This week’s State of the Union, in partnership with Segev LLP, includes the news of DraftKings’ Entain takeover proposal and MGM’s plight to keep its half of Entain co-owned Bet MGM, plus the Indiana Gaming Commission’s receipt of four bids for its Vigo County Resort.
Entain confirms takeover proposal from DraftKings
Entain confirmed that it had received a takeover proposal from US betting giant DraftKings. Sources suggested that the offer could top $20bn.
The terms of the offer have not been revealed, but Entain noted that the final takeover application would consist of both cash and stock. DraftKings has until 19 October to place a firm proposal.
MGM to fight for BetMGM amid DraftKings-Entain merger talks
Following the news of the proposed takeover, MGM Resorts announced that it was not planning to sell its stake in BetMGM.
MGM currently owns half of BetMGM, while Entain owns the remaining half.
In a statement, MGM said that it would work with both Entain and DraftKings to come to a solution.
Pari-mutuel urges DoI to block Florida sports betting in new lawsuit
A pari-mutuel operator in Florida has filed a lawsuit asking the US federal government to block online sports wagering in the state.
The suit, filed by West Flagler Associates in the US District Court of Columbia, claims that the tribal compact, which permits statewide sports betting, infringes on federal law and Florida’s state constitution.
It alleges that sports betting through servers on tribal lands cannot be classified as betting on tribal lands, and calls for the compact to be dismissed or sports betting to be blocked while a trial takes place.
Indiana Gaming Commission receives four bids for Vigo County resort
The Indiana Gaming Commission has received four proposals pertaining to the development of a casino resort in Vigo County.
The bids were placed by Churchill Downs Incorporated (CDI), Full House Resorts, Hard Rock and Premier Gaming Group.
The Commission did not reveal further details on the bids.
NHL signs Liga Stavok as first Russian betting partner
The National Hockey League announced a three-year partnership with Russian betting operator Liga Stavok.
It is the first deal between a North American ice hockey league and an operator based in Russia.
Flutter agrees $300m Kentucky settlement
PokerStars owner Flutter Entertainment has agreed to pay a settlement of $200m to the Commonwealth of Kentucky, after a six-year legal battle over allegations of unlawful gambling services.
Flutter must also pay an additional $100m, which was forfeited to the Commonwealth as part of the case’s supersedeas bond.
Michael Jordan to take on new advisory role at Sportradar
Sports betting platform Sportradar announced the appointment of basketball star Michael Jordan to the role of special advisor to Sportradar’s board of directors.
Jordan’s role will focus on the US market. The sports icon will also increase his level of investment in the company.
AGA survey shows Americans are increasingly favorable towards gambling
A study commissioned by the American Gaming Association (AGA) revealed that 73% of adults are in favor of regulated betting.
It also revealed that 65% of adults see the industry as having a positive contribution to the economy.
Bally’s-Gamesys merger to close on October 1
Bally’s announced that its acquisition of Gamesys will close on October 1, and will take effect from that date.
A timeline, which was published in May, stated that the merger was set to close in Q4.
A court hearing to determine that the merger meets certain conditions outlined in the United States is to take place on September 30.
Fantasy app Sleeper closes new $40m fundraising round
Fantasy sports group Sleeper has closed a deal worth $40m in a funding round, after its user numbers doubled throughout 2021.
With the funds, the group plans to augment its game portfolio and add a new Wallet feature, which will allow users to sync payment methods to the platform.