MGM could revisit a bid for Entain or seek full ownership of its BetMGM joint venture, analysts said in a report. The report valued Entain at £10.8bn-£12.4bn and Entain’s 50% BetMGM stake at $4.2bn-$5.6bn; no new offer was announced.
A possible buyout could change ownership of BetMGM and affect Entain’s joint-venture position.
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Entain reported first-half net gaming revenue of £2.55 billion, up 7% for the six months to the end of June, as underlying EBITDA fell 2% to £479.3 million. The company said World Cup engagement helped offset higher UK gambling taxes, and it reiterated full-year guidance for online revenue growth of 5% to 7%.
BetMGM no longer expects to reach its $500m annual EBITDA target next year. The MGM Resorts and Entain joint venture reported mixed results.
A 2026 audit reported that the US gambling industry spent $520m on celebrity and athlete partnerships in 2025, against $60m for responsible-gambling programmes and communications. The study said total marketing and advertising spending was $3.9bn and found that four of 12 listed operators disclosed responsible-gambling spending relative to marketing costs.
People Incorporated has proposed acquiring the MGM Resorts International shares it does not already own for US$48.30 per share in cash, reportedly valuing the offer at US$18bn. The proposal is not a completed transaction; People Incorporated already holds roughly a quarter of MGM. The plan would be financed with existing cash, new debt and outside equity investment.
MGM may be preparing another attempt to acquire Entain, according to an unconfirmed report. The report says Apollo Global Management and CVC Capital may be working with MGM, while also considering a separate bid; no offer or agreement is confirmed.