DraftKings stock slid in pre-market trading on Wednesday as California voters panned propositions to allow online sports betting.
According to the Associated Press, Proposition 27 was overwhelmingly rejected by voters on Tuesday with over 80% of votes tallied rejecting the measure with 41% of ballots counted by early Wednesday morning. The proposition had been backed not only by DraftKings, but by MGM Resorts’ BetMGM and Flutter Entertainment’s FanDuel.
Proposition 26, which was slated to open in-person sports betting at major racing tracks was also rejected by voters. Over 70% of votes tallied by Wednesday morning rejected the measure.
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