SHARES in Ladbrokes' owner Entain flew for the second day running amid investor excitement over the bid from US betting giant DraftKings.

Shares rose by almost 30 per cent over the two days since the prospective bid was announced to trade at £24.46 yesterday.

Before news of the deal, Entain's enterprise value was around £13.2bn and Draftkings have reportedly made a proposal which includes a combination of cash and stocks.

News of the proposal comes after Entain reported revenue of £1.8bn in the first half of the year, up by 11 per cent compared to 2020.

In the UK, its online business reported a 31 per cent growth for the six month period ending 30 June 2021, as the easing of lockdown restrictions enabled the return of sporting events.

Draftkings is not the UK gaming company's only suitor. Entain rejected an all-stock offer from MGM Resorts in January for $11bn (£7.95bn), saying the deal significantly undervalued the company.

(c) 2021 City A.M., source Newspaper