Burry Buys Flutter, DraftKings Shares, Anticipates Prediction-Market Crackdown
FLUT sits 23% above its 52-week low of $91.52.
Summary
Noted investor Michael Burry has disclosed a 'full-sized position' in Flutter Entertainment and DraftKings, split 60% and 40% respectively. Burry's investment thesis is based on an expected regulatory crackdown on prediction markets, which he believes have pressured the stock prices of regulated sports betting operators. This investment by a prominent investor provides a potential vote of confidence for Flutter, which has recently faced significant negative news including a CEO departure, lowered guidance, a major lawsuit, and plans to delist from the London Stock Exchange. A crackdown on prediction markets could reduce competition and benefit both Flutter and DraftKings.
At the time of this announcement, FLUT was trading at $112.63 on NYSE in the Trade & Services sector, with a market capitalization of approximately $19.4B. The 52-week trading range was $91.52 to $313.69. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Binance News.