Tiger Global Management acquired a significant stake in Flutter Entertainment during Q3 2023, purchasing 3.38M shares. Simultaneously, Soros Capital Management increased its Flutter position from 5,020 to 94,496 shares.

These investments followed Flutter's strategic move to list its shares in New York and relocate its primary listing from London, successfully attracting more institutional investors.

In other notable moves, Greenlight Capital, managed by David Einhorn, expanded its position in Penn Entertainment to approximately 5.6 million shares, valued at over $117 million. This investment was made despite Penn's 19.52% year-to-date decline, with Greenlight's average purchase price at $22.69 per share.

Einhorn's thesis centers on the market undervaluing Penn's ESPN Bet unit, suggesting it could add up to $20 per share in value if it captures just a fraction of DraftKings' market share. Currently, Penn remains Greenlight's sole direct gaming investment, though the fund maintains exposure to the sector through its stake in IAC/InterActiveCorp, MGM Resorts International's largest non-institutional shareholder.

These movements by major hedge funds reflect growing institutional interest in the gaming sector, particularly following Flutter's NYSE listing, which has successfully achieved its goal of increasing stock liquidity and broadening its investor base.

Note: All share counts and valuations are based on third-quarter 2023 13F filings with the SEC, and current positions may have changed since reporting.

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