But DraftKings’ push could change those plans.īarry Jonas, an analyst with Truist Securities, said in a note Tuesday that while MGM could make its own bid to fully acquire Entain, it makes more sense for it to simply buy Entain’s 50 percent share of BetMGM. Shareholders are urged to take no action at this time.”Īfter Entain rejected its proposal in January, MGM said it was backing out of plans to acquire the company.

“A further announcement will be made as and when appropriate. “There can be no certainty that any offer will be made for the Company, nor as to the terms on which any such offer may be made,” the company’s board said in the filing. “MGM will engage with Entain and DraftKings, as appropriate, to find a solution to the exclusivity arrangements which meets all parties’ objectives.”Įntain confirmed in a filing with the London Stock Exchange that it had received a proposal from DraftKings. “MGM believes that having control of the BetMGM joint venture is an important step towards achieving its strategic objectives,” the company said. would need MGM’s consent and reiterated the online betting platform’s importance to MGM’s goal of becoming a “premier global gaming entertainment company.” In a statement Tuesday, MGM noted that as Entain’s exclusive partner in the U.S., any transaction that would cause Entain or its affiliates to own a competing business in the U.S. operators maneuver for a share of the booming sports betting market since the federal ban was struck down in 2018. But that proposal, valued at roughly $11 billion, was rejected by Entain, which said the proposal undervalued the company.ĭraftKings’ bid comes as M GM pushes to expand its iGaming footprint across the country as U.S.

The proposal, first reported by CNBC, includes largely DraftKings stocks and some cash to acquire Entain, which jointly owns BetMGM with MGM in a 50/50 venture.Įarlier this year, MGM made its own pitch to acquire Entain and take full ownership of BetMGM, a sports betting and online gaming platform.

(AP Photo/Charles Krupa, File)ĭraftKings is making a $20 billion push to acquire British online sports betting giant Entain PLC, a move that gaming analysts say could spur MGM Resorts International to revamp its bid to acquire all or part of its joint venture partner. FILE - In this May 2, 2019, file photo, the DraftKings logo is displayed at the sports betting company headquarters in Boston.

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