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International Business Times UK
International Business Times UK
Business
Niloy Chakrabarti

Michael Burry Bets on Beaten-Down DraftKings, Flutter Despite Threat From Prediction Markets

Michael Burry DraftKings Flutter Benjamin Graham United States Kalshi Substack
Michael Burry is known for betting against the US real estate market during the 2008 financial crash. (Credit: YouTube Screenshot/60 Minutes)

'The Big Short's' Michael Burry just revealed in a Substack post he opened new positions in sports betting leaders DraftKings and Flutter Entertainment despite the stocks losing 35.8% and 60.9%, respectively, over the past year.

After Burry disclosed his full-sized long positions with a 40% weighting on DraftKings and 60% on Flutter, the stocks rose 1% and 2.7%, respectively, on Wednesday.

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