Sports Betting Stocks Fall After College Football Cancellation News Emerges
On Monday, sports-betting stocks plummeted as news emerged that college football may be canceled this fall, according to Markets Insider.
On Saturday, the MAC announced that it would cancel its season "due to continuing concerns related to the COVID-19 global pandemic." The MAC said it is working on plans for the spring 2021 semester.
Today, sportscaster Dan Patrick announced that the Big 10 and Pac-12 conferences will cancel their football seasons on Tuesday. The ACC and Big 12 are "on the fence." The ACC, Big 10, Big 12, Pac-12, and SEC have not made any announcements yet.
These sports-betting stocks fell on Monday:
- DraftKings (DKNG) - fell as much as 12%
- Penn National Gaming (PENN) - fell as much as 8%
- Flutter Entertainment (PDYPY) - fell as much as 4%
- William Hill Plc (WIMHY) - fell as much as 4%