Illinois Tax Hike Hammers DraftKings and FanDuel Stocks

DraftKings and FanDuel-parent Flutter Entertainment stocks dropped significantly after Illinois approved a 140% tax hike on online sports bets, raising their tax rates to 36% and 37% respectively. Analysts suggest the companies could offset the hike through cost controls, but the increased tax burden could still impact their financials. Other states may consider similar tax hikes due to budget pressures, potentially accelerating industry consolidation.