{"id":303685,"date":"2023-12-18T03:00:50","date_gmt":"2023-12-18T09:00:50","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=303685"},"modified":"2023-12-18T15:26:06","modified_gmt":"2023-12-18T21:26:06","slug":"chanos-turns-bullish-on-us-sports-betting-stocks","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/chanos-turns-bullish-on-us-sports-betting-stocks\/","title":{"rendered":"Investor Jim Chanos Bullish on Sports Wager Stocks, Says US Bettors Stink"},"content":{"rendered":"

Citing exotic wagers that capitalize on the deficiencies of U.S. sports bettors, famed short seller Jim Chanos is now bullish on sports wagering equities.<\/p>\n

\"Wynn
Kynikos Associates founder Jim Chanos is no longer short on DraftKings and is bullish on U.S. sports betting stocks. (Image: CNBC<\/em>)<\/figcaption><\/figure>\n

Chanos, the Kynikos Associates founder who recently converted his hedge fund to a family office structure, announced a short position<\/a> in DraftKings (NASDAQ: DKNG) in December 2021, calling the operator\u2019s business model \u201cflawed.\u201d<\/p>\n

\n

His firm initiated its DraftKings short in May 2021 and covered it in July 2022, netting a $10 million profit. That was a smart move because shares of the sports book operator have nearly doubled since Aug. 5, 2022, and have more than tripled on a year-to-date basis.<\/p>\n<\/div>\n

Chanos saw the light on sports wagering equities, telling The Financial Times<\/em> he \u201cunderestimated\u201d the degree to which U.S. bettors are \u201cbad\u201d at sports wagering. Additionally, the short seller observed that gaming companies such as DraftKings discovered a margin-boosting opportunity via exotic, long-odds wagers that lured bettors searching for big paydays.<\/p>\n

Chanos Mentioned In-Game Bets, Same-Game Parlays<\/h2>\n

DraftKings and rivals such as BetMGM and FanDuel have been able to bolster margins<\/a> and increase profitability through offerings including in-game live bets and same-game parlays.<\/p>\n

\n

For years, U.S. sports bettors preferred to place pregame wagers on money lines, sides, or totals. But they\u2019re increasingly embracing in-game wagers. That\u2019s not necessarily good for their accounts, but it is a positive for operators. In nearly all major team sports, in-game odds can shift on a play-by-play basis \u2014 a touchdown, a home run, etc. Those fluctuations typically play into the hands of the house, not bettors.<\/p>\n<\/div>\n

Likewise, same-game parlays are gaining traction among U.S. bettors. Typically, a same-game parlay lives up to what\u2019s being implied: A multi-leg wager on the same event. In a hypothetical example using a football game, a bettor could pick a moneyline wager, an anytime touchdown by a particular player, and an over\/under on a wide receiver\u2019s yards.<\/p>\n

Chanos told The Financial Times<\/em> that in-game bets and same-game parlays subject bettors to terrible odds and highlight a better-than-expected business model for operators. FanDuel<\/a> and DraftKings, which have a duopoly in the U.S. sports wagering markets, are among the gaming companies that have found emerging gold mines with same-game accumulators.<\/p>\n

There\u2019s room for significant live wagering growth in the U.S. because, by some estimates, such bets account for a quarter of the handle today. In more advanced sports betting markets, such as continental Europe and the U.K., the percentage can be as high as 80%.<\/p>\n

Chanos Didn\u2019t Tout Specific Gaming Equities<\/h2>\n

Throughout his career, Chanos has never been shy about naming the stocks<\/a> in which he held short positions. But in the interview with The Financial Times<\/em>, he didn\u2019t directly identify a sports wagering equity on which he is bullish.<\/p>\n

DraftKings is the most prominent pure-play name in that group currently trading in the U.S. But next month, FanDuel parent Flutter Entertainment (OTC: PDYPY) will be listed on the New York Stock Exchange (NYSE).\u00a0 Those could be the types of stocks Chanos uses to participate in U.S. sports wagering bullishness, but he didn’t confirm as much.<\/p>\n","protected":false},"excerpt":{"rendered":"

Citing exotic wagers that capitalize on the deficiencies of U.S. sports bettors, famed short seller Jim Chanos is now bullish on sports wagering equities. Chanos, the Kynikos Associates founder who recently converted his hedge fund to a family office structure, announced a short position in DraftKings (NASDAQ: DKNG) in December 2021, calling the operator\u2019s business […]<\/p>\n","protected":false},"author":46,"featured_media":186317,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,1074],"tags":[81903,80968],"acf":[],"yoast_head":"\nChanos Turns Bullish On US Sports Betting Stocks<\/title>\n<meta name=\"description\" content=\"Short seller Jim Chanos turns bullish on US sports betting stocks, says US bettors are bad.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/chanos-turns-bullish-on-us-sports-betting-stocks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chanos Turns Bullish On US Sports Betting Stocks\" \/>\n<meta property=\"og:description\" content=\"Short seller Jim Chanos turns bullish on US sports betting stocks, says US bettors are bad.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/chanos-turns-bullish-on-us-sports-betting-stocks\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-18T09:00:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-18T21:26:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/09\/chanos-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/chanos-turns-bullish-on-us-sports-betting-stocks\/\",\"url\":\"https:\/\/www.casino.org\/news\/chanos-turns-bullish-on-us-sports-betting-stocks\/\",\"name\":\"Chanos Turns Bullish On US Sports Betting Stocks\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/chanos-turns-bullish-on-us-sports-betting-stocks\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/chanos-turns-bullish-on-us-sports-betting-stocks\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/09\/chanos-scaled.jpg\",\"datePublished\":\"2023-12-18T09:00:50+00:00\",\"dateModified\":\"2023-12-18T21:26:06+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Short seller Jim Chanos turns bullish on US sports betting stocks, says US bettors are bad.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/chanos-turns-bullish-on-us-sports-betting-stocks\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/chanos-turns-bullish-on-us-sports-betting-stocks\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/chanos-turns-bullish-on-us-sports-betting-stocks\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/09\/chanos-scaled.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/09\/chanos-scaled.jpg\",\"width\":2560,\"height\":1707,\"caption\":\"Kynikos Associates founder Jim Chanos. 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