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UBS Reiterates Buy Rating on DraftKings Inc. (DKNG)

May 28, 2024 4:03 PM EDT

UBS 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