Entain's share price falls after BetMGM's UK announcement

Updated:2024-03-20 10:16    Views:97

MGM Resorts recently announced it will be launching its BetMGM operations in the UK without its US counterpart Entain.

Entain's share price dropped by 5% following BetMGM’s UK announcement. 

In 2021, MGM sought to acquire Entain for £8.1bn ($10.3bn), but the bid was rejected.

However, now that MGM has entered the UK without using Entain’s tech, it will be using its LeoVegas brand to handle the casino operations, while Kambi will power BetMGM’s UK sportsbook. 

BetMGM was initially launched as a collaborative product between MGM Resorts and Entain in North America. 

MGM Resorts will continue to operate the BetMGM brand in the US and Canada, using the technology and platform provided by Entain.

As of the time of writing, Entain’s share price is £11.57 compared to 10 July,Table games the day that the company released its H1 report, when the share price was at £13.80. This drop represents a 16% decrease in just eight days.

Furthermore, in the past two days, since the launch of BetMGM in the UK, the share price fell from £12.33 to the current £11.57 - this is a representative of a 6% fall in just two days.

Despite it seeming peculiar to not use Entain’s technology for its UK operations, a spokesperson from Entain commented: "MGM has been operating a UK online casino for some time under the LeoVegas brand." 

Before adding: “We do not consider that this new launch will make any impact on our business or indeed the market."



 




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