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Legal sports betting in the United States has sparked a bitter fight against decades-old British betting companies.
MGM Resorts is while searching to take full control of BetMGM now that its partner in this venture, Entain, is evaluating a takeover offer from rival DraftKings. BetMGM, 50-50 owned by MGM and Entain, operates a US-based sports betting site and other online gambling properties.
MGM could try to get the majority of seats on BetMGM’s board or get the company to go public.
Entain owns the 135-year-old Ladbrokes, Coral and PartyPoker betting operator.
- DraftKings Free $ 22 billion for Entain in cash and stocks, Entain said on Tuesday. The company rejected an offer of half that amount from MGM in January.
- MGM said on Tuesday that a DraftKings’ acquisition of Entain would require the consent of BetMGM because DraftKings has a competing American company.
- Revenue projections for BetMGM are expected to exceed $ 1 billion next year.
The standoff is the latest chapter in a restructuring of UK gambling operators. Earlier this month, William Hill, founded in 1934, sold its non-U.S. Properties to 888 Holdings for $ 2.8 billion. The company was acquired by US casino operator Caesars Entertainment for $ 4 billion in April.
Spending by UK gambling companies climbed to $ 22.6 billion in third quarter, more than triple the previous four quarters combined, according to Bloomberg.
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