Along with bookmaking giant William Hill, NYX Gaming Group has agreed a deal to acquire OpenBet.
Under the deal, William Hill shall be investing £80 million (€100.5 million) into NYX under a commercial agreement with the firm. The investment, which comes in the form of a note redeemable in cash or shares in NYX, will be accompanied by a further William Hill investment of £10 million.
The new 10-year commercial agreement will support the £280 million acquisition of OpenBet and focus on the development of William Hill’s existing sports betting, gaming and retail platforms, as well as a new platform over the next three years.
Forming part of a greater consortium, Sky Betting and Gaming shall also be investing to support the creation of an enlarged NYX Gaming Group.
Commenting on the deal. William Hill CEO James Henderson said: “Our new commercial agreement is a key step in delivering our technology strategy by enhancing our current platforms and, in parallel, developing a new back-end platform for William Hill to complement and support our Trafalgar platform, which is focused on our front-end user experience.
“This route draws on the OpenBet team’s proven sports betting technology expertise and NYX’s gaming platform to give us a bespoke technology solution to support and deliver our UK and international growth strategies.”
Matt Davey, chief executive of NYX, added: “The acquisition of OpenBet by NYX completes the core 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.
“To have a consortium of operators with the pedigree of William Hill and Skybet and the public support of Paddy Power Betfair highlights the strength of NYX’s proposition and I look forward to extending our relationship with them.”