The June 13 edition of the SBJ Betting newsletter features a look at PrizePicks' strategy to skirt restrictions on gambling in states such as California, the taxes hitting FanDuel and DraftKings in Illinois and April's full betting handle.

Smaller players in the gambling industry have an opportunity to snap up market share as DraftKings and other behemoths respond to a new tax in Illinois. In accordance with a new state budget approved on May 31,

DraftKings is joining FanDuel with a 50-cent fee on all mobile and online bets in Illinois to offset the state's latest tax.

The New York Gaming Commission reported that the nine online operators hauled in $51.1 million in revenue, a 20.8% week-over-week decrease. With the Knicks out of the playoffs, operators had to expect a drop-off after reeling in more than $120 million combined from the previous two weeks.

Following on the heels of a similar action by Flutter Entertainment (FLUT), DraftKings (NASDAQ:DKNG) will implement a 50-cent transaction fee on all mobile and online bets placed in Illinois to offset a tax increase on sports wagering enacted by the state’s legislature.

FanDuel is adding a new betting fee, responding directly to a new Illinois tax. DraftKings stock rises as bettors may now switch to avoid its rival's fee.

The approval process requires operators to be investigated by state officials and meet the requirements and rules to obtain a license.