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DraftKings, Penn National —how sports betting stocks changed last month

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Shares of DraftKings dropped 16.4% during March, while the S&P 500 was up 4.2% over the same period. Shares of Penn National Gaming moved 17.1% lower in March, continuing a slumping month for sport betting stocks.

Since the United States Supreme Court struck down the ban on sports betting in 2018, sports wagering is now legal for more Americans than ever.

The company’s CEO Jason Robins tweeted on March 8 that people who are souring on DraftKings’ stock are making a terrible mistake. During a recent DraftKings earnings call, the company disclosed that Robins’s total compensation in 2021 was $14.03 million, down from $236.83 million in 2020.Shares of Penn National Gaming Inc. PENN, -0.97% moved 17.1% lower in March, continuing a slumping month for sport betting stocks.

Portnoy has denied the allegations and says he has filed a defamation lawsuit against Insider Inc., the company that published articles detailing stories from Portnoy’s accusers.

 

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