Sports-betting companies were falling Monday following reports that college-football conferences will cancel their seasons due to the coronavirus pandemic.
DraftKings (DKNG) - Get Report shares were falling 7.6% to $31.55, while Penn National Gaming (PENN) - Get Report tumbled 6.6%. Flutter Entertainment (PDYPY) , and William Hill (WIMHY) also were sliding.
Citing sources, radio host Dan Patrick said that the Big Ten and Pac-12 conferences will cancel their fall football seasons on Tuesday with other major conferences “on the fence” and the Southeastern Conference looking at other contracts.
The SEC didn't immediately respond to a request for comment.
High-level conference meetings are being planned for this week across the college football landscape with the expected resolution of postponing fall sports until 2021, according to Sports Illustrated.
"It’s gotten to a critical stage,” one conference commissioner told Sports Illustrated,, after a conference call between the heads of the Power 5 conferences. “I think all of us will be meeting with our boards in the coming days. We have work to do that is no fun.”
Sources told SI that the Big Ten was moving toward a decision to cancel the 2020 fall season, while engaging other Power 5 conferences on a uniform decision to be announced later this week.
The Mid-American Conference canceled fall sports, including football, due to concerns over player health and safety amid the coronavirus pandemic, the league announced Saturday.
The conference, which is comprised of 12 members, is the first FBS conference to opt not to play this fall. UConn, an independent, last week became the first FBS school to cancel its football season amid the pandemic.