DraftKings Cuts Profit Outlook, Will Charge Some Bettors an Extra Fee

Shares of DraftKings (DKNG) tumbled Friday after the online sports gambling platform cut its profit forecast and announced it would put a surcharge on winnings for bettors in high-tax states as a way to boost earnings. In a letter to shareholders, the company said that several states, notably Illinois, have put a high tax rate on gambling winnings. To address that, DraftKings said it plans to implement "a gaming tax surcharge on a customer's Net Winnings in any state with a tax rate above 20% that has multi ...