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Boston-based sports betting firm DraftKings stock shot up 8% Tuesday on news it had ditched efforts to acquire the multi-brand gambling company Entain.
“After several discussions with Entain leadership, DraftKings has decided that it will not make a firm offer for Entain at this time”, stated Jason Robins, the Chief Executive Officer of DraftKings in a press release published this morning.
He added: “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”.
Entain is the parent company of long-established UK brands Ladbrokes and Coral.
The deal was said to have been worth upwards of $22.4 billion (16.4 billion pounds).
- Aaron Goldstein, Gambling911.com
