Shares in Ladbrokes and Coral owner Entain fell as its US joint venture partner MGM Resorts announced that it would launch an online betting site in the UK, without Entain’s technology.
MGM and Entain together run the BetMGM brand in the US, which is one of the biggest betting operators in the country. Analysts had long seen the joint venture as “unsustainabe” though, with regular speculation that one company would eventually own 100% of the business.
MGM sought to buy Entain last year, but its bid was rejected.
Now, the US casino giant known for venues like the Bellagio is making a move on the Ladbrokes and Coral owner’s home turf with the launch of BetMGM here.
