Online gambling company Entain rejects £8bn MGM bid

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Entain says the offer, which would give the Las Vegas casino operator broader access to fast-growing online betting markets, undervalues the company

A Ladbrokes outlet, which is owned by Entain, in London, Britain. Picture: Picture: REUTERS/SIMON DAWSONOnline gambling company Entain has dismissed a £8.1bn bid from MGM Resorts International, in what would be the largest in a recent wave of trans-Atlantic betting mergers.

A representative for MGM didn’t immediately respond to a request for comment outside regular business ours. The gaming industry is undergoing a wave consolidation after the US legalised sports betting in 2018. Las Vegas-based casino giant Caesars Entertainment is taking over the UK’s William Hill, while Flutter Entertainment, headquartered in Dublin, is buying a stake in US bookmaker FanDuel and in 2020 completed a deal for the Stars Group.

A merger would consolidate control of the company’s online betting operations at a time when the industry is seeing dramatic growth. The US sports betting market alone is expected to quintuple in size to $8.4bn by 2024, according to the consulting firm Vixio Gambling Compliance.

 

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