Despite everything that’s gone on in 2020, DraftKings has had an explosive year. With the recent increase in sports app usage and online betting, this company has managed to weather the storm, alongside some of their peers. However, there have been a few issues for the company to mitigate- like the recent slew of baseball game cancellations.
Due to a recent outbreak of coronavirus in the Miami Marlins team, some major games were cancelled by Major League Baseball officials. This has, of course, had a massive knock-on effect on the sporting community, and sports betting companies like DraftKings have been feeling the impact especially.
Today, we’ll be looking at this topic in more depth- examining the impact that the recent baseball game cancellations have had on DraftKings, and taking a look at how the sports betting industry has fared with 2020 as a whole.
What we cover
Which games have recently been cancelled by MLB?
There have been a few high profile games that have fallen under the recent baseball game cancellations, as noted in this handy article. Two of the biggest ones include the Miami Marlins versus the Baltimore Orioles, and the Philadelphia Phillies versus the New York Yankees.
These games were set to be huge, but due to a coronavirus outbreak amongst the Miami Marlins team and coaches, they did not go ahead.
On top of this, there was another high profile cancellation- but this did not come as a result of the pandemic, reportedly. As covered in this article, the ‘Field of Dreams’ game was also postponed by the Major League baseball officials. However, this was written as logistical issues, instead of being related to the pandemic.
All in all, things could end up being dire for this season with the MLB. Fans are understandably disappointed, as are players, but many are hopeful that a good amount of games will still be able to go on in a healthy, safe manner. We’re sure to see more developments like this as we come towards the end of 2020.
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How have the game cancellations impacted DraftKing’s stock?
DraftKings is heavily entrenched in sports like baseball, so the company’s stock has been affected majorly by the recent baseball game cancellations. As noted by media outlets like CNBC, DraftKings stock dipped by roughly 6.5% in response to the game cancellations, which has caused a lot of discussion and debate in the industry.
It’s always interesting to observe the sports betting industry and its performance on the stock market, as it is an incredibly fast paced industry with lots of competitive, innovative companies. This response to the baseball game cancellations was surely anticipated by experts when the news broke, but it still surprised and shocked many people.
All things considered, it is somewhat disheartening to see DraftKing’s stock dipping, though. DraftKings has had an intensely fast paced year, despite everything that’s been going on. Many people in the industry placed them as forerunners for sports betting, and the company has garnered a fiercely loyal fan following online, too.
As a whole, it’s been a tricky year for the sporting industry- but the sports betting industry has been managing to stay on top of things, in a lot of cases. While occurrences like these baseball game cancellations and lockdown measures have made things difficult, it’s good to acknowledge the sheer innovation and creativity in the sports gambling industry.
Summary
To sum up, DraftKings – and many other sports betting companies – were hit fairly hard by the recent baseball game cancellations. It’s certainly a difficult time for companies in this sector, and it’s difficult for fans too. People are only just getting out of lockdown, so seeing more cancellations and postponements has been very disappointing for many of us.
However, it’s good to note that we are slowly making progress as an industry. Sports betting and online gaming companies have still managed to perform relatively well, and casinos are opening back up around the country. It will take time and considered effort for the country to come back from this, but we’re confident that the next year will hold better things for all of us.
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* New customers only. 20% match bonus up to $500.
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