DraftKings transaction fee in Illinois ‘widely expected,’ says Jefferies

Jefferies notes that DraftKings (DKNG) followed Flutter Entertainment (FLUT), as expected, and announced a 50c transaction fee per bet in Illinois in direct response to tax passed last week in the state. Given the structure of the tax, a surcharge is the most direct cost offset and the move would likely be “a modest positive for the shares,” though this was “widely expected, and therefore mostly priced in,” according to the analyst, who keeps a Buy rating and $60 price target on DraftKings shares.