DraftKings Abandons $20B-Plus Pursuit Of UK Betting Peer

By Benjamin Horney (October 26, 2021, 8:56 AM EDT) -- Boston-based fantasy sports and gambling giant DraftKings Inc. said Tuesday it is abandoning its more than $20 billion pursuit of Entain PLC, the parent of U.K. gambling peer Ladbrokes, and will instead focus on fortifying its business in North America.

DraftKings originally offered to buy Entain on Sept 21. In the time since, the two sides have held multiple discussions, with the suitor ultimately deciding the time is not ripe for a firm proposal, according to a statement.

Jason Robins, CEO, co-founder and chairman of the board for DraftKings, said the company was confident in its ability to be a leader...

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