Business & Investment

Meet the billionaire behind Ladbrokes’ £ 8 billion bid

Meet the billionaire behind Ladbrokes’ £ 8 billion bid: he is a close ally of Murdoch and is married to fashion designer Diane von Furstenberg.

Ladbrokes owner Entain may have declined a £ 8bn bid from MGM Resorts this week, but investors can expect the US casino giant to return.

MGM’s largest shareholder is billionaire media mogul Barry Diller. Barry Diller, who had just been legalized two years ago, decided to dominate the US sports betting scene, which is still in its infancy.

Those who know the dealer believe that Enterin is essential to MGM’s growth and add that he will put his hands in his pocket to ensure successful bids.

Safeguard: MGM’s largest shareholder Barry Diller (taken with fashion designer wife Diane von Furstenberg) considers Ladbrokes owner Entain to be essential to MGM’s growth. Is said

Nicholas Hyett, an analyst at Hargreaves Lansdown, said: Since the Supreme Court decided to legalize it two years ago, the sports betting market has become an arms race. MGM is back. “

The dealer, 78, has a high reputation in the United States and is best known for launching Rupert Murdoch’s FoxTV network. He spent eight years as CEO of Fox, and the two remain friends.

He was one of only a handful of people who publicly supported Murdoch during the telephone hacking scandal, and in 2011 “I have never seen anything other than the most prestigious behavior in any situation. No, “he said.

After Fox, Diller founded IAC, a media and technology investment firm in the 90’s.

With a series of successes, including Expedia and Ticketmaster, he still owns shares in the dating site Match, Tinder, and the video website Vimeo.

Over the last three decades, the dealer has been able to save £ 1.7 billion and now he owns the world's largest private yacht, the 305-foot yacht called Eos (pictured).

Over the last three decades, the dealer has been able to save £ 1.7 billion and now he owns the world’s largest private yacht, the 305-foot yacht called Eos (pictured).

The IAC model is to acquire and roll up private online companies and their competitors.

Over the last three decades, the dealer has saved £ 1.7 billion and now he owns the world’s largest private yacht, the 305-foot yacht called Eos.

The billionaire is part of a fascinating US jet set, and his wife is fashion designer Diane von Furstenberg, whom he married in 2001.

Counting Jared’s brother Josh Kushner and his supermodel girlfriend Karlie Kloss as close friends, Diller had previously appointed Chelsea Clinton to the board of his company.

However, he frowned last August when the IAC acquired a £ 720m stake in MGM Resort with the goal of turning a casino operator into a substantial online business.

He told the investor: “It’s unusual for an IAC to buy a large stock of a public company that is currently relatively unrelated to the Internet.”

Diller has the vision of creating an MGM that owns Las Vegas Bellagio, the best online and sports gambling business in the United States, after the Supreme Court legalized betting in 2018.

Targets: Dealers and MGMs are not interested in Entain's Ladbrokes and Coral bettors, but not in the company's online gambling know-how and technology.

Targets: Dealers and MGMs are not interested in Entain’s Ladbrokes and Coral bettors, but not in the company’s online gambling know-how and technology.

MGM already has a presence under the brand Bet MGM, which it co-developed with Entain, but much more has to be done to dominate the market, which is expected to be worth £ 13.7 billion by 2024. It is

Dillers and MGM are not interested in Entain’s Ladbrokes and Coral bettors, but are interested in their online gambling know-how and technology.

UK betting companies have extensive experience in this area and are some of the best companies in the business.

In the event of a deal, US casino owners will raid a British bookmaker three months after Caesars Entertainment’s acquisition of William Hill.

Highet added: “The United States has become the world’s most valuable sports betting market overnight. All the sports they play are data-intensive, yardage and homeruns are everything.

“The country is crazy about sports and its customers are wealthy. British gambling companies have the best technology and US companies need access to it.

It is not yet known if MGM will win the arms race, but there is one thing for sure. That is, Ladbrokes management and shareholders have never seen the back of Diller.

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Meet the billionaire behind Ladbrokes’ £ 8 billion bid

https://www.dailymail.co.uk/money/markets/article-9119813/Meet-billionaire-8bn-bid-Ladbrokes.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 Meet the billionaire behind Ladbrokes’ £ 8 billion bid

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