The board of Entain confirmed that DraftKings has made a proposal to acquire the company, causing share price to surge by 18.04 per cent.

Entain plc, which owns Ladbrokes, is a FTSE100 company and is one of the world’s largest sports-betting and gaming groups, operating both online and in the retail sector. The offer will reportedly include a combination of DraftKings cash and stocks.

DraftKings will be required to make a firm offer for Entain ahead of a deadline on 19 October 2021.

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