Investment Update – Michael Burry’s New Positions
On 9 July 2026, investor Michael Burry announced via his Cassandra Unchained Substack newsletter that he has taken new equity positions in the two largest U.S. sports‑betting operators, DraftKings Inc. (NASDAQ:DKNG) and Flutter Entertainment plc (NYSE:FLUT). The disclosure caused immediate market reaction: both stocks surged to session‑high levels before closing with modest gains of 0.5 % for DraftKings and 1 % for Flutter.
Burry also disclosed an increase to his existing holding in JD.com Inc. (NASDAQ:JD), the Chinese e‑commerce platform, which saw its share price rise 4.27 % following the news.
Burry’s Commentary
- He described DraftKings as “inflecting as an operating business” and emphasized that its value lies in the near‑term transition he anticipates.
- Regarding Flutter, he noted past capital misallocation but called it “a fundamentally very good operating business with terrific scale.”
- On the broader industry, Burry warned that the political environment will not tolerate prediction‑market platforms in their current “wild‑west” form. He argued that these markets exist in a regulatory loophole adjacent to a heavily regulated and taxed industry, and that “in time, prediction markets will be subsumed into regulation and taxation,” which would eliminate any perceived competitive advantage.
Market Impact
The announcement generated a short‑term rally in the gambling stocks and a notable uptick in JD.com, reflecting investor interest in Burry’s contrarian bets. His remarks on prediction‑market regulation suggest a potential shift in competitive dynamics for sports‑betting operators, though no immediate policy changes were detailed.
Publication Details
- Author: Louis Juricic
- Section: Stock Market
- Published: 09‑07‑2026, 12:22 am