Financial terms of the deal were not disclosed, but IMG Arena did state that subject to customary closing conditions, including a regulatory review process, the acquisition should go through in the first half of 2023.
IMG Arena said that the deal will strengthen its sports betting content portfolio, with plans to combine its ‘Event Centre’ product suite with Leap’s technologies and products to deliver a wider range of services to customers.
IMG is owned by Endeavor, which acquired sports betting supplier OpenBet earlier this year for $800m, a price that was renegotiated down from the initially agreed $1.20bn.
Established in 2014, Leap already works with 120 sportsbook operators around the world.
IMG Arena-Leap Gaming partnership
IMG Arena also said that the acquisition would build on its existing partnership with Leap, through which the two businesses launched official virtual sports betting products with Nascar in the US and basketball’s EuroLeague.
“When we invested in Leap Gaming in 2018, our aim was to create official products and unlock new revenue streams and forms of fan engagement for our clients,” IMG Arena president Freddie Longe said. “We are delighted to extend that partnership and officially welcome Leap into the IMG Arena team.
“The acquisition will enable us to build on the work we have already done with Leap to take the virtual sports experience to new levels and continue to enhance our sports betting content portfolio.”
As part of the deal, Leap chief executive Yariv Lissauer will become senior director and general manager of igaming at IMG, while his 58-strong team will also join the business.
“Leap joining the IMG Arena business is a natural union born out of synergies in product, customer base and, most importantly, culture and vision,” Lissauer said. “This will enable us to leverage our knowledge, strengths and resources to deliver an enhanced range of best-in-class virtual sports products.”