US – MGM hints at BetMGM takeover if Draftkings buys EntainBy Phil - 8 October 2021
MGM Resorts CEO Bill Hornbuckle has suggested it will go for a majority takeover of BetMGM, which it currently co-owns with Entain, if DraftKings completes its buy-out of Entain.
DraftKings recently made a $22.4bn offer for Entain. MGM has previously said any deal ‘whereby Entain or its affiliates would own a competing business in the US would require MGM’s consent.’
Bloomberg said MGM’s CEO said: “We own 50 per cent now [of BetMGM]. I would like more. I would need more.”
“There’s a lot of ways to structure it”, Bloomberg quoted him as saying. “The only thing that would be successful for us is if we got control of it and had a technology that we could proceed with. If we’re able to acquire and get a piece, a larger piece, and take over BetMGM, it’s something we’d also be excited to do. It’s up to them.”