Hedge fund managers have found a new cash cow in shorting positions against gambling companies, making $2.3 billion this year alone.
In a scenario reminiscent of The Big Short, where Michael Burry famously profited from shorting subprime mortgages, hedge funds have now turned their attention to the gambling industry. Traders have collectively made $2.3 billion by taking short positions against major players like Flutter and DraftKings. This trend highlights a growing trend of financial interest in betting against gambling companies.
