Endeavor is buying into sports betting, and the stock is winning

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Endeavor Group Holdings Inc. is doubling down on its sports-gambling bet, and investors seem to like it. Endeavor EDR, +0.33%, parent company of the William Morris and IMG agencies as well as UFC, announced Monday afternoon that it has agreed to pay $1.2 billion for OpenBet, a division of Scientific Games Corp. SGMS, +2.05% that provides platforms for regulated sports-betting apps. OpenBet customers include DraftKings DKNG, +0.12%, Flutter Entertainment PLC’s FLTR, -0.97% FanDuel and Wynn Resorts Ltd.’s WYNN, +3.02% WynnBet, Endeavor said. Endeavor already owns IMG ARENA, a service that provides live video streams and some data for sports events, and plans to combine those entities into a single-stream option for sportsbooks and other customers. “OpenBet marks a strategic addition to our sports betting portfolio as w
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