Flutter Entertainment hit as Illinois Senate approves sports betting tax
Flutter Entertainment (DI)
21,830.00p
17:14 25/11/24
1.16%
250.00p
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.
DJ EURO STOXX 50
4,755.83
00:00 22/11/24
0.55%
26.12
FTSE 100
8,291.68
17:04 25/11/24
n/a
n/a
FTSE 350
4,571.01
17:14 25/11/24
n/a
n/a
FTSE All-Share
4,526.42
17:14 25/11/24
n/a
n/a
Travel & Leisure
8,881.47
17:15 25/11/24
2.05%
178.34
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.