DraftKings (NASDAQ: DKNG) made a $20 billion cash and stock offer for Europe sports betting operator Entain PLC, CNBC David Faber reported citing sources.

• the offer is mostly stock, with the cash component maybe as high as 30%.
• the offer was made two or three days ago.
• the offer is said to be serious but Entain may be questioning the stock component.
• CNBC's Jim Cramer called it a 'land grab' and said the sports betting sector needs consolidation.