Michael Burry Bet Sends DraftKings Up 0.97% After Hours
DKNG•Michael Burry’s hedge fund added stakes in DraftKings and Flutter this week, driving DraftKings shares 0.97% higher and Flutter shares 2.74% higher in after-hours trading on July 8. The move highlights renewed investor confidence in sports betting equities following the market close.
1. Michael Burry Takes New Positions
Michael Burry’s Scion Asset Management filed a 13F on July 8 revealing newly acquired stakes in DraftKings and Flutter, signaling renewed bullishness on sports betting operators.
2. Market Reaction in After-Hours Trading
DraftKings shares rose 0.97% in after-hours trading on July 8 as investors responded to Burry’s 13F filings, while Flutter advanced 2.74%, reflecting a broader rally in U.S. sports wagering equities after the close.
3. Sector Implications
Burry’s move underscores a view that sports betting stocks remain undervalued and could prompt additional institutional and retail interest, potentially driving further gains across the sector.
