DraftKings cancels user tax plan due to backlash, while FanDuel impresses investors.

From CNBC: 2024-08-15 12:50:43

Flutter impressed investors with its second-quarter earnings, fueled by substantial growth in revenue and market share for FanDuel. DraftKings initially planned a surcharge for customers in high-tax states, causing backlash and a subsequent reversal. Gaming analysts praised DraftKings’ decision, removing uncertainty around execution risks. The industry remains robust despite recession concerns, with online gambling spending on the rise among younger demographics. The sports betting ETF had its best day since January, with DraftKings down 9% year-to-date and Flutter up 15%.



Read more at CNBC: DraftKings reverses plans for a user tax as FanDuel wows Wall Street