Wednesday, November 10, 2021 5:45:47 AM
2021-11-10 04:55:52 AM ET (Reuters)
Nov 10 (Reuters) - Entain's U.S. online sportsbook venture BetMGM was one of the reasons why DraftKings' $22 billion offer to buy the British sports betting and gambling firm fell through last month, Entain's boss told Reuters on Wednesday.
BetMGM, a U.S. rival to DraftKings, is jointly owned by Entain and NYSE-listed casino group MGM.
MGM's chief had said he would have sought to take control of BetMGM if DraftKings had agreed to buy Entain, a deal which would have made the combined group a competitor to MGM in the United States.
The complication was long viewed as a barrier to DraftKings' pursuit of Entain, but Entain Chief Executive Officer Jette Nygaard-Andersen's remarks are the first public admission from either party that the venture played a role in deal talks ending.
"We have always been clear that the joint venture (with MGM) provides exclusivity for both parties for any activities involving sports betting and gaming in the United S tates," Nygaard-Andersen said in an interview. "I think that played a role here but any transaction of this size is complicated."
Both Entain, the owner of Ladbrokes betting shops as well as many online betting brands, and DraftKings have expressed confidence in their individual prospects.
Dealmaking in the betting industry has been heating up this year as the United States opens up to sports betting and companies look to tap into the expertise of companies forged in more developed gambling markets such as Britain.
Separately, Nygaard-Andersen, among the few women bosses at British blue-chip groups, said Entain was launching a diversity initiative to train or educate 1 million people by 2030 as part of a 100-million-pound ($135 million) commitment.
FTSE 100-listed Entain said the initiative was aimed at candidates from under-represented groups to pursue careers in technology. ($1 = 0.7389 pounds) (Reporting by Muvija M and Sachin Ravikumar in Bengaluru, editi ng by Andrei Khalip)
I use both Fundamental and Technical Analysis.
Opinions posted by me are just that, my opinion.
Buy/sell any type of financial security is the sole
decision of the individual. Make your own sound
judgement or consult a professional licensed
advisor.
Recent DKNG News
- Form 8-K - Current report • Edgar (US Regulatory) • 06/13/2024 12:16:27 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/07/2024 08:57:38 PM
- Form 424B7 - Prospectus [Rule 424(b)(7)] • Edgar (US Regulatory) • 06/07/2024 08:52:54 PM
- Form S-3ASR - Automatic shelf registration statement of securities of well-known seasoned issuers • Edgar (US Regulatory) • 06/07/2024 08:05:46 PM
- Form D - Notice of Exempt Offering of Securities • Edgar (US Regulatory) • 06/06/2024 08:27:11 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/05/2024 12:14:45 AM
- iPhone Sales Skyrocket in China, Nvidia Surges in Pre-Market Following xAI Fundraising, and More News • IH Market News • 05/28/2024 11:37:48 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/25/2024 12:01:08 AM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 05/23/2024 11:23:54 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/23/2024 11:09:05 AM
- DraftKings Completes Acquisition of Jackpocket • GlobeNewswire Inc. • 05/23/2024 11:00:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/17/2024 08:32:13 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/08/2024 08:09:47 PM
- DraftKings Reports First Quarter Revenue Growth of 53% to $1,175 million; Raises 2024 Revenue Guidance Midpoint to $4.9 Billion and 2024 Adjusted EBITDA Guidance Midpoint to $500 Million • GlobeNewswire Inc. • 05/02/2024 08:15:00 PM
- Lori Kalani to Join DraftKings as First Chief Responsible Gaming Officer • GlobeNewswire Inc. • 04/22/2024 01:15:00 PM
- DraftKings to Release First Quarter 2024 Results on May 2, 2024 and Host Conference Call on May 3, 2024 • GlobeNewswire Inc. • 04/15/2024 08:30:00 PM
- Cal-Maine Surges on Strong Quarterly Performance, Taiwan Earthquake Disrupts Tech Supply Chain, and More • IH Market News • 04/03/2024 11:12:20 AM
- Walgreens Slashes Annual Profit Forecast; MillerKnoll Nosedives 17% on Bleak 4Q Outlook, and Latest News • IH Market News • 03/28/2024 01:48:04 PM
- Super Micro Computer and Seagate Shares Surge on Analyst Optimism in Pre-Market Trading, and Latest News • IH Market News • 03/26/2024 11:20:49 AM
- FedEx Soars 13% with Profits Above Forecasts, Nike Hit by China Slowdown, and Latest News • IH Market News • 03/22/2024 01:07:53 PM
- DraftKings and Kindbridge Behavioral Health Expand Program That Provides Treatment Resources for Individuals Experiencing Potential Indications of Problem Gaming • GlobeNewswire Inc. • 03/21/2024 07:31:33 PM
- DraftKings Announces Leadership Changes to Increase Focus on Operational Efficiencies • GlobeNewswire Inc. • 03/18/2024 08:15:00 PM
- DraftKings Launches “My Stat Sheet” – A New Tool to Promote Responsible Gaming • GlobeNewswire Inc. • 03/14/2024 11:30:00 AM
- DraftKings Set to Launch Mobile Sports Betting in North Carolina on March 11 • GlobeNewswire Inc. • 03/07/2024 07:18:55 PM
- DraftKings Announces Jason Robins’ Participation in Upcoming Event • GlobeNewswire Inc. • 03/06/2024 09:30:00 PM
Last Shot Hydration Drink Announced as Official Sponsor of Red River Athletic Conference • EQLB • Jun 20, 2024 2:38 PM
ATWEC Announces Major Acquisition and Lays Out Strategic Growth Plans • ATWT • Jun 20, 2024 7:09 AM
North Bay Resources Announces Composite Assays of 0.53 and 0.44 Troy Ounces per Ton Gold in Trenches B + C at Fran Gold, British Columbia • NBRI • Jun 18, 2024 9:18 AM
VAYK Assembling New Management Team for $64 Billion Domestic Market • VAYK • Jun 18, 2024 9:00 AM
Fifty 1 Labs, Inc Announces Acquisition of Drago Knives, LLC • CAFI • Jun 18, 2024 8:45 AM
Hydromer Announces Attainment of ISO 13485 Certification • HYDI • Jun 17, 2024 9:22 AM