DraftKings (DKNG) 针对伊利诺伊州 (IL) 新增的博彩税，宣布将从 9 月 1 日起对每笔投注收取 0.50 美元的交易费，以抵消州政府的税收。该州新税法规定，对运营商前 2000 万美元的投注征收 0.25 美元/美元的税，超过部分征收 0.50 美元/美元的税。DKNG 的举措与 Flutter Entertainment (FLUT) 的做法一致，并承诺如果州政府取消税收，DKNG 也会立即取消交易费。
分析师认为，鉴于税收和交易费的结构，FLUT 和 DKNG 的净收入可能增加约 5 万美元，因为前 2000 万美元的投注将按 0.25 美元/美元的税率征税，而公司仍将收取 0.50 美元/美元的交易费。这笔额外收入预计将全部计入 EBITDA，因为没有任何额外的费用与这一举措相关。理论上，交易费应该会对该州的投注额增长产生轻微的负面影响，但分析师认为，这笔增量 EBITDA 将主要抵消任何潜在的投注额损失。
分析师认为，与其他州相比，伊利诺伊州在税收增加方面最为激进，因为该州拥有 25 年的陆地博彩历史。他们相信，其他州可能会提高税率，但最大的和最激进的增幅可能来自伊利诺伊州。因此，他们不认为伊利诺伊州的税收增加会增加其他州提高税收的可能性或幅度。
Jefferies 给予 DraftKings "买入" 评级，目标价 60.00 美元，基于 2025-2026 财年的预期，以及 4 倍 EV/销售额、22 倍 EV/EBITDA 和多阶段 DCF。下行风险包括 EBITDA 燃烧加速，需要公司发行股票；监管风险和竞争加剧。
$60.00 | +58%$53.61 - $28.69FLOAT (%) | ADV MM (USD) 96.1% | 404.92(212) 778-8968 | rmcgeary@jefferies.com(212) 336-6693 | rita.chen@jefferies.com+1 (646) 805-5496 (办公室) | aberni@jefferies.com证券研究 2025年6月13日^前一个交易日的收盘价，除非另有说明。詹姆斯·惠特克劳福特^ | 股权分析师44 (0) 20 7029 8126 | jwheatcroft@jefferies.com
大卫·卡茨* | 股权分析师(212) 323-3355 | dkatz@jefferies.com瑞安·麦克吉瑞 * | 股权助理丽塔·陈* | 股权助理安东尼·伯尼，CFA* | 股权助理
投资建议记录DraftKings公司简介飞电娱乐杰弗里评级说明DraftKings公司估值/风险分析师认证：(《MAR》第3条第1款e项和第7条)买入 - 描述我们预计在12个月内提供总回报（价格上涨加上收益）为15%或更高的证券。持有 - 描述我们预计在12个月内提供总回报（价格上涨加上收益）为+15%或-10%的证券。表现不佳 - 描述我们预计在12个月内提供总回报（价格上涨加上收益）为-10%或更低的证券。非美国分析师注册：詹姆斯·惠特克劳夫（James Wheatcroft）受雇于Jefferies International Limited，Jefferies LLC的非美国附属公司，并且未在FINRA注册/获得研究分析师的资格。该分析师可能不是Jefferies LLC的关联人士，FINRA的会员公司，因此可能不受FINRA规则2241以及与研究分析师持有的证券交易相关的与目标公司沟通限制、公开露面等限制。Okay, the user wants me to translate a given English text into simplified Chinese. Let me start by reading through the source text carefully.The source is about DraftKings, Inc. It mentions their operations as a digital sports entertainment and gaming company. They offer online and retail sports wagering, daily fantasy contests, and online casino games. The company was founded by three people on December 31, 2011, and is based in Boston, MA.I need to make sure the translation is accurate and keeps the formula notation unchanged. Since the original text doesn't have any formulas, maybe that's just anote for future reference. The key points are the company name, its services, founders, and headquarters.First, translating the company name. "DraftKings, Inc." should stay as is, but in Chinese, sometimes the company name is kept in English. So I'll write "DraftKings, Inc." directly.Next, "operates as a digital sports entertainment and gaming company." The term "digital sports entertainment and gaming company" needs to be translated. "Digital" is "数字的", "sports entertainment" is "体育娱乐", and "gaming company" is "游戏公司". So the phrase becomes "作为一家数字体育娱乐和游戏公司运营".Then, the services: "It provides online and retail sports wagering offerings, online daily fantasy contests and online casino games." "Provides" is "提供", "online and retail