Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Aïda Amer/Axios

Gambling has always been about the flypaper. Use glitz to get customers in the door, free drinks to get them in the seats and then loyalty perks to get them to tables with higher minimums.

Why it matters: A version of the flypaper effect is now happening with the gambling industry itself, which is experiencing a major consolidation wave.

  • Online content drives people to online sports betting, which then drives them to interactive online gaming, which is higher margin and often partners with physical casinos for co-branding or white-label opportunities. And within all of that is online ad tracking, which lets operators retarget and significantly increase conversion rates.

Driving the news: CNBC yesterday reported that DraftKings had offered to buy Entain, the listed British sports betting firm that owns Ladbrokes and Coral, for $20 billion. Entain later confirmed it had received a takeover offer from DraftKings, but didn't provide additional details.

  • A source familiar with the situation says that DraftKings made its offer more than two months ago for just under that $20 billion mark, and that there have not been counterbids.
  • This would be DraftKings’ largest acquisition to date, but it’s been active. Just this year it bought the Golden Nugget Online Casino for $1.5 billion in stock, sports betting video content company VSiN for what Axios hears is around $100 million and reportedly is among the suitors for a $3 billion brand licensing deal with ESPN.
  • Entain has bankers, harkening back to an earlier $11 billion takeover offer that it rejected from MGM Resorts, with which it has a U.S. online sports betting partnership called BetMGM.

Big picture: Gaming company M&A hit an all-time high in 2021, per CrunchBase, and just last week we saw a massive IPO for SportRadar, a provider of data technology to sports betting companies.

The bottom line: This is about expected growth in U.S. online sports betting, as more states legalize and bettors become more comfortable. That's where both DraftKings and MGM see upside for Entain, which mostly operates in the matured European market. Or, put another way, we're still in the early innings.

Go deeper

Youth sports in Colorado reach inflection point amid COVID

Illustration: Eniola Odetunde/Axios

Youth sports have been upended amid the pandemic — but they're starting to make a comeback, particularly in places like Colorado, per a new Aspen Institute report first provided to Axios.

State of play: 23% of kids living in Western states, including Colorado, are more active than they were pre-pandemic, a higher rate than any other region in the U.S., according to the survey of youth sports parents.

Dan Primack, author of Pro Rata
3 hours ago - Economy & Business

FTX CEO predicts more U.S. crypto flight

Photo: "Axios on HBO"

FTX doesn't look much like a company valued at $25 billion. Its new headquarters, located in a sleepy part of The Bahamas, is so nondescript as to not even have a sign. But it does expect to soon have neighbors.

Driving the news: Founder and CEO Sam Bankman-Fried tells "Axios on HBO" to expect "more and more crypto flight from the states" if the U.S. doesn't soon create a regulatory regime for cryptocurrencies.

Developed countries reveal $100 billion climate finance plan ahead of COP26

Alok Sharma, head of the UN Climate Summit in Glasgow, speaks in Paris on Oct. 12. ( Li Yang/China News Service via Getty Images)

After 12 years of fits and starts, industrialized nations on Monday put forward a detailed plan to provide at least $100 billion annually in climate aid to developing countries starting by 2023.

Why it matters: The plan, presented by representatives of Canada and Germany, is aimed at defusing one of the biggest sources of tension at COP26, which is the failure of industrialized nations to follow through on their financial commitments.