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DraftKings makes $20 billion offer for UK sports betting company Entain, sources say

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DraftKings is making a $20 billion offer to acquire U.K. online sports betting company Entain, people familiar with the matter told CNBC’s David Faber on Tuesday.

Sources say the offer includes DraftKings stock as well as cash.

The U.K. gaming company rejected an all-stock offer from MGM Resorts earlier this year worth $11 billion at the time. Entain claimed that the deal markedly undervalued his company.

Entain is part of an international partnership for sports betting called BetMGM in the U.S.

CNBC reached out to Entain for clarification but Entain did not respond.

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.