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DRAFTKINGS INC.

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DraftKings : More gambling firms on US operators' shopping list, says industry titan

10/04/2021 | 01:11am EST

GAMBLING firm 888 Holdings could be next on US operators’ London shopping list, according to one high-profile industry figure.

Speculation that more UK betting firms could be bought up by stateside giants has intensified after DraftKings formalised a proposal to buy Ladbrokes’ owner Entain last month.

That follows the 2020 purchase of William Hill by Caesars, who in turn sold the international William Hill business on to 888.

And Jason Ader – the CEO of SpringOwl ventures and the man credited with driving Bwin into the hands of Entain under its previous guise of GVC – says 888 is “standing out” as a “lone wolf” for prospective buyers.
“The cost of starting up a mature online gaming business is still greater than the cost of buying one,” Ader told City A.M. to explain the US interest in UK firms.

“It’s the basic build vs buy analysis.

“The UK companies, I’ve always believed, are a lot more valuable than their share prices would lead you to believe because there’s simply been no way for US businesses to replicate what they’ve been doing for the last ten years,” he said.

Read more: Entain caught between US rivals DraftKings and MGM as £18bn takeover looms

UK firms have built complex, secure gambling infrastructure online that remain appealing for US firms looking to up their activity in that space.

“I still think there’s more M&A activity to come,” Ader said.

American operators are moving quickly to take advantage of increasingly liberalised gambling law in the US, with more and more states opening up their markets to legal online gaming and betting.

“Sports liberalisation rules are going to be in virtually every state. Every state is facing a post-pandemic shortfall, and there’s a fair amount of political interest in gambling beyond sports,” Ader said, including bingo and online skill games.

More than half of states now offer legalised sports betting, only three years after it was given federal approval by the supreme court.

California and Florida are also believed to be moving towards legalisation in the near future.
“The US as a regulated market still seems to be the most attractive in the world,” Ader said.

Read more: Ladbrokes owner Entain revenue grows 11 per cent during lockdown betting boom

The post More gambling firms on US operators' shopping list, says industry titan appeared first on CityAM.

© City AM, source Newspaper

Stocks mentioned in the article
ChangeLast1st jan.
DRAFTKINGS INC. -3.52% 21.4 Delayed Quote.-22.10%
ENTAIN PLC -0.03% 1709.67 Delayed Quote.1.57%
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Financials (USD)
Sales 2021 1 266 M - -
Net income 2021 -1 519 M - -
Net cash 2021 1 272 M - -
P/E ratio 2021 -5,85x
Yield 2021 -
Capitalization 8 698 M 8 698 M -
EV / Sales 2021 5,86x
EV / Sales 2022 4,19x
Nbr of Employees 2 600
Free-Float -
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