Shares of one sports-betting operator plummeted 26.6% in May, while the S&P 500 was down 0.56% 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 benefitted.
On May 5, DraftKings completed its purchase of Golden Nugget Online Gaming in the company’s latest move to boost revenue and lower costs. The acquisition was an all-stock deal valued at about $450 million, a company spokesperson told MarketWatch. Like DraftKings, Caesars is one of the many approved sports betting operators in New York state, which in recent months has become the top state in terms of total sports betting handle, according to publicly available data compiled by LegalSportsReport.
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