BUSINESS

OpenBet management buyout fuels talk of merger

TAGs: David Loveday, Inspired Gaming, openbet, Orbis, Vitruvian Partners

openbet-management-buyoutMergers and acquisitions are taking place right now in the gambling industry as if it were an NBA free agency signing period. There’s also domain names being bought left, right, and centre, and a dog fight breaking out between Playtech and Ladbrokes for the right to own 888. This is all as the industry’s own Royal Rumble is picking up pace over the Tote sale, a decision expected soon.

Then to hear that another iGaming company is changing hands will turn heads. They won’t be turning as if Megan Fox just walked in wearing nothing but a few strategically placed leaves though.

After earlier this year changing name from Orbis to OpenBet, according to an article in the Telegraph the gambling technology group are on the verge of changing hands in a £208m management buyout.

The buy-out itself is being led the company’s chief executive, David Loveday, and it may be quite the astute acquisition. OpenBet is the leading provider of interactive gaming and betting solutions to the industry clients including William Hill, Ladbrokes, and Betfair.

Their products include technological platforms for bookmakers and lotteries to handle transactions. OpenBet’s technology also allows customers to use one account across a number of mediums, including mobile phones, which could be a valuable tool in the future.

It’s being backed by the owners of Inspired Gaming, Vitruvian Partners, and will further fuel speculation that they will attempt to merge the two. We did contact Inspired about the story and they declined comment on whether the two would be merging or not, preferring to stay silent on the issue for the time being.

eGaming Review, meanwhile, spoke to Loveday who’s hoping that the deal will be wrapped up by the end of this month or early next, when he’ll be professing his love for everything OpenBet, not just the day. Whether he changes his name to Loveinspired, only time will tell.

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