Betting industry takes hit following MLB postponements

The betting industry rebounded over the weekend with the return of Major League Baseball but returned to a coronavirus-induced slowdown on Monday.

Shares of DraftKings dropped 11.6 percent on Monday morning after MLB postponed two games in response to at least 13 Miami Marlins players and coaches testing positive for COVID-19.

FanDuel Sportsbook, Meadowlands
A man watches the game after betting at the FANDUEL sportsbook during the Super Bowl LIII in East Rutherford, New Jersey , U.S., February 3, 2019. REUTERS/Eduardo Munoz

About two hours later, the stock price had risen slightly to $34.56 a share, down almost 8 percent from the $37.55 share price at the opening bell.

CNBC reported that MLB was the most popular bet at DraftKings over the weekend and that the betting site had its second-best day since the sporting world came to a near halt in March because of the COVID-19 pandemic.

Mobile betting is legal in seven states.

London-based sportsbook William Hill closed down 4.2 percent on the London Stock Exchange on Monday.

–Field Level Media (@FieldLevelMedia)

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