Shares of DraftKings Inc. /zigman2/quotes/213120645/composite DKNG -5.74% dropped 5.8% in morning trading Tuesday, after CNBC reported that the digital sports betting and entertainment company has made a $20 billon bid to buy U.K.-based online sports betting company Entain PLC /zigman2/quotes/216152297/composite GMVHY +0.52% /zigman2/quotes/207493593/delayed UK:ENT +0.09% . Citing people familiar with the matter, CNBC said the bid was largely in DraftKings stock, and included cash. Entain's U.S.-listed shares shot up 14.1%, while the U.K.-listed stock climbed 16.3% into record territory. In January, Entain's stock had tumbled after MGM Resorts International /zigman2/quotes/209932643/composite MGM -0.12% said it did not plan to revise its buyout bid after Entain had rejected a previous $11 billion bid. Entain's U.K.-listed shares have soared 96.5% year to date and DraftKing shares have climbed 15.0%, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.11% has advanced 16.3%.