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Penn and DraftKings bid down on college football anxiety

  • Selling pressure on Penn National Gaming (PENN -6.0%) amd DraftKings (DKNG -7.6%) has accelerated this morning after more reports come out indicating that the Big 10 and Pac 12 will cancel the fall football season.
  • Dan Patrick reports that the Big 10 and Pac 12 will officially announce the cancelation of fall sports tomorrow, with the Big 12 and ACC on the fence. The SEC is trying to pick off teams to make a season out of it. The Big 10 vote reportedly had 12 of 14 schools voting to nix the fall football season. Only Iowa and Nebraska voted to play.
  • Penn was expecting college football to be huge boost to its upcoming Barstool sports betting app, while DraftKings continues to expand into new markets where college football is hugely popular.
  • Some analysts think the college football betting action could be pushed into other sports this fall, but a loss of a normal NFL season would be an industry disrupter. Then again, DKNG and PENN have both performed well since the pandemic started.
  • While college football is in serious jeopardy, earlier today Trevor Lawrence lobbed a Hail Mary

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