Michael Burry Disagrees With Hedge Funds Over Flutter (FLUT) The recent quarterly results from Flutter Entertainment (NYSE: FLUT) were underwhelming, with revenue rising only 3% year over year and adjusted EBITDA plummeting by 45%.
The company missed on earnings per share estimates, cut its full year guidance, and announced a CEO change. Shares fell 11% on the news. Amidst this gloom, Michael Burry sees an opportunity to buy low.
Burry's thesis is that regulators will eventually crack down on prediction markets like Kalshi, which rakes in $40 billion annually without paying state gaming taxes.