FX.co ★ DraftKings Shares Drop 6% As Illinois Senate Approves Progressive Sports Betting Tax

Shares of DraftKings Inc. (DKNG) saw a decline of over 6% in pre-market trading on Tuesday, dropping to $38.01, following news that the Illinois Senate passed a progressive sports betting tax rate based on revenue.

Under the revised tax framework, companies earning more than $200 million in adjusted gross revenue will face a tax rate of 40%, a significant increase from the current 15%.

DraftKings shares had concluded trading at $40.81 on Friday, marking a 0.52% rise. Over the past year, the stock has fluctuated between $22.92 and $49.57.