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DraftKings Stock Price Levels to Watch After Approval of New Illinois Sports Betting Tax

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DraftKings shares rebounded Tuesday from a steep decline the previous session that followed news Illinois lawmakers had passed a budget that includes a new sports betting tax. Monitor these crucial chart levels.
The article from Investopedia discusses the impact of Illinois approving a new sports betting tax on DraftKings' stock price. The tax, set at 35% on adjusted gross sports betting receipts, was lower than the previously proposed 50% rate, leading to a positive reaction in DraftKings' stock, which saw a 4.5% increase on the day of the announcement. The article highlights key price levels to watch for DraftKings stock, including resistance at $60 and support at $50, and suggests that the lower tax rate could benefit DraftKings' profitability and stock performance in the long term. It also notes that the stock's movement will be influenced by broader market trends and the company's ability to manage costs and expand its market share in the competitive sports betting industry.

Read the Full Investopedia Article at:
[ https://www.investopedia.com/draftkings-stock-price-levels-to-watch-after-illinois-sports-betting-tax-approved-11747057 ]