Investors are showing interest in Flutter Entertainment and Penn National Gaming despite the challenges they have faced this year. David Einhorn’s Greenlight Capital added to its stake in Penn Entertainment during the third quarter, holding approximately 5.6 million shares of the regional casino operator. While the stock has been down 19.52% year-to-date, Einhorn remains optimistic about the potential value of Penn’s ESPN Bet unit, comparing it to rival DraftKings.
On the other hand, Tiger Global Management, led by Chase Coleman III, initiated a new position in Flutter Entertainment, buying 3.38 shares. This move reflects the growing appeal of Flutter’s decision to list its shares in New York, attracting more institutional investors like Soros Capital Management. George Soros’ investment vehicle significantly increased its position in Flutter during the third quarter, indicating confidence in the company’s future performance.
Flutter’s strategic decision to list in New York has proven successful in broadening its investor base and improving liquidity. The company’s shift from London to New York has attracted professional market participants, such as Soros Capital Management and Tiger Global Management, who see potential in Flutter’s growth prospects.
Overall, despite the challenges faced by both companies this year, investors are betting on the long-term potential of Flutter Entertainment and Penn National Gaming. The increased interest from well-known professional market participants and institutional investors signifies confidence in the future performance of these gaming stocks. As the companies continue to expand and innovate in the online sports betting and gaming industry, investors are optimistic about the value they can generate in the long run.
