Posted on: May 7, 2026, 11:36h.

Last updated on: May 7, 2026, 11:36h.

• MGM is reportedly collaborating with private equity firms to pursue a bid for Entain
• These financial institutions might also aim to independently acquire Entain
• Entain serves as MGM’s partner in the BetMGM venture

On Thursday, shares of Entain Plc (OTC: GMVHY) experienced an upswing following speculation that MGM Resorts International (NYSE: MGM)—a 50/50 partner in the BetMGM joint venture—might be gearing up to initiate another takeover attempt for the owner of Coral.

According to an “uncooked” report on Betaville, certain traders speculate that private equity firms Apollo Global Management (NYSE: APO) and CVC Capital are in discussions with MGM to renew acquisition efforts for Entain. There is also a possibility that these financial institutions may seek to acquire the UK-based sportsbook independently.

The report further indicates that Deutsche Bank might be advising and potentially financing one of the interested parties, though it remains unclear which one.

Rumors regarding a possible takeover of the owner of Ladbrokes have emerged following sell-side discussions suggesting that the “optionality” around the gaming firm is increasing. Observers perceive that Entain’s increasing flexibility might indicate a potential divestment of its 50% stake in BetMGM, which could lead to considerable influxes while simultaneously delivering value for shareholders.

MGM’s Previous Attempts to Acquire Entain

In January 2021, MGM proposed an $11.06 billion offer for Entain, which was promptly rejected as insufficient by the targeted company. There was speculation that the Las Vegas-based casino operator might enhance its proposal, but such a move never materialized.

Later that same year, DraftKings (NASDAQ: DKNG) presented a cash and equity acquisition offer totaling $20.5 billion for Entain, subsequently raising it to $22.4 billion; however, this bid ultimately fell through. At the time, rumors circulated that DraftKings may not have been earnest in its pursuit of Entain but was instead attempting to escalate the acquisition prices among competitors.

A potential wildcard in this scenario involves MGM’s relationship with Barry Diller’s IAC/InterActiveCorp (NASDAQ:IAC). This media conglomerate stands as the largest investor in the gaming firm, with Diller previously supporting MGM’s attempts to acquire Entain and even offering financial assistance for that endeavor. Diller is directly managing his company’s stake in MGM and has emphasized the importance of this investment recently.

Evaluating the Credibility of Private Equity Rumors

Apollo, which operates the Venetian on the Las Vegas Strip, along with CVC, both have extensive portfolios in the gaming sector. In 2024, these private equity firms were rumored to be interested in acquiring various Entain brands. This might signify that either or both are contemplating an acquisition of Entain or collaborating with MGM on a potential deal.

CVC had previously sold the US operations of Tipico to MGM, while Apollo attempted to acquire the international branches of William Hill.

If either of these companies, or another entity outside MGM, were to gain control over Entain, they would confront restricted options in terms of monetizing the 50% stake in BetMGM, should they choose to do so. MGM holds substantial rights of first refusal concerning BetMGM, meaning that if Entain endeavors to sell its stake to an external party, MGM could effectively obstruct that transaction. In simpler terms, it would be far more straightforward for Entain, or any future owner of the company, to offload the 50% interest in BetMGM directly to the casino operator.