- Casino
- By State
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Georgia
- Florida
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Massachusetts
- Maryland
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
- By State
- Slots
- Poker
- Sports
- Esports
Light & Wonder Completes Final Stage of Divestiture Process for OpenBet

After announcing a $400 million cut in the sale price of its sports betting business OpenBet at the beginning of July, Light & Wonder has now announced the completion of the final stage of its gaming transformation. The company has sold the OpenBet platform to the Endeavour Group for $800 million, signaling the $400 million reduction from last September’s negotiated price. Light & Wonder will receive $750 million in cash, which will go through a series of adjustments, and over 2.3 million class A common stock shares.
Great Cross-Platform Games Coming Next
The Nasdaq-listed company also announced its main focus will fall on creating “great games fully cross-platform”, now that the divestiture of OpenBet has been completed and the organization is prepared to put its growth strategy into practice. Interim chief executive officer Matt Wilson also explained that their research development engine and “world-class talent” allows them to effectively leverage their “leading industry positions” together with their “evergreen franchises and unmatched platforms” for driving significant value. Wilson also took the time to praise their teams’ hard work, efforts, and dedication that helped guarantee a fast and “successful completion of this important transaction”. Wilson called the Endeavor Group the suitable partner for the OpenBet platform while wishing their OpenBet colleagues “all the best” on the “exciting new chapter”.
Light & Wonder Sold Its Lottery Business & Bought Playzido
As part of the same strategic growth plan, the company also made a series of other important decisions. The list includes the sale of its lottery business, a step that helped Light & Wonder cash in around $5.6 billion. The company also Playzido in May. While the acquisition was considered a small one, its impact was projected to be “outsized”.
All in all, Light & Wonder expects its decisions to fasten its goal to turn into the number one cross-platform global gaming company. The final OpenBet divestiture step helped the company bring important changes to its balance sheet, clearing the way to its planned net debt leverage ratio range between 2.5x and 3.5x. Light & Wonder also expects to generate excess capital via its targeted consolidated AEBITDA of $1.4 billion by the year 2025, a growth profile with two digits, and other similar factors.
At the end of September, RSI’s RushBet brand partnered with Light & Wonder, a move that will let Light & Wonder assist RSI with streamlining its content and delivering excellent iGaming solutions. The decision will also help Light & Wonder keep its expansion going in the Mexican market.
After finishing her master's in publishing and writing, Melanie began her career as an online editor for a large gaming blog and has now transitioned over towards the iGaming industry. She helps to ensure that our news pieces are written to the highest standard possible under the guidance of senior management.
Previous Article
Business
September 30, 2022
MGA Games to Enter the Market in Italy via Microgame Deal
Next Article
Business
September 30, 2022
Ireland's C&AG Requests More Info from National Lottery Regulator
Must Read
Business
February 10, 2025
Bally’s Wraps Up $4.6B Deal with Standard General
Business
February 10, 2025
Superbet Announces Important €1.3B Injection of Capital
Business
February 10, 2025
Kindred Publishes Responsible Gambling Metrics for H2 2024
More Articles
Casino
February 14, 2025
Aristocrat Rethinks Its Approach to Social Gaming
Sports
February 14, 2025
Iowa Doesn’t Want You to Use Proxy Betting, or Face Consequences
Business
February 13, 2025
MGM Resorts Posts Strong 2024 Report Despite Mixed Q4
Sports
February 12, 2025
Real Madrid’s Dramatic Win Cost bet365 Millions
Business
February 12, 2025
Light & Wonder Promotes from Within, Names Nathan Drane CPO
Sports
February 12, 2025
Nevada Sportsbooks Reach Record Super Bowl Profit Despite Lower Handle
Sports
February 11, 2025
Allwyn Joins Formula 1 as Official Partner, Vows to Empower Fans
Sports
February 11, 2025
FanDuel Recorded 16.6 Million Super Bowl Bets
Business
February 11, 2025
Entain CEO to Change Again with Gavin Isaacs’ Departure
Sports
February 11, 2025
Mavericks Governor Dumont Criticizes Dončić’s Work Ethic
Industry
February 11, 2025
Google Confirms Update to Its Gambling and Games Policy