DraftKings makes $20 billion offer for Ladbrokes owner Entain - CNBC

Sports betting firm DraftKings has made a $20 billion cash-and-stock offer for British sports betting and gambling company Entain Plc, CNBC reported on Tuesday, citing sources. The offer price is roughly 2,500 pence per share, according to CNBC's David Faber, largely in DraftKings stock along with a cash component.

Sports betting firm DraftKings has made a $20 billion cash-and-stock offer for British sports betting and gambling company Entain Plc, CNBC reported on Tuesday, citing sources.

The offer price is roughly 2,500 pence per share, according to CNBC's David Faber, largely in DraftKings stock along with a cash component. (https://bit.ly/3hOgEBx) Shares of Entain, which owns brands such as Ladbrokes, bwin, Coral, PartyPoker and Sportingbet, surged about 22% to 2,268 pence.

The offer comes as U.S.-based sports betting companies seek to go global. In a transatlantic deal, Caesars Entertainment acquired Britain's William Hill in a 2.9 billion pound deal earlier this year. In January, Entain had rejected an $11 billion from MGM Resorts International, saying it undervalued the company.

Demand for online betting has boomed during the pandemic as customers took to playing from home when casinos and betting shops were off-limits. DraftKings, which allows users to enter daily and weekly fantasy sports-related contests, submitted an offer a few days ago, Faber said, adding that the cash-and-stock mix was unclear.

Entain and DraftKings were not immediately available for comment.