DraftKings and Flutter Stocks Fall. How a New Illinois Tax Could Eat Into Earnings.
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Sports-betting stocks DraftKings and Flutter Entertainment were down Monday after the Illinois state legislature passed a tax on sports wagers that could cost sportsbook operators tens of millions of dollars a year. DraftKings and FanDuel, owned by Flutter, have a roughly 75% combined market share in Illinois, according to analysts at Citizens Bank. DraftKings stock was down 7% after the market opened.