Flutter Entertainment hit as Illinois Senate approves sports betting tax
Flutter Entertainment (DI)
17,730.00p
16:59 04/11/24
-1.34%
-240.00p
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
4,852.10
23:58 04/11/24
-0.53%
-25.65
FTSE 100
8,184.24
17:04 04/11/24
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n/a
FTSE 350
4,511.23
16:54 04/11/24
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FTSE All-Share
4,468.37
16:54 04/11/24
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Travel & Leisure
8,142.59
16:54 04/11/24
-0.13%
-10.97
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.