DraftKings (DKNG) Stock Falls as Illinois Senate Passes Sports Betting Tax

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 ...