DraftKings makes $22.4 billion bid for UK's Entain
ABC News
The British betting company Entain has confirmed a takeover bid worth about $22.4 billion (16.4 billion pounds) from DraftKings as online gambling companies seek inroads into physical betting sites and vice versa
The British betting company Entain has confirmed a takeover bid worth about $22.4 billion (16.4 billion pounds) from DraftKings as online gambling companies seek inroads into physical betting sites and vice versa.
Entain's stock surged nearly 6% Wednesday on the London Stock Exchange and rumors of a potential deal have more than doubled the price of its shares this year.
Entain’s portfolio of sports betting and gambling companies includes some of the U.K.’s most well known brands such as Ladbrokes and Coral. The company, formerly known as GVC, claims licenses to operate in more than 20 countries.
A tie up between DraftKings and Entain faces numerous hurdles, particularly the U.K. company's partnership with MGM Resorts International, a U.S. major casino and entertainment operator.
