DraftKings Leads Red-Hot Sports Betting M&A Market

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On Tuesday, sportsbook and overall sports betting behemoth DraftKings made a $22.4 billion offer to acquire U.K.-based online sports betting company Entain — operator of BetMGM and owner of brands such as Ladbrokes and Coral Betting. The potential transaction has already gone through several iterations and could require further changes as ownership stakes from MGM, deal structure dynamics, and valuation considerations come into play.  Here’s a quick rundown of the current situation: If completed, the $22.4 billion transaction would be the largest to date for DraftKings and the sports betting space overall.  DraftKings made two initial bids: First at $34.15 per share (rejected), and then countered with a $38.23 per share offer representing a 42% premium over Entain’s share price at market close on Monday.It is expected that 22% of the offer would come in the form of cash while the remaining 78% would come in DraftKings stock.Estimated year-end ne
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