DraftKings Stock Is Sliding Tuesday: What's Going On?
Portfolio Pulse from Adam Eckert
DraftKings Inc (NASDAQ:DKNG) shares are trading lower after the Illinois Senate approved a 2025 budget that includes a significant sports betting tax hike. The new tax rate would more than double the current rate, potentially impacting DraftKings' profitability in Illinois.
May 28, 2024 | 1:10 pm
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DraftKings shares are down 6.84% following the Illinois Senate's approval of a 2025 budget that includes a significant sports betting tax hike. The new tax rate could more than double, impacting DraftKings' profitability in Illinois.
The Illinois Senate's approval of a significant tax hike on sports betting directly impacts DraftKings' operations in the state. The new tax rate, which could more than double, is likely to reduce profitability, leading to a negative short-term impact on the stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100