Michael Burry, known for predicting the 2008 housing crash, purchased shares in sports-betting companies DraftKings and Flutter Entertainment, allocating about 60% to Flutter and 40% to DraftKings. He believes prediction markets, which currently operate in a regulatory loophole, will face increased government oversight and taxation. Both stocks have dropped significantly from their highs, presenting what Burry sees as attractive buying opportunities. He also noted that both companies are exploring their own prediction-market products, positioning themselves well for future regulatory changes.

More News (DKNG)

John Arnold awards $2.6M to study risks of booming online sports betting.

Billionaire philanthropist John Arnold is granting $2.6 million to universities for research on the risks of online sports betting, which has surged since legalization in 2018. The funds will support studies on gambling's impact on financial health, ...

Market News

Neutral

1 day ago