DraftKings faces tax hike in Illinois, but analysts maintain bullish outlook with 56.49% upside. Bearish technical signals, but potential buy-the-dip opportunity for investors.
Wall Street resumed trading after the Memorial Day holiday with a familiar trend, as major chipmaker stocks significantly outperformed the broader market.
The Illinois senate approved new tax increases over the weekend that would more than double the current tax rate. Sportsbooks in Illinois are currently paying an effective tax rate of about 15%, but the new tax increases would see that number jump into the mid-to-high 30% range. The bill is expected to move through the House and become effective at the beginning of July.