Sports Betting Stocks Slip as Illinois Passes New Per-Bet Tax
1. DraftKings shares dropped over 7% following a new Illinois tax. 2. Illinois enacted a tax of 25-50 cents per sports bet placed. 3. Citi analysts estimate $68M additional taxes for DraftKings last year. 4. Proposed tax could lead to cuts in promotional events by DKNG. 5. The Sports Betting Alliance plans to fight the new tax measure.