DraftKings $20 Billion Acquisition Offer Could Get Complicated
The online gambling market in the U.S. has exploded over the past two years as states have opened up online betting and dozens of companies have joined the market. DraftKings (NASDAQ: DKNG) is clearly the biggest name in the industry and a great growth stock for investors, but it doesn't have a firm grip on the U.S. market, and other players like MGM Resorts (NYSE: MGM) and Rush Street Interactive (NYSE: RSI) are growing quickly.
In a surprising move on Tuesday, it was reported that DraftKings had made a $20 billion offer to acquire Entain (LSE: ENT), a U.K.-based online gambling company, an offer that has since been confirmed. In the U.S., Entain is known for having a 50/50 partnership with MGM Resorts called BetMGM, which is the U.S. sports betting and online gambling arm of the two companies -- and it's that asset that sets up a high-stakes battle for the future of online gambling.
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Source Fool.com
