DraftKings shares are trading higher amid optimism that taxes will not be introduced into New Jersey's 2025 budget which closes on June 30th. Also, the U.S. Supreme Court denied the petition to hear the Florida sports betting case, which may accelerate other state launches.
Portfolio Pulse from Benzinga Newsdesk
DraftKings shares are rising due to optimism that New Jersey will not introduce new taxes in its 2025 budget and the U.S. Supreme Court's decision to deny hearing the Florida sports betting case, potentially accelerating state launches.
June 17, 2024 | 5:14 pm
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POSITIVE IMPACT
DraftKings shares are trading higher due to optimism that New Jersey will not introduce new taxes in its 2025 budget and the U.S. Supreme Court's decision to deny hearing the Florida sports betting case, which may accelerate other state launches.
The absence of new taxes in New Jersey's budget is positive for DraftKings as it reduces potential financial burdens. Additionally, the Supreme Court's decision not to hear the Florida sports betting case could lead to faster adoption of sports betting in other states, expanding DraftKings' market opportunities.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100