On Jan. 4, news dropped that MGM is attempting to buy out UK gambling company Entain, its partner in online BetMGM gambling endeavors.
MGM looking to expand footprint
The BetMGM brand is already live in or heading to nine states, with more to come. Entain is the owner of a number of popular UK betting brands including bwin, Ladbrokes, partypoker, Coral, Crystalbet, Eurobet, Sportingbet, and online game brands including CasinoClub and Foxy Bingo.
Entain confirmed Monday the MGM offer equivalent to $11.06 billion, an offer Entain said “significantly undervalues the company and its prospects.”
As such, the deal was rejected, with Entain requesting “additional information in respect of the strategic rationale for a combination of the two companies.”
The proposal is reminiscent of Caesars’ purchase of William Hill last year for $3.7 billion. Absorbing Entain would propel MGM, already a large player in the casino industry, into one of the biggest gaming companies in both land-based and online arenas.
Entail PLC (formerly GVC) stock jumped more than 25% on the London Stock Exchange Monday to around $19.40 with the offer news. MGM stock was trading down over 4% at around $30 mid-day.
BetMGM welcome offer
If you’re new to BetMGM casino in PA, it’s a good time to get started. The newcomer’s offer for first-time depositors is typical, but it has longevity.
First, there is $25 in freeplay. And there is also a 100 percent deposit match up to $1,000. Both offers expire on Dec. 31 – but that’s Dec. 31, 2021!
There’s lots of fine print, but for those who want to get rolling, the simple skinny is:
- Go to BetMGM, create an account, and become a verified player.
- $25 in freeplay is automatically added to your account, available for immediate use.
- Winnings received from the $25 freeplay bonus are not eligible for withdrawal unless the player has made a deposit.
- Once a deposit is made, any winnings are immediately eligible for withdrawal.
Lead image credit: AP Photo/Alex Brandon
Note: PAOC editor Valerie Cross contributed to this article.