Flutter's Trading Volume Surges to 6.74 Billion, Ranks 116th Despite Stock Price Drop

On June 2, 2025, Flutter's trading volume reached 6.74 billion, marking a 31.71% increase from the previous day. This surge placed Flutter at the 116th position in the day's stock market rankings. However, Flutter's stock price fell by 2.72%.

Flutter's stock decline is primarily attributed to the recent passage of a new tax on sports wagers in Illinois. This legislation, which imposes a tax of 25 cents on every sports bet placed in Illinois for the first 20 million wagers a company processes, escalating to 50 cents for each bet beyond that threshold, is expected to significantly impact the company's financial performance. The new tax structure is part of a broader state budget that includes additional taxes on the sports betting industry.

Analysts have projected that the new tax could result in substantial additional costs for major sports betting companies. For instance, Citi analysts estimate that had the tax been implemented over the past year, DraftKings would have incurred approximately $68 million in additional taxes. Leading betting companies, such as FanDuel and DraftKings, which are estimated to exceed the 20 million bet limit, might scale back promotional activities in Illinois to counterbalance the financial burden.

The Sports Betting Alliance, representing the affected companies, has criticized the tax, labeling it as "crippling" and pledging to "continue fighting this discriminatory tax." The new tax structure follows last year's introduction of a progressive tax system, which increased the tax rate up to 40% from the previous 15%. This development is particularly impactful given the steady growth of Illinois' sports betting market, making these new taxes a significant concern for operators.