Flutter Entertainment hit as Illinois Senate approves sports betting tax

28th May 2024 12:52

(Sharecast News) - DraftKings and FanDuel owner Flutter Entertainment slid on Thursday after the Illinois Senate passed a bill that would make Illinois the second most expensive state for wagers to do business in.

According to reports, the bill - which was approved over the weekend by a 37 to 22 vote - would mean that operators with the highest adjusted gross revenue would pay a 40% tax.

The bill, which will now go back to the House for concurrence, is due to become effective on 1 July.

The top rate would be the second highest among US states with competitive markets after New York, at 51%.

At 1250 BST, Flutter shares were down 4.8% at 15,210p, while DraftKings was down 6.8% in pre-market trade.