- Shares of online sports betting platforms struggled Monday.
- Illinois lawmakers passed a budget that included what one analyst described as a surprise tax increase on wagers.
Online sports betting stocks retreated Monday after Illinois lawmakers approved a budget that again raised taxes on wagers, heightening investor alarm that other states could follow suit.
DraftKings
dropped more than 5% and Flutter Entertainment
shares fell more than 3%. The Roundhill Sports Betting & iGaming ETF (BETZ)
eased more than 1%.