Are operators of online sports betting sites due for a rebound in their stock prices in 2023?
With the S&P 500 headed for its worst year since 2008 — down by more than 20% for 2022 as of Wednesday afternoon — and the tech-heavy NASDAQ having fallen by around 10% for the year, it is hardly surprising that major U.S.-based sportsbook operators have seen their share values suffer steep drops over the past 12 months.
The stocks of legal sportsbooks overall have been battered throughout 2022 due to the current inflationary climate that has seen the U.S. Federal Reserve Board raise interest rates, which in turn increases operators’ debt servicing costs.
