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Sports-Betting Stocks Slump As COVID-19 Forces Another MLB Game Cancellation 

Courtesy of ZeroHedge View original post here.

Sports-betting stocks slumped Friday morning following another Major League Baseball (MLB) game has been postponed because of COVID-19.

Friday night's St. Louis Cardinals-Milwaukee Brewers game was postponed after multiple Cardinals players tested positive for the virus, according to Jon Heyman of MLB Network.

MLB previously suspended the Miami Marlines for at least one week because of an outbreak among players. At one point, the team had 17 players test positive for COVID-19.

As of this morning, make it 18 Marlin players.

The Philadelphia Phillies' postponed weekend games following at least two Phillies personnel contracted the virus following a series with the Marlins. 

MLB hopes to press ahead with its season following the latest outbreaks that may have just dashed hopes the 60-game season this year can continue. The outbreaks are happening among players and personnel, despite no fans in stadiums. 

Phillies reporter Scott Lauber said 30 baseball games were canceled this week for virus-related issues. Here's the complete list: 

  • Phillies: 7 games
  • Marlins: 7 games
  • Yankees: 4 games
  • Orioles: 4 games
  • Blue Jays: 3 games
  • Nationals: 3 games
  • Cardinals: 1 game
  • Brewers: 1 game

The postponement of games is a blow to sports-betting companies, such as DraftKings and Penn National Gaming, whose shares are down 5% and 7%, respectively. 

DraftKings

Penn

Meanwhile, in both sports-betting stocks, Robinhood daytraders panic bought shares over the last couple of months, sending both up 100s of percent. This won't end well for daytraders as the recovery reverses and sports games postponed. 


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