stock.

OpenBet focuses on licensed customers and regulated gaming markets serving a customer base that includes sportsbooks such as DraftKings, FanDuel, SkyBet, Ladbrokes and William Hill. OpenBet provides betting engine technology as well as trading, pricing and risk management tools.

“The addition of OpenBet to our sports betting portfolio will enable us to further capitalize on the massive tailwinds in the fast-evolving sports betting ecosystem and lead the way in defining the future of sports betting entertainment,” comments Ariel Emanuel, CEO at Endeavor. “In combination with our IMG ARENA sports data and content business, we’ll look to create and unlock meaningful value for our rights holder and sportsbook customers, helping deliver the most compelling offerings for sports fans globally.”

The Raine Group acted as financial advisor to Endeavor on the transaction. Latham & Watkins LLP acted as legal advisor to Endeavor.