Major gambling stocks are down 10%
The Big Ten has voted to cancel the 2020 football season.
The Detroit Free Press is reporting the cancellation will formally be announced on Tuesday. It’s unclear if any part of the football season will be made up in the spring.
NBC’s Dan Patrick said on his radio show that the Big Ten universities voted 12-2 to cancel the upcoming football season. Iowa and Nebraska voted against canceling the season.
The remaining four power-five conferences in the NCAA — the SEC, ACC, Pac-12 and Big 12 — have not made any announcements on the status of their 2020 football season
University of Michigan head football coach Jim Harbaugh released a statement in the aftermath of the reports saying he thinks the conference should play the 2020 season. Michigan is part of the Big Ten conference.
The news comes after the cancellation of fall 2020 championships for both Division II and Division III.
The NCAA Board of Governors on Wednesday directed each division of the NCAA to decide independently by Aug. 21 whether it will be able to conduct championship events safely in fall sports such as soccer, volleyball and lower levels of football during the pandemic.
If more college football conferences decide to cancel the 2020 season, gaming stocks could take a hit. Football, which includes both college and professional football, is by far the most bet on sport in the U.S., according to a 2017 Statista survey.
Sports-gambling stocks fell during Monday trading. Draftkings Inc.
dropped as much as 10% and Penn National Gaming Inc.
fell as much as 9.7%. William Hill PLC
fell as well.