Light & Wonder-owned sports betting supplier OpenBet is set to acquire bet pricing specialist Multi Builder, ahead of its $800m sale to Endeavor.
Under the deal, OpenBet will acquire the assets and talent of Multi Builder Limited, as well as the talent of Sportsbook Training Services Limited, in what it described as a “strategic move to continue enhancing its product offering.”
Multi Builder’s proprietary sports technology and quantitative trading models, traded under the brand ‘Sportsbook Models’, will be fully incorporated into the OpenBet product portfolio following completion.The technology was developed by sports betting veterans Oliver Preston and Jonathan Smith – who together boast more than 40 years’ experience in the industry.
Preston holds experience as a football trader at Sportingbet, as well as data modeller and senior modeller at Sporting Group, while Smith was a trader with IG Sport, senior odds compiler for Ladbrokes and trading development manager at Sporting Group.
OpenBet MD Nikos Konstakis: “The addition of Multi Builder Limited allows us to accelerate [our] growth trajectory, drive innovation and offer next level betting entertainment for our operators’ players.”
Together, the pair has primarily been focused on “creating and powering best-in-class algorithmic sports betting models that deliver quality content depth and improved margins across multiple sports,” OpenBet said.
The integration of Multi Builder into OpenBet’s product portfolio will drive enhanced pricing and trading performance, the brand said, furthering its commitment to delivering “world-class Content, Technology and Managed Trading Services across multiple operators globally.”
As a further benefit to the deal, Smith – who is also a leading sportsbook trading trainer – will now provide training services exclusively on behalf of OpenBet.
Commenting on the deal, OpenBet chief product officer Nikos Konstakis said: “This deal marks another significant milestone into the development of our Pricing & Trading Services strategy, which continues to grow in importance as OpenBet drives operator value through deeper market offerings alongside higher flexibility.“Through the acquisitions of DonBest and SportCast in recent years, coupled with our internal roadmap, we saw our content and pricing revenue grow by over 100% in 2021. The addition of Multi Builder Limited allows us to accelerate this growth trajectory, drive innovation and offer next level betting entertainment for our operators’ players.”
Multi Builder MD Oliver Preston: “We are extremely proud to be part of OpenBet’s latest expansion strategy, further developing their market leading portfolio. OpenBet is the stand-out sports technology, services and content business.”
Oliver Preston, MD of Multi Builder Limited, added: “We are extremely proud to be part of OpenBet’s latest expansion strategy, further developing their market leading portfolio. OpenBet is the stand-out sports technology, services and content business.
The deal has been agreed ahead of Light & Wonder’s upcoming sale of OpenBet to Endeavor, an American holding company for talent and media agencies which also owns the UFC and Miss Universe contests.
In July, the price of that sale was slashed by $400m, from an originally agreed $1.2bn to $800m. The sale is expected to complete by the end of Q3 2022.
OpenBet is expected to complement Endeavor’s existing presence in the sports betting industry, which it holds through its ownership of sports data specialist IMG Arena.