Entain Confirms Receipt of $20 Billion Offer

Published on September 21st, 2021 11:03 am EST
Written By: Dave Manuel


Earlier today, CNBC broke the news that DraftKings, the US sports betting and fantasy sports giant, recently made an offer to purchase Entain plc.

The deal is reportedly worth $20 billion and includes a mixture of both DraftKings stock and cash.

Entain confirmed the receipt of the offer earlier today.

Entain is listed on the London Stock Exchange, and there are rules that apply to takeovers and mergers.

Based on the rules, DraftKings must announce their "firm intention" to proceed with an offer by 5 pm on October 19th, 2021.

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Entain has a massive number of brands under its umbrella, including:

Bwin
Ladbrokes
Coral
BetMGM
partypoker

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The land grab in the gambling space continues, and it should come as no surprise to see an offer of this magnitude.

With the US sports betting space opening up rapidly, companies have been rushing to secure as much market share as possible.

If DraftKings does proceed with this deal, and if the deal ultimately proves to be successful, the combined DraftKings/Entain company would instantly become one of the very largest online gambling firms in the world.

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Shares of DraftKings are down nearly 8% on the news.