DraftKings (DKNG, $52.63) boosts bid to $22.4 billion for Entain
Sports betting company DraftKings upped its bid for British gaming giant Entain to around $22.4 billion.
DraftKings’ initial proposal was £25 per share for Entain; but that was quickly rejected, and it raised its bid to £28 per share -- a level that is more than double the $11 billion approach from MGM, Entain's U.S. joint-venture partner, earlier this year.
MGM said it's the "exclusive partner in the U.S. online sports betting and iGaming market", through its BetMGM joint-venture. The company mentioned that "any transaction whereby Entain or its affiliates would own a competing business in the U.S. would require MGM's consent."
"MGM will engage with Entain and DraftKings, as appropriate, to find a solution to the exclusivity arrangements which meets all parties' objectives," the company’s statement mentioned
DKNG's Stochastic Oscillator is sitting in oversold zone for 1 day
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Notable companies
The most notable companies in this group are Las Vegas Sands Corp (NYSE:LVS), MGM Resorts International (NYSE:MGM), Wynn Resorts Limited (NASDAQ:WYNN), Melco Resorts & Entertainment Limited (NASDAQ:MLCO).
Industry description
Casinos/Gaming includes companies that operate casinos, gaming services, horse racing and harness racing facilities. Think Las Vegas Sands Corp., MGM Resorts International and Wynn Resorts, Ltd. In periods of strong economic growth, consumers tend to spend on discretionary/leisure activities like gambling or games; but consumption is likely to slow down when there’s economic sluggishness.
Market Cap
The average market capitalization across the Casinos/Gaming Industry is 5.51B. The market cap for tickers in the group ranges from 152.98K to 38.96B. LVS holds the highest valuation in this group at 38.96B. The lowest valued company is ROBK at 152.98K.
High and low price notable news
The average weekly price growth across all stocks in the Casinos/Gaming Industry was -1%. For the same Industry, the average monthly price growth was -0%, and the average quarterly price growth was -5%. GLXZ experienced the highest price growth at 96%, while SLNA experienced the biggest fall at -34%.
Volume
The average weekly volume growth across all stocks in the Casinos/Gaming Industry was 366%. For the same stocks of the Industry, the average monthly volume growth was 306% and the average quarterly volume growth was 585%
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
Valuation Rating: 50
P/E Growth Rating: 67
Price Growth Rating: 63
SMR Rating: 72
Profit Risk Rating: 84
Seasonality Score: 0 (-100 ... +100)