What happened to DraftKings (dkng)?

Shares of online sports gambling website DraftKings (NASDAQ: DKNG) got decked on Tuesday, falling 13.5% through 11:50 a.m. ET. The Wall Street Journal reported that Illinois legislators have approved their 2025 budget, including a provision that would more than double taxes on sports betting operators.

Did DraftKings & FanDuel tank on a tax increase in Illinois?

Bets on sports betting giants came up short Tuesday, as shares of gambling market dominators DraftKings and FanDuel tanked as Illinois closed in on a significant increase on the tax rate facing the companies’ operations in the state. Tuesday was an icy day for DraftKings investors. Getty Images © Provided by Forbes

Are DraftKings & flutter stocks recovering from their peaks?

Though Americans spent a record $120 billion on legal sports bets last year, DraftKings’ and Flutter’s stocks have yet to recover from their peaks a few years ago amid a wave of states’ legalizations, with Draftkings shares and Flutter shares down 50% and 20% from their respective 2021 all-time highs.