Shares of DraftKings (DKNG) are down 90c, or 7%, to $11.65 in Wednesday afternoon trading after voters in California shot down two propositions to legalize sports betting in the state. Proposition 26, which would have legalized sports betting at tribal casinos, and Proposition 27, which would have more broadly legalized online and mobile sports betting, were both voted down. The latter was put on the ballot by sports betting companies such as DraftKings and Flutter Entertainment’s (PDYPY) FanDuel and opposed by Native American tribes.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on DKNG:
- DraftKings CEO: Right in line on where we thought we’d be with user growth
- Bet On It: Could Fertitta’s new 6% stake in Wynn turn into more?
- Jefferies expects ‘neutral to modestly negative reaction’ to DraftKings report
- DraftKings Plunges Even As Q3 Proves To Be a Win
- DraftKings sees 2023 revenue $2.8B-$3B, consensus $2.83B