In 2022, harsh global macroeconomic conditions hastened their demise. The large-cap stocks, they predicted, would survive beyond 2025 while swallowing up smaller companies that lacked the budgets to spend hundreds of millions of dollars to grow their brands. Supreme Court’s historic PASPA decision in 2018, numerous industry experts predicted a massive consolidation among U.S. Smaller-to-mid-size companies were hit just as hard, as impatient investors grew skeptical of the sports betting industry’s ability to turn a profit. At 2022 lows, top sports betting stocks cratered as much as 80% from their 52-week peak. Possessing many of the same characteristics as tech stocks, leading names in the sports betting industry were not immune from the rout. financial markets experienced one of their most tumultuous years in recent memory in 2022. Clobbered by the highest inflation rates in four decades and the threat of recession, U.S.
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