Sports-Betting Stocks Drop as Illinois Senate Passes Budget Raising Tax Scale
DraftKings(DKNG) investopedia.com·2024-05-29 00:20
Key TakeawaysShares of sports-betting companies like DraftKings and FanDuel parent Flutter Entertainment are falling Tuesday.Markets are reacting to a state budget passed by the Illinois Senate Sunday night, which included a new progressive tax rate up to 40% on sports-betting companies.DraftKings, FanDuel, and other sports-betting companies have said higher tax rates will lead to worse odds and fewer promotions for customers. Sports-betting stocks like DraftKings (DKNG) and FanDuel parent Flutter Entertain ...