Why DraftKings Stock Just Crashed 13.5%

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 ...