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Why DraftKings Stock Plunged 8.2% Today

TheMotleyFool

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Shares of online gambling stock DraftKings (NASDAQ: DKNG) fell as much as 8.2% in trading on Tuesday after reportedly making an offer to acquire global competitor Entain (LSE: ENT). Entain's shares jumped over 20% on the report, but investors didn't like the move from DraftKings quite as much.

CNBC reported this morning that DraftKings is offering about $20 billion for Entain, which has a 50/50 partnership with MGM Resorts (NYSE: MGM) in the U.S. called BetMGM. Entain and MGM had some discussions about an acquisition earlier this year, but those were reportedly rebuffed by Entain.

Image source: Getty Images.

Source Fool.com

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