Tiger Global and prominent investors made significant moves in gaming stocks during Q3 2023, with notable positions in Penn Entertainment and Flutter Entertainment.

David Einhorn's Greenlight Capital increased its Penn Entertainment (NASDAQ: PENN) holdings to approximately 5.6 million shares, valued at over $117 million. Einhorn initially invested at $22.69 per share, believing the market undervalued Penn's ESPN Bet unit, which he suggests could be worth up to $20 per share based on DraftKings' valuation metrics.

Tiger Global Management, led by Chase Coleman III, established a new position in Flutter Entertainment (NYSE: FLUT) with 3.38 million shares. Simultaneously, Soros Capital Management significantly expanded its Flutter stake from 5,020 to 94,496 shares.

Flutter's strategic decision to list shares