Why Covid May Hurt Sports Betting Stocks This Weekend

It wasn’t that long ago when the pandemic caused the sports world to shut down, which was bad news for traditional sports betting providers including Caesars (CZR) – Get Caesars Entertainment Inc Report, MGM (MGM) – Get MGM Resorts International Report, and Penn National Gaming (PENN) – Get Penn National Gaming, Inc. Report. It was also bad news for digital sports betting plays DraftKings (DKNG) – Get DraftKings Inc Class A Report and FanDuel, which has not yet gone public.

There were no games being played so there was nearly nothing to take bets on. Yes, there were some clever attempts to give gamblers something, really anything, to bet on, but it could hardly replace the mainstream sports that were canceled.

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