DraftKings is dropping its roughly $22 billion bid for Entain, turning away from an attempt to buy a major international player in the gambling industry
, which once eschewed associations with gambling, have signed partnerships with companies such as DraftKings and competitor FanDuel Inc.The large investment required from DraftKings and the complexity of integrating the two companies would have made finalizing a deal tough, J.P. Morgan analyst Joseph Greff wrote in a note Tuesday morning.
“We are not surprised by this outcome, because we viewed this deal as just too complicated to close from the start,” Mr. Greff wrote. Earlier in 2021, Entain rebuffed a proposal from MGM, saying that its offer of £8.09 billion, or about $11 billion, wasn’t enough. MGM and Entain are partners in the U.S. sports-betting market through BetMGM, a joint venture.
Entain’s London-traded shares fell 6.9% Tuesday. Representatives for the company didn’t immediately respond to an inquiry about the negotiations.
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