MAC Calceled - sports betting stocks go down

  • MAC canceled its college football season on Saturday.
  • The cancellation resulted in sports betting stocks plummeting.
  • Dan Patrick declares that both the Big 10 and Pac 12 will cancel their seasons soon.

INDIANAPOLISThe college football season has been one of the bigger events greatly affected by the coronavirus pandemic. Many campuses are shut down for the upcoming semester due to safety precautions.

This has spilled over into the athletics department, mainly the upcoming NCAA college football season, with big conferences like MAC already canceling their season altogether.

This cancellation and reports of the Big 10 and Pac 12 following suite has led to sports betting stocks tumbling.

CFB In Jeopardy

Those betting on college football this season are in for some bad news as many conferences are expected to cancel their season together.

Not only does this affect potential betting moving forward, but sports betting stocks have begun to fall as a result. What kicked off the panic at the stock market was the announcement of the MAC canceling its season for all fall sports, including college football.

This led to DraftKings stock dropping 9.6% and Penn National Gaming stock dropping 7.7%.

What managed to make the situation worse for sports betting stocks was the report by Dan Patrick that the Big 10 and Pac 12 plan to announce their season’s cancellation Tuesday.

In the same report, it is stated that the Big 12 and ACC divisions are also on the fence about the upcoming season.

The uncertainty has caused shareholders to unload their stocks, showing losses across multiple sports betting companies’ shares.

If more schools begin to cancel their season, this can be a major loss for the legal sports betting industry. The NCAA college football season has been a major staple in sports betting every year consistently.

Bettors and investors alike will have to wait and see if any more schools opt out of the fall season.

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