DraftKings reverses plans for a tax on customers as FanDuel parent Flutter wows Wall Street

Earlier this month, DraftKings said it would introduce a surcharge on users in states where taxes on sports betting are highest. FanDuel wouldn’t follow…

Flutter reported phenomenal second-quarter earnings this week, wowing investors and sending shares up.

The nominal tax would have applied to customer winnings in states with multiple operators that have a tax rate over 20%, including Illinois, New York, Pennsylvania and Vermont. Illinois approved a 40% tax rate on gambling companies with the largest adjusted gross revenue. New York and New Hampshire each maintain 51% tax rates on sports betting companies.

Peter Jackson, CEO of FanDuel parent Flutter, said the Illinois tax hike could actually prove a competitive advantage. FanDuel maintains a 47% U.S. market share of sports betting based on gross gaming revenue. It's also captured and is defending a lead in iGaming, or online casino games, with 25% share based on gross gaming revenue.

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