FanDuel puts $0.50 surcharge on bets in Illinois
Flutter Entertainment’s FanDuel is rolling out a new $0.50 fee on bets placed in Illinois to help absorb the state’s surprise sports betting tax hike. The new tax applies to each wager a sportsbook accepts, starting at $0.25 per bet for the first 20 million wagers and rising to $0.50 after that.
Shares of Flutter and rival DraftKings both dropped earlier this month after Illinois lawmakers approved a steep tax hike of over 50% for high-volume gambling operators. Together, FanDuel and DraftKings make up nearly 75% of the state’s sports betting market.
Flutter said it would remove the new fee if Illinois were to roll back the tax increase. DraftKing (which jumped over 2% on the news) hasn’t yet rolled out fee hikes but said it’s evaluating options. Flutter shares are up about 4% year to date.
Shares of Flutter and rival DraftKings both dropped earlier this month after Illinois lawmakers approved a steep tax hike of over 50% for high-volume gambling operators. Together, FanDuel and DraftKings make up nearly 75% of the state’s sports betting market.
Flutter said it would remove the new fee if Illinois were to roll back the tax increase. DraftKing (which jumped over 2% on the news) hasn’t yet rolled out fee hikes but said it’s evaluating options. Flutter shares are up about 4% year to date.
