In one of the biggest deals ever seen in the online casino industry, it was reported today that the US fantasy sports and sports betting giant, DraftKings has made an offer to acquire the UK online sports betting group, Entain. It’s been said that DraftKings offered to pay $20 billion for this acquisition, consisting of mostly DraftKings stock, as well as cash. Entain was worth around $18 billion before the offer.
As a result of this news, shares for Entain jumped 17% on the London Stock Exchange.
Entain filed a note with the stock exchange, confirming only that it had received an offer from DraftKings, but no further information was given.
In the filing, Entain only said: “A further announcement will be made as and when appropriate. Shareholders are urged to take no action at this time.”
Earlier this year, Entain was offered $11 billion by MGM Resorts, however shareholders rejected the all-stock offer as they felt that it did not reflect the true value of the company.
Entain is one of the world’s largest sports betting and online gaming groups. Some of its most iconic brands include Ladbrokes, Coral, BetMGM, Bwin, Sportingbet, Eurobet, PartyPoker, PartyCasino, Gala and Foxy Bingo.
Last year, Entain rebranded from GVC Holdings. The group is licensed and operates in more than 20 countries around the globe.