Flutter to continue leveraging OpenBet for Sportsbet brand
Flutter Entertainment has signed a four-year contract renewal with OpenBet, continuing to leverage the company’s services for its Australian Sportsbet subsidiary.
Under the terms of the agreement, Sportsbet will utilise OpenBet’s technology and services with the aim of delivering ‘best-in-class sports betting entertainment’ to new and existing customers until 2025.
Sportsbet has reported ‘record volumes’ in the Australian sports betting market whilst utilising the OpenBet platform, with Flutter’s Q3 trading update earlier this year detailing a 20% revenue increase for the Australia-facing brand to £370 million and a 24% uptake in active bettors to 1.1 million.
“We’re thrilled to have finalised this important new contract with our long-term partner Sportsbet,” said Jordan Levin, CEO of OpenBet.
“We take great pride in delivering our industry-leading platform technology to Australia’s leading sports betting brand and providing bettors with a safe, responsible and immersive experience.
“This renewed partnership with Flutter Entertainment once again demonstrates how OpenBet is at the heart of driving sports betting entertainment to the world’s biggest brands.”
In addition to Sportsbet, OpenBet also maintains a partnership with Flutter’s US-facing operator FanDuel, as well as a number of other companies.
The renewal of its contract with the FTSE100 global gambling group’s Sportsbet represents a strengthening of OpenBet’s presence in Australia, having experienced success in the country’s sports markets and processing a total of 46% of bets placed in the country.
According to data released last month, the sports betting technology company had a particularly strong performance at the Melbourne Cup horse racing event, processing an average of 65,000 bets per minute.
The 65,000 bets processed at this year’s meeting represents an increase on last year’s peak figure of 61,000, which was in turn a 75% increase on the number of wagers placed in 2019.
Commenting at the time, Levin said: “Processing a peak of over 65,000 bets per minute is a phenomenal achievement and simply cannot be matched by anyone else in the sports betting entertainment industry.”
Previously a property of Scientific Games Corporation, OpenBet was acquired by Hollywood-based sports group Endeavor Holdings in September for a total of $1.2 billion (€1.05bn).
Endeavor has detailed an ambition to leverage OpenBet’s betting technology alongside its other sports and entertainment holdings – which include the Ultimate Fighting Championship (UFC) and IMG – in the expanding US sports betting market.