Ladbrokes owner Entain has set its sights on being an acquirer after being spurned by former bidder MGM, hoping to find growth in new markets as affordability measures eat into UK revenue.
The betting operator was seen as an acquisition target for much of 2021 and 2022, with Bellagio owner MGM - which runs a joint venture with Entain focused on the growing US online gambling market - bidding £8.9 billion in 2021, which Entain’s board turned down. DraftKings, an American business focused on online betting, later submitted a $24 billion bid, which collapsed partly due to uncertainties around what would happen to the joint venture.
