DraftKings (DKNG) option implied volatility after sports-betting tax passes Illinois Senate
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UBS Reiterates Buy Rating on DraftKings Inc. (DKNG)
May 28, 2024 4:03 PM EDTUBS analyst Robin Farley reiterated a Buy rating and $60.00 price target on DraftKings Inc. (NASDAQ: DKNG).
The analyst comments "ILs State Senate passed a progressive tax on online sports betting GGR, and it could to pass the IL House by the end of extended session this week. The tax rate starts at 20% tax on GGR up to $30m; 25% for $30m-$50m; 30% for $50m-$100m; 35% for $100m-$200m and 40% on $200m+. This represents an increase from 15% current tax rate when the state first legalized in June 2021 and compares to the proposed 35% increase from... More
Citi Defending DraftKings Inc. (DKNG)
May 28, 2024 1:54 PM EDTCiti 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)
May 28, 2024 11:28 AM EDTJPMorgan 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
