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Burry's bet highlights potential regulatory shifts favoring traditional sportsbooks, impacting the future of crypto-based prediction markets. The post Michael Burry bets on Flutter Entertainment and DraftKings, wagering regulation will crush prediction markets appeared first on Crypto Briefing.
The post Michael Burry bets on sportsbooks DraftKings, Flutter appeared on BitcoinEthereumNews.com. Michael Burry attends the premiere of “The Big Short” at Ziegfeld Theatre on Nov. 23, 2015 in New York. Dimitrios Kambouris | Getty Images Michael Burry of “The Big Short” fame said he bought shares of regulated sports-betting operators DraftKings and Flutter Entertainment, anticipating regulators will eventually crack down on prediction markets after competition from the upstarts pressured the stocks. Burry said Wednesday he purchased a full-sized position split roughly 60% in Flutter and 40% in DraftKings, buying Flutter at about $107 a share and DraftKings in the low $26 range. He said he could eventually increase each holding into a full standalone position. Stock Chart IconStock chart icon DraftKings one year The investor, who rose to prominence for predicting the U.S. housing crash in 2008, said both companies are attractive businesses whose shares have been weighed down by the rap
