MGM Resorts Makes Bid For Sports Betting Dominance
MGM Resorts (NYSE: MGM) is going to be a big player in online betting -- for better or for worse. The company has entered into (likely costly) partnerships with the NBA, MLB, NHL, and many teams across the country in an effort to attract sports betters to its mobile platform, BetMGM. Now, if reports are correct, it's trying to buy its partner in BetMGM, Entain (LSE: ENT), for over $11 billion.
The move may seem crazy on the surface. Entain isn't a well-known name in the U.S. and online gambling is a relatively small business, particularly in North America. But this may not be as crazy a deal -- or price -- as it seems.
Image source: Getty Images.
Source Fool.com
