{"id":107063,"date":"2021-01-04T13:02:14","date_gmt":"2021-01-04T13:02:14","guid":{"rendered":"https:\/\/precoinnews.com\/?p=107063"},"modified":"2021-01-04T13:02:14","modified_gmt":"2021-01-04T13:02:14","slug":"draftkings-ceo-people-are-betting-on-table-tennis-and-tiger-king-during-the-pandemic-3","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/draftkings-ceo-people-are-betting-on-table-tennis-and-tiger-king-during-the-pandemic-3\/","title":{"rendered":"DraftKings CEO: People are betting on table tennis and Tiger King during the pandemic"},"content":{"rendered":"<p><cite>London (CNN Business)<\/cite>MGM Resorts International is attempting to buy the owner of British gambling brand Ladbrokes, making it the latest US casino operator to place a significant wager on the fast-growing online betting industry during the pandemic.<\/p>\n<p>Ladbrokes owner Entain said in a statement Monday that it has received an \u00a38.1 billion ($11.1 billion) proposal from <span>MGM<\/span> <span>(<span>MGM<\/span>)<\/span>. But Entain added that it believed the offer, which represents a 22% premium over its closing price on December 31, &#8220;significantly undervalues&#8221; the company&#8217;s shares and its prospects.<br \/>\n&#8220;The board has also asked [MGM] to provide additional information in respect of the strategic rationale for a combination of the two companies,&#8221; Entain said. The UK company has received multiple proposals from MGM, its statement suggested. Representatives for MGM did not immediately respond to a request for comment. <\/p>\n<ul><\/ul>\n<p>Shares in Entain increased more than 26% on Monday, surging above the price per share offered by MGM in a sign that some investors expect another offer from the US company or another bidder. MGM is a major player in Las Vegas, operating casinos including the Bellagio and Mandalay Bay.<br \/>\nThe companies have an existing relationship. MGM and Entain are joint owners of BetMGM, a sports betting and online gaming company that operates in more than a dozen US states. Entain, which owns brands including Eurobet, Ladbrokes and Sportingbet, operates both retail and online businesses.<\/p>\n<p>Nicholas Hyett, an equity analyst at Hargreaves Lansdown, said that he &#8220;can understand why MGM wants to take control&#8221; of Entain, given that the two companies are already working together on sports betting in the United States. But he cautioned that a higher price &#8220;may prove too much for MGM shareholders to swallow.&#8221;<br \/>\nMGM shares dipped 0.3% in premarket trade on Monday.<\/p>\n<h3>Sports betting boom<\/h3>\n<p>The online sports betting industry was already growing in the United States following a 2018 US Supreme Court decision that cleared the way for it to be legalized in states outside Nevada. The American Gaming Association expects nearly 35 million people, or 13% of American adults, to bet on the 2020 NFL season.<br \/>\nThe pandemic has only accelerated the trend, sparking a flurry of dealmaking and consolidation. <\/p>\n<ul><\/ul>\n<p><span>Caesars Entertainment<\/span> <span>(<span>CZR<\/span>)<\/span> announced in September that it was buying UK bookmaker William Hill for \u00a32.9 billion ($4 billion). Shares in DraftKings, a company that runs fantasy sports games and lets people make legal wagers on sporting events, have skyrocketed after an initial public offering in April.<br \/>\n<span>Flutter Entertainment<\/span> <span>(<span>PDYPF<\/span>)<\/span>, which owns Paddy Power, Betfair and Pokerstars, recently increased its stake in US sports gaming platform FanDuel.<br \/>\nSource: <a href=\"https:\/\/edition.cnn.com\/2021\/01\/04\/investing\/mgm-ladbrokes-entain\/index.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>London (CNN Business)MGM Resorts International is attempting<\/p>\n","protected":false},"author":3,"featured_media":107062,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>DraftKings CEO: People are betting on table tennis and Tiger King during the pandemic - 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