Shares of DraftKings (DKNG) are down 90c, or 7%, to $11.65 in Wednesday afternoon trading after voters in California shot down two propositions to legalize sports betting in the state. Proposition 26, which would have legalized sports betting at tribal casinos, and Proposition 27, which would have more broadly legalized online and mobile sports betting, were both voted down. The latter was put on the ballot by sports betting companies such as DraftKings and Flutter Entertainment’s (PDYPY) FanDuel and opposed by Native American tribes.
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