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Flutter Entertainment PLC shares fell on Tuesday after the US state of Illinois passed a measure that would hike tax on sports betting. Flutter shares fell 7.0% to 14,870.00 pence each in late dealings in London on Tuesday. According to the Illinois General Assembly, the new progressive model could mean as high as a 40% levy on ‘annual adjusted gross sports wagering receipts in excess of $200.0 million’. The current sports gambling tax rate is 15%. The new measure would impose a 20% tax rate on annual adjusted gross sports wagering receipts up to and including $30.0 million, 25% on receipts over $30.0 million but under $50.0 million, 30% for receipts over $50.0 million but under $100.0 million and 35% between $100.0 million and $200.0 million. The Sports Betting Alliance believes the proposed measures ‘will cause real harm’. ‘Rather than heeding the outcry from tens of thousands of residents who vocally opposed more than doubling sports betting taxes, the Illinois Senate advanced a budget tonight that would make Illinois sports betting tax the second highest in the country and counter-productively penalizes sports betting operators who invested millions into the local economy and created jobs in the state,’ SBA President Jeremy Kudon said Monday. ‘The tax hike will mean worse products, worse promotions, and inevitably, worse odds for Illinois customers.’ Copyright 2024 Alliance News Ltd. All Rights Reserved.
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