Sports betting stocks are no slam dunk, even during March Madness

For investors in sports betting stocks, March Madness has been a bit of an air ball.

New York It's been an exciting NCAA men's basketball tournament so far. Baylor, the reigning champ, is already out. Perennial powerhouses Gonzaga and Duke still look solid. And we have this year's Cinderella: hello, Saint Peter's Peacocks!

For investors in sports betting stocks, however, March Madness has been a bit of, well, an air ball. DraftKings, FanDuel owner Flutter Entertainment, Caesars, MGM and Barstool backer Penn National Gaming continue to struggle. That's despite 30 states and Washington, DC having legalized sports wagering and coming off one of the greatest NFL playoffs and Super Bowls ever. Shares of DraftKings have fallen more than 30% this year — and plunged 22% in March alone.

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