sports wagering offerings" can be translated as "在线及零售体育博彩服务", "online daily fantasy contests" is "在线每日足球比赛", and "online casino games" is "在线赌场游戏". Wait, "daily fantasy contests" might be better as "每日 fantasy 比赛" but I need to check if "daily fantasy" is a specific term. Maybe "每日Fantasy 比赛" but in Chinese, "Fantasy" is often translated as "幻想" but in the context of sports, "daily fantasy" is a specific term, so maybe keep "每日 Fantasy比赛" but I think it's better to use the Chinese term for "daily fantasy contests", which is "每日幻想赛" or "每日虚拟比赛". Alternatively, maybe "每日足球比赛" if it's a sports contest. Wait, the original is "daily fantasy contests" which refers to sports betting contests. So maybe "每日体育比赛" would be better. Or "每日Fantasy比赛" but that might not be standard. Alternatively, use the English term in parentheses. Hmm, but the user said to keep the formula notation unchanged, which doesn't apply here. So perhaps the correct translation is "在线每日Fantasy比赛" but since "Fantasy" is a term in sports betting, maybe it's better to keep it as is. Alternatively, check if there's a standard Chinese term. Maybe "每日幻想赛" is acceptable. I'll go with that.The next part: "The company was founded by Jason D. Robins, Matthew Kalish and Paul Liberman on December 31, 2011 and is headquartered in Boston, MA." Translating this: "公司由Jason D. Robins、Matthew Kalish和Paul Liberman于2011年12月31日创立，并在马萨诸塞州波士顿总部。"Now, checking for consistency. The original has "online daily fantasy contests" which might be a specific term. If I can't find an exact equivalent, it's better to keep "每日Fantasy比赛" but maybe in Chinese, "daily fantasy contests" is often translated as "每日幻想赛". Also, "headquartered in Boston, MA" would be "总部位于马萨诸塞州波士顿".Putting it all together:DraftKings, Inc. 作为一家数字体育娱乐和游戏公司运营。它提供在线及零售体育博彩服务、在线每日Fantasy比赛和在线赌场游戏。公司由 Jason D. Robins、Matthew Kalish 和 Paul Liberman 于 2011 年 12 月 31 日创立，并在马萨诸塞州波士顿总部。Wait, but in the original, the services are "online and retail sports wagering offerings, online daily fantasy contests and online casino games." The term "wagering" is "博彩", "contest" is "比赛", and "casino games" is "赌场游戏".I think that's accurate. Now, making sure that the dates and names are correctly translated. The date is "December 31, 2011" which is "2011年12月31日". The names are kept as is. Boston, MA is "马萨诸塞州波士顿".So the final translation should be correct. Also, the user said not to include any additional text, just the translated text. So the answer should be the translated text as per the instructions.DraftKings, Inc. 作为一家数字体育娱乐和游戏公司运营。它提供在线及零售体育博彩服务、在线每日Fantasy比赛和在线赌场游戏。公司由 Jason D. Robins、Matthew Kalish 和 Paul Liberman 于 2011 年 12 月 31 日创立，并在马萨诸塞州波士顿总部。推荐已发布 推荐已分发我，陈丽塔，证明本研究报告中所表达的所有观点准确反映了我对所涉证券（及）所涉公司（及）的个人看法。我还证明我没有任何一部分薪酬与本研究报告中所表达的特定建议或观点直接或间接相关。随着我们其余的休闲覆盖范围，我们使用DCF估值方法来评估Flutter。我们看到除了一般监管和税
