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Looks like someone at betmgm has screwed up their proposition. I was in GVC very early on, made decent money. gutted didnt get out at the high with the draftking chat....but glad to say I have been out for a while. MGM might come in with another bid but cant see it being a big premium (no one else can bid against them really)...I see this staying stagnant like Ladbrokes did.
Ive never seen a bookmaker get worse reviews than Betmgm, Entain should wash its hands with MGM resorts
It would be very nice if you were right, but if you research why the deal never happened you may decide that Draftkings won't comeback at all.
From what I read and remember from the time (2021), Draftkings approached Entain about a takeover but never made a formal offer. Press sources suggested that the Entain board were unhappy at the very large Draftkings share content to the proposed offer (rather than cash) particularly because Draftkings had reported huge losses. When Draftkings withdrew and said they were not going to make a formal offer, they would not say why they had withdrawn. The reasons for the withdrawal speculated in the press were the largely share based nature of any offer AND, more importantly, that as MGM had a 50% stake in the BetMGM operation which was an exclusive agreement between them and Entain, MGM had to consent to any takeover of Entain and they were unlikely to consent if a major rival was involved. [Source: Global Brands magazine to refresh my memory].
If this latter piece of information is correct, it will be very difficult for any large betting company other than MGM to take over Entain and get involved in the joint BetMGM operation. This, of course still leaves it open to MGM to make a further bid for Entain (which they previously tried for double the current market cap of Entain).
Let's not forget that Draftking offered 3x the current market cap just 2 years ago. I think they will probably make another offer this year considering how low the price is now.
https://www.cnbc.com/2021/09/21/draftkings-makes-20-billion-offer-for-uk-sports-betting-company-entain-sources-say.html
Big b@!!s
I’m here for the first time, looks good value to me.
Sold this last year over at £10, just bought back in £7.6.
It's probably the biggest bargin in the FTSE 100 at the moment
... ???!!!
Profit hasnt gone its a one of charge.
500 Million in operating profit looks cheap at this price
Former CEO pushed out on 13 December last year. I would imagine quite a few since have kicked the tyres on this and passed on by.
My largest UK holding - quite sob.
AveOfClubs
Not great, profit gone here 🤦🏻♂️
Long road back but new CEO has a good opportunity after a few years of shocking M&A and poor leadership
Were you the hedge fund getting in ahead of the results earlier this week? Not fallen enough already for you to make a killing?
A car crash earnings report. Likely to tumble by 10 per cent today.
Another shocking bit of insider action. London Stock Exchange does nothing. Might as well move listing to the US.
Not good
Unsure about takeover - maybe it will happen, maybe it will not. Nice if it happen though premature currently and equally nice if it doesn’t.
Unlike Flutter that has concentration in London and scattered around UK and some in Ireland, Entain is transforming their business; it needs an industry leader to steering the ship Interim CEO Ms Stella David is ok for time being.
Out of curiosity, I visited few Ladbrokes and Coral stores past couple months and it appeared with >70% conviction their software is being changed - which is very different to Paddy (Flutter), Betfred and some others; maybe they had already begun developing their own solutions - which in turn ultimately, freedom to customise, collect insights and maximise their profit. Stake in BetMGM is quick presence to the US market.
Perbak Capital Partners LLP is currently shorting Entain. Their director of research Ciaran Ryan maybe right looking for regulatory issue will drag Entain down further even after 615m £ settlement. They did very well in 2023 and I hope 🤞🏽 they’re wrong on this one.
Lets hope that the results contain no unforeseen disasters & that another bid will come on over the coming months to give ewe long termers an honourable exit
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The share seems way oversold now and vulnerable to a new takeover bid. I can see this heading north of 10 pound in the near future.
It's went down before Christmas to these levels and bounced back up when the ceo was replaced with an interim one. There is a history to entain with it's legacy partner in turkey and the huge fine they have to pay. I'm positive about the results, and will hold for a few months but not long term.
Down today possibly in anticipation of 2023 full year result to be announced on 7 March....may be market does not think that expectations will be met?
DYOR
Why down today folks? Budget jitters?
Compared to US companies it is cheap - gambling growth in us is something like 30% atm.
This still seems overvalued when compared to other gambling companies like 888 or Playtech
The forecast PE on 888 is only about 3
Could see action here today