DraftKings and Flutter Stocks Dip After Illinois Budget Agreement Introduces Tax Hike on Sports Betting

Shares of major sports betting companies, including DraftKings and Flutter, experienced significant declines following the approval of a substantial tax increase on sports bets in Illinois. The state’s fiscal 2025 budget, set to begin on July 1, introduces a new graduated tax structure that will nearly triple the tax on certain sports bets, causing DraftKings’ […]