American betting firm MGM Resorts has announced that they're abandoning their attempt to purchase Entain, the owner of Ladbrokes and other online brands, saying they've submitted their last offer.
The proposed deal would have generated a land and online behemoth that would have been a global brand. MGM had offered $11 billion in cash and shares for Entain, but the offer was rejected as being undervalued. MGM is looking to expand its online presence in the United States, which is growing as a valuable industry due to more states making moves to regulate the activity. Today BetMGM is launching their services in Michigan, the lastest state to authorize online sportsbetting and casino betting.
The two groups are already working together, having entered a partnership in 2018 to build a sportsbetting platform. It appears that the two will continue working together, but that MGM will not be taking the reigns unless something drastic changes.
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