DraftKings made a $20 billion cash-and-stock offer on Tuesday to acquire U.K. online sports betting company Entain, according to CNBC. 

On Monday, Entain had an enterprise value of roughly $18 billion. The company owns major betting brands like Ladbrokes, PartyPoker, Coral, and BetMGM.

Entain rejected an $11 billion all-stock offer from its BetMGM partner, MGM Resorts, in January, saying it undervalued the company.

Since going public via a reverse merger with blank-check company Diamond Eagle Acquisition Corp. in 2020, DraftKings has been busy expanding its offerings and reach.

• The company purchased sports betting media network VSiN for $70 million in March.
• The same month, it agreed to a five-year partnership with UFC in a deal worth more than $100 million.
• The company inked a $50 million deal in April with Meadowlark Media for Dan Le Batard’s radio show and podcast network.
• It announced a deal in August with Genius Sports to access Genius’ data and sports betting products.
• Also in August, it agreed to acquire Golden Nugget Online Gaming in an all-stock deal valued at roughly $1.56 billion.

DraftKings generated $298 million in revenue in Q2 2021 — a 297% increase year-over-year — but still took a net loss of $305.5 million during the quarter due to the hefty cost of operations, acquisitions, and marketing.

SoftBank has made its latest nine-figure bet in sports, leading a $680 million investment round in soccer NFT and fantasy sports platform Sorare.

The investment, one of Europe’s biggest Series B rounds ever, values Sorare at $4.3 billion. Sorare said it would use the funds to acquire licenses and grow its team beyond the 30 employees it has now.

D1 Capital, Liontree, IVP, Eurazeo, Atomico, and Bessemer Ventures joined the round, plus previous investors Accel, Benchmark, and Headline, as well as soccer players Gerard Piqué, Antoine Griezmann, Rio Ferdinand, and César Azpilicueta.

The platform is capitalizing on its explosive growth.

• Over $150 million in digital card trades have been made on the platform since January, head of operations Thibaut Predhomme told GamesBeat.
• Second-quarter sales grew 51-fold year-over-year.
• Monthly active users multiplied by 34 in that interval.

SoftBank’s previous bets in sports have paid off.

The company invested $250 million in UFC parent company Endeavor in 2016 at a valuation of $5.5 billion. Endeavor, which went public in April, now has a market cap of $11.5 billion.

SoftBank also put $1 billion on Fanatics in 2017 at a $4.5 billion valuation. Fanatics has since quadrupled in value to $18 billion after a $325 million funding round in August.

The Los Angeles Lakers will sport purple, gold, and the logo of a South Korean food line this upcoming season.

Bibigo — maker of dumplings, sauces, and frozen meals — is a brand by the No. 1 food company in South Korea, CJ CheilJedang. The Lakers jersey patch sponsorship is a five-year deal worth more than $100 million.

• NBA jersey patches, introduced in 2017, have sold for an average of $7 million to $10 million per year.
• The Golden State Warriors formerly held the most valuable jersey patch sponsorship after signing a three-year, $60 million contract with Rakuten in 2017. Rakuten said brand recognition rose 300% among U.S. basketball fans.
• The Lakers’ previous patch sponsor, Wish, received $199 million in sponsor media value during the 2019-20 season, according to Nielsen Sports. The three-year deal was worth $36 million to $42 million in total.

A recent NBA rule change that lets teams use their logos in international deals extends the partnership’s reach for both the Lakers and Bibigo, which is the first South Korean company to land an NBA jersey patch.

Bibigo has previously sponsored national Olympic teams and a PGA Tour event, but the Lakers mark its first move into the coveted world of North American sports.

The South Bay Lakers G League team and the Lakers Gaming esports team will feature the patch, as well.