Shares of sports betting company DraftKings Inc. (DKNG) were falling more than 6 percent in pre-market on Tuesday to $38.01, the Illinois Senate approved a progressive sports betting tax rate based on revenue.
As per the revised regimen, companies having more then $200 million in adjusted gross revenue would be taxed at 40 percent, significantly higher than the current 15 percent.
DraftKings shares had closed at $40.81, up 0.52 percent on Friday. The stock has traded in the range of $22.92 - $49.57 in the last 1 year.
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