Taxes could crush DraftKings' improving business. DraftKings (DKNG 1.11%) stock has been hit by news that Illinois could be raising taxes, and that may undermine the company's financial upside. As Travis Hoium discusses in this video, taxes may continue to be a headwind for online gaming companies long-term. *Stock prices used were end-of-day prices of June 3, 2024. The video was published on June 3, 2024. ...

Parkev Tatevosian, CFA has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Parkev Tatevosian is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool. ...

Although the shares climbed over the last year, the company's best days still could be ahead. DraftKings (DKNG -10.29%) has been a great stock to own over the past year, with the stock up over 55% during that period. However, it's not hard to imagine that the best days are still ahead for the company and its shareholders. The stock has always been a play on states' continued legalization of online sports and casino betting. This has steadily played out, with Vermont and North Carolina the latest to legalize ...

Topline Bets on sports betting giants came up short Tuesday, as shares of gambling market dominators DraftKings and FanDuel tanked as Illinois closed in on a significant increase on the tax rate facing the companies' operations in the state. Tuesday was an icy day for DraftKings investors. Getty Images Key Facts DraftKings stock nosedived 11% and U.S.-listed shares of FanDuel parent Flutter Entertainment tanked 7% in Tuesday trading, moving against the tech-heavy Nasdaq stock index's modest gain. The stock ...

The stock is now below its 126-day moving average after spending a significant period of time above it, defined for this study as having traded north of this trendline 80% of the time in the past two months, and in eight of the past 10 trading days. Per data from Schaeffer's Senior Quantitative Analyst Rocky White, four similar signals occurred during the past three years, with DKNG averaging a 12.9% one-month gain. Now looks like a good time to weigh in on DKNG's next move with options. Its Schaeffer's Vol ...

Illinois could raise its tax rate for sports betting from 15% to as much as 37%. Shares of online sports gambling website DraftKings (DKNG -11.57%) got decked on Tuesday, falling 13.5% through 11:50 a.m. ET. The Wall Street Journal reported that Illinois legislators have approved their 2025 budget, including a provision that would more than double taxes on sports betting operators. Citing multiple analyst reports, TheFly.com estimates that the new law, if signed by the governor, will raise DraftKings' Illin ...

Sports-betting stocks like DraftKings (DKNG) and FanDuel parent Flutter Entertainment (FLUT) are sliding Tuesday following the Illinois Senate passage of a new state budget that includes a new progressive tax rate on such firms. Key Takeaways If the amended bill passes the Illinois House this week and is signed by Gov. J.B. Pritzker, the 40% top end of the scale would give Illinois one of the highest sports-betting taxes in the country, behind just New York, which taxes betting companies at 51%. The bill wa ...

DraftKings (NASDAQ:DKNG) stock fell 7% over the weekend after the Illinois Senate passed a hike to the state's sports betting tax. The Senate package is different from a bill already approved by the Illinois House. The two proposals must be reconciled before they can be signed. The bill hikes the state tax on gross revenue to 40%, trailing only New York's 51% rate. Operators have been paying a 15% tax since sports betting went live there in 2021. Gov. Jay Pritzker had asked for a hike to 35%. DKNG stock ope ...

DraftKings (DKNG) and FanDuel-parent Flutter Entertainment (FLUT) face a 140% hike in taxes on online sports bets in a new budget approved by the Illinois Senate over the weekend. Both DKNG and FLUT fell in early Tuesday stock market action, extending losses late last week. X Online Sports Betting Tax Hike In a Tuesday analyst note, BTIG said it expects DKNG and FLUT to pay 36% and 37% tax rates, respectively, on gross gaming revenue under the state's 2025 budget. That would amount to a tax hike of 140% to ...

"The completion of the acquisition represents an exciting new chapter for Jackpocket and DraftKings alike," said Peter Sullivan, CEO of Jackpocket. "Together, we are confident that we will be even more capable of helping lotteries fulfill their mission of delivering revenue back to the beneficiaries they support. DraftKings' proven reach and cutting-edge mobile platforms will continue to allow us to drive growth and innovation in the digital lottery vertical." With the acquisition now complete, DraftKings i ...