00:00It's Benzinga, bringing Wall Street to Main Street
00:02Michael Burry said Wednesday he bought shares of DraftKings and Flutter Entertainment.
00:06Betting regulated sports betting operators will benefit if regulators crack down on prediction
00:10markets, according to CNBC. Burry said he purchased a full-size position split about 60% in Flutter
00:17and 40% in DraftKings, with Flutter bought near $107 a share and DraftKings in the low $26 range.
00:24He said both stocks have been pressured by the rapid expansion of prediction markets,
00:28which offer event-based contracts and have sidestepped state gaming taxes.
00:33Burry said prediction markets operate in a loophole next to a heavily regulated industry
00:37and will likely face regulation and taxation. He also said both companies may benefit by
00:42developing prediction market offerings of their own. For all things money, visit Benzinga.com.
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