Hedge fund managers have found a new cash cow in the gambling industry, making $2.3 billion this year alone by shorting positions against companies like Flutter and DraftKings.
In a scenario reminiscent of The Big Short, where Michael Burry famously profited from shorting subprime mortgages, hedge funds are now capitalizing on betting against gambling companies. While the character in the movie made around $700 million, traders have collectively earned $2.3 billion by shorting positions in companies such as Flutter and DraftKings.
This trend highlights a significant shift in the focus of hedge funds towards the lucrative gambling industry, signaling a substantial opportunity for profits in this sector.
