NYX Gaming Group acquires OpenBet for £270 million
NYX Gaming Group, the software developer that brought us such loved titles as Foxin’ Wins Again and Merlins Magic Re-spins, has just announced the acquisition of the market leading OpenBet – for a cool 270 million pounds.
OpenBet is a business-to-business sportsbook and digital gaming company, providing online and in-venue sports betting and gaming solutions. In 2014 alone, OpenBet took in over a billion dollars in sports bets, the biggest share of online bets worldwide. Their processing record is 56 million transactions within a 24-hour time frame.
The acquisition will combine two of the global leaders in the online gambling industry to create an all-encompassing organisation that will deliver end to end solutions within the regulated gaming market. Customers will benefit from the combined strength of these two powerhouse businesses, enjoying premium sports betting and casino gaming solutions across all channels.
CEO of NYX, Matt Davey, commented, “The acquisition of OpenBet by NYX completes the portfolio of industry leading products and services we offer to our customers. They are two highly complementary businesses with key strengths in regulated markets, technology services and gaming content. It positions NYX as the leading provider of B2B betting and gaming solutions on a global scale. We are looking forward to working with OpenBet and their customers to help them to deliver world class experiences to their players.”
OpenBet has been in operation since 1996, and the company is excited about the new transition. Jeremy Thompson-Hill, CEO of OpenBet said, “The joining of OpenBet and NYX is a natural union born out of synergies in product, the customer base and, importantly, culture. It will enable us to leverage our knowledge, strengths and resources to deliver our customers with best-in-class products and technologies across all verticals and channels.”
If you’re interested in the financial side of things, the £270 million acquisition included a deal for NYX to repay OpenBet’s £95.4 million in existing third party debts. William Hill and SkyBet will be participating in the deal through a preferred equity investment of £100 million to partially fund the acquisition. The purchase will be financed through new senior secured credit facilities.
Further to the equity investment, William Hill will also be engaging NYX Gaming and OpenBet in a development program to improve and update OpenBet’s technology, a project estimated to take around three years and generate £10 million in earning to NYX during that time.
Robin Chhabra, Group Director of Strategy & Corporate Development at William Hill commented that, “I am delighted that William Hill is supporting NYX’s vision for growth and expansion into sports betting alongside its strong gaming proposition. Our investment in NYX builds on our long standing relationship with both NYX and OpenBet.”
NYX Gaming Group, which incorporates the Sydney-based NextGen Gaming, is responsible for some of CasinoSites.com.au favourite online pokies. However recent region-locking regulations have prevented Australian players from being able to access these games. Our hope is that this new acquisition with OpenBet results in some changes to region restrictions that gives Aussies access to these vibrant and innovative NYX titles once again.
Players outside of Australia, such as from United States, could still use this technology.
The transaction between NYX Gaming and OpenBet is expected to close by the end of May 2016, pending customary conditions and approvals.
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