Form 4 DraftKings Inc. For: May 24 Filed by: Ellingson Alan Wayne

Citi Defending DraftKings Inc. (DKNG)

Citi analyst Steven Sheeckutz reiterated a Buy rating and $57.00 price target on DraftKings Inc. (NASDAQ: DKNG).

The analyst comments "Over the weekend, the Illinois Senate approved a state budget that, if approved by the House, would push online sports book (OSB)... More

JPMorgan Reiterates Overweight Rating on DraftKings Inc. (DKNG)

JPMorgan analyst Joseph Greff reiterated an Overweight rating and $56.00 price target on DraftKings Inc. (NASDAQ: DKNG).

The analyst comments "DKNG shares are down ~11% this morning following news over the holiday weekend that Illinois Senate passed a bill to implement a new progressive tax regime for sports betting adjusted gross revenue (essentially gross gaming revenue, with some minor adjustments to exclude voided wagers and other state accounting nuances). Next step for the bill is to go through re-approval by the House (previous version passed by the house did not include a progressive... More

Morgan Stanley Reiterates Overweight Rating on DraftKings Inc. (DKNG)

Morgan Stanley analyst Ed Young reiterated an Overweight rating and $51.00 price target on DraftKings Inc. (NASDAQ: DKNG)

The analyst comments "The IL tax hike has been proposed for several months but now appears likely to be approved, raising concerns of other states potentially following suit. DKNG does have levers to help offset headwinds (reduced promo/marketing) but the outcome likely creates an... More

Gambling stocks fall as Illinois Senate approves sports betting tax

Gambling stocks, including DraftKings (NASDAQ: DKNG) and Flutter Entertainment (NYSE: FLUT), tumbled Tuesday after news over the weekend that the Illinois Senate approved a 2025 budget that includes a new, progressive tax on sports betting operations.

Between now and June 1, the bill is expected to move through the Illinois House and become effective on July 1.

DraftKings is down more than... More