DraftKings has turned its back on a bid for Ladbrokes owner Entain.
Jason Robins, DraftKings CEO, co-founder and chairman of the board, said: "After several discussions with Entain leadership, DraftKings has decided that it will not make a firm offer for Entain at this time.
"Based on our vertically-integrated technology stack, best-in-class product and technology capabilities and leading brand, we are highly confident in our ability to maintain a leadership position and achieve our long-term growth plans in the rapidly growing North America market."
In response, Entain stated that its board “strongly believes in the future prospects of Entain, underpinned by its leading market positions, world class management team and industry-leading proprietary technology."
“Entain has an outstanding track record of growth having delivered 23 consecutive quarters of double digit online NGR growth, representing a three year CAGR of 19 per cent across 2021.”
Entain stressed that its management remains focused on executing its growth and sustainability strategy and on delivering the opportunities laid out earlier this year, including further growth in the North Amercan markets, expanding into newly regulated markets, extending into new interactive entertainment experiences such as in the emerging esports wagering market, and leveraging powerful flywheel effects to grow.
