11:09 AM EDT, 05/28/2024 (MT Newswires) -- DraftKings ( DKNG ) and FanDuel parent company Flutter Entertainment ( FLUT ) shares dropped in recent Tuesday trading after the Illinois senate reportedly passed a bill to raise sports betting taxes.

DraftKings' ( DKNG ) stock declined 12% in recent trading, and Flutter fell 6.5%.

The legislation would make Illinois the second-most expensive state for wagering businesses with a scale that would make the tax as high as 40%, up from 15%, media reports said.

Price: 35.99, Change: -4.83, Percent Change: -11.82