Michael Burry goes long sports betting through DraftKings and Flutter Entertainment, while cautioning against prediction markets.
Michael Burry said on Wednesday that he is leaning into sports betting, adding long positions in DraftKings Inc.
(NASDAQ:DKNG) and Flutter Entertainment plc (NYSE:FLUT), while cautioning against fast-growing prediction markets.
DKNG stock is up.
See the chart and price action here.
Burry Bets on Sportsbooks CNBC reported, citing Wednesday’s "Cassandra Unchained" substack post, that Burry built stakes in DraftKings and Flutter Entertainment, parent of FanDuel.
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Michael Burry disclosed long positions in Flutter Entertainment and DraftKings, betting that regulatory crackdowns on prediction…
The investor believes regulators will eventually crack down on prediction markets after competition from the upstarts pressured…
Analysts largely agree on DraftKings and Flutter Entertainment, owner of FanDuel, as their top gaming picks.
DraftKings shares are trading higher Tuesday despite no company-specific news, extending a 5% weekly gain on prediction products.
DraftKings stock is trading around the lowest levels since 2023 and is down more than 60% from its all-time high five years ago.
