Report: MGM May Be Readying Another Entain Takeover Bid
Posted on: May 7, 2026, 11:36h.
Last updated on: May 7, 2026, 11:36h.
- MGM may be working with private equity companies on a bid for Entain
- It’s possible those finance companies may be interested in acquiring Entain on their own
- Entain is MGM’s partner on BetMGM
Shares Entain Plc (OTC: GMVHY) rose Thursday amid speculation that MGM Resorts International (NYSE: MGM) — its 50/50 in the BetMGM joint venture — may be preparing to make another run at acquiring the Coral owner.
Citing an “uncooked” on Betaville, some traders say private equity shops Apollo Global Management (NYSE: APO) and CVC Capital are working with MGM on renewing takeover overtures for Entain. It’s also possible that the finance companies are considering acquiring the UK-based sportsbook operator on their own.
The report also suggests that Deutsche Bank is advising and possibly financing one of the Entain suitors, but it’s not clear which one.
Rumors of a potential takeover of the Ladbrokes owner surface following sell-side talk that “optionality” around the gaming company is increasing. Increased flexibility for Entain long been viewed by investors as a possible divestment of its 50% interest in BetMGM, which would result in an influx while possibly generating value for shareholders.
MGM Previously Tried to Acquire Entain
In January 2021, the Bellagio operator offered $11.06 billion for Entain, but the target rebuffed that overture, calling it in adequate. There was chatter the Las Vegas-based casino operator could up its bid, but that never happened.
Later that year, DraftKings (NASDAQ: DKNG) floated $20.5 billion cash and equity takeover offer for Entain, later boosting it to $22.4 billion, but that offer was ultimately. At the time, there was speculation DraftKings wasn’t serious about acquiring Entain and merely wanted to raise the price tag for rivals.
Today, Entain sports a market capitalization of $4.64 billion, confirming an outright takeover of the company would be far cheaper than it would’ve been five years ago. For its part, MGM has made clear it wants full ownership of BetMGM and with that business improving financially, the casino operator may be more incentivized to accomplish that objective.
A potential wildcard in the scenario is MGM’s relationship with Barry’s Diller’s IAC/InterActiveCorp (NASDAQ:IAC). The media conglomerate is the largest investor in the gaming company and Diller was previously supportive MGM acquiring Entain and even offered to make a financial contribution to that quest. Diller himself oversees his company’s MGM stake and recently reiterated that investment is a point of emphasis.
Credibility in Private Equity Rumors?
Apollo, which operates the Venetian on the Las Vegas Strip, and CVC have extensive histories in the gaming industries and in 2024, both private equity firms were rumored suitors for various Entain brands. That could be a sign either or both are interested in acquiring Entain or working with MGM on a deal.
CVC previously sold the US operations of Tipico to MGM and Apollo tried to acquire the international operations of William Hill.
Should either of those companies or another that isn’t MGM get their hands on Entain, they’d face limited options in terms of monetizing the 50% BetMGM interest, should they so choose. MGM possesses extensive rights of first refusal on BetMGM, meaning that if Entain attempted to sell its stake to another company, MGM could potentially block that transaction. Said another way, it’d just be easier for Entain or a future owner of that company to the sell the 50% stake in BetMGM directly to the casino operator.
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