Sports betting stocks slide amid uncertainty of college football season
Sports betting companies saw their stocks tumble Monday amid reports of major conferences postponing college football this fall.
The Big Ten Conference voted 12-2 against playing college football according to sports talk show host Dan Patrick. The Big Ten and Pac-12 Conference are reportedly discussing canceling the fall season as early as Tuesday.
The news of one of America’s most popular sports leagues canceling its fall season sent ripple effects across sports betting stocks.
DraftKings fell more than 8%, William Hill dropped as much as 3.5%, while Penn National Gaming slipped more than 6%.
College football is among the most widely wagered sports and would draw particularly well in midwestern states that recently legalized sports betting, including Michigan, Iowa, Illinois, Indiana and Pennsylvania.
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