Shares of DraftKings dropped 7.85% in October, underperforming a roughly 5% gain from the S&P 500 over the same period.
Since the U.S. Supreme Court struck down the Professional and Amateur Sports Protection Act in 2018, sports-betting companies have boomed in popularity.
On Oct. 13, DraftKings and the National Hockey League agreed on a deal that would make DraftKings an official sports betting and daily fantasy partner of the league. DraftKings also announced it would be the official betting and daily fantasy partner of Turner Sports’ hockey coverage. “We are encouraged by the early results from our rebranded Caesars Sportsbook launch and we are looking forward to launching additional states by year end and into 2022,” Chief Executive Tom Reeg recently said in a statement.Shares of Penn National Gaming, Inc. PENN, -21.08% dropped 8.9% in October ahead of the company’s third quarter earnings.
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