Sports betting stocks, Why are they down

 

With sports betting exploding this past year and legalizations coming across the U.S. Why have sports betting stocks not succeeded. Sports betting providers have recently tried moving away from “grow at any cost” mindset and are switching their focus to profitability.
Online sports betting brands have spent more than $320 million on advertising in 2021, up 38% from last year. Sports betting companies are chasing a market with massive growth, however at some point they have to show a profit.