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VisitWho will hold the largest market share in Illinois sports betting by end of 2024?
DraftKings retains largest market share • 33%
Flutter takes over largest market share • 33%
FanDuel becomes the market leader • 34%
Market analysis reports, financial disclosures
Illinois Senate Approves 40% Sports Betting Tax Hike, DraftKings and Flutter Shares Fall
May 28, 2024, 09:28 AM
The Illinois Senate has approved a significant increase in the sports betting tax rate on May 26th, which will now be structured progressively, topping out at 40% for operators with the highest adjusted gross revenue (AGR). This new tax structure, outlined in HB 4951, is nearly three times the current rate and has caused notable market reactions. DraftKings, FanDuel, and Flutter shares have fallen sharply, with DraftKings down by 12% and Flutter by 7%. The Senate's decision has been met with criticism from industry stakeholders, including the Sports Betting Alliance, which labeled the move as 'extremely disappointing' and warned of potential harm to the industry. The progressive tax rate was proposed as an alternative to Governor Pritzker’s call for a raise to 35%. The bill now heads to the House for concurrence.
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DraftKings • 33%
FanDuel • 33%
BetMGM • 34%
Expand operations in Illinois • 25%
Reduce operations in Illinois • 25%
Maintain current level • 25%
Exit Illinois market • 25%
Yes • 50%
No • 50%
Increase in user fees • 25%
Reduction in marketing expenses • 25%
Business expansion in other states • 25%
No significant changes • 25%
Mostly favorable • 33%
Mostly unfavorable • 33%
Mixed/Neutral • 34%
Klarna gains highest market share • 25%
Affirm gains highest market share • 25%
PayPal gains highest market share • 25%
No significant change • 25%
Most will report losses • 33%
Most will report profits despite hike • 33%
Financial performance will be mixed • 34%
Michigan • 33%
Nevada • 33%
New Jersey • 34%
Yes • 50%
No • 50%
Decrease in total revenue • 50%
Increase in total revenue • 50%