Why DraftKings Stock Just Crashed 13.5%
DKNGDraftKings(DKNG) fool.com·2024-05-29 01:11

Illinois could raise its tax rate for sports betting from 15% to as much as 37%.Shares of online sports gambling website DraftKings (DKNG -11.57%) got decked on Tuesday, falling 13.5% through 11:50 a.m. ET. The Wall Street Journal reported that Illinois legislators have approved their 2025 budget, including a provision that would more than double taxes on sports betting operators.Citing multiple analyst reports, TheFly.com estimates that the new law, if signed by the governor, will raise DraftKings' Illinoi ...