Michael Burry Buys DraftKings, Flutter After 45% and 65% Stock Slides

2 articles · Updated · CNBC · Jul 8

Burry said he built a full-sized betting-sector position split about 60% in Flutter and 40% in DraftKings, buying Flutter near $107 and DraftKings in the low $26 range.
He is betting prediction markets will lose their regulatory edge as U.S. authorities tighten oversight of event-based contracts that have pressured sportsbook shares and bypassed state gaming taxes.
The CFTC is already fighting multiple states over who controls those markets, a dispute Burry says will end with prediction platforms folded into broader regulation and taxation.
DraftKings has dropped about 45% from its 52-week high and Flutter about 65% from its August peak, leaving Burry to argue both remain strong operators and could even benefit because each is exploring its own prediction-market products.