Irish-American betting giant navigating regulation and market shifts
Michael Burry has moved into regulated sports betting operators, saying regulation will force prediction markets to be taxed and integrated, as some rivals face scrutiny. He has bought stakes in Flutter Entertainment and DraftKings, arguing the sector exists in a regulatory loophole. Meanwhile, Kalshi disputes claims of disparities in retail user outcomes and growth.
A wave of court rulings on prediction markets, led by Kalshi, has put federal and state regulators at odds. The Ninth Circuit has ruled Nevada may apply its gaming laws to Kalshi’s sports-event contracts, a decision echoed by other circuits as litigation intensifies. The Supreme Court is likely to weigh in as cases diverge.