Big news in the fantasy sports world: The IRS has decided that DraftKings and other daily fantasy sports companies should pay a federal excise tax on daily fantasy sports contests. Here's what that might mean for the companies:
The Internal Revenue Service has decided that DraftKings DKNG, -5.93% and other daily fantasy sports companies should pay a federal excise tax on daily fantasy sports contests. The tax will apply to entry fees for daily fantasy games, and could have a huge impact on the gaming industry.
DraftKings Inc. shares fell 7% in early Friday trading, after the company posted a bigger-than-expected loss for the second quarter, but sales beat estimates. “It’s a small amount, its annoying,” Ader told MarketWatch. “It’s not the end of the world, it’s not catastrophic.”
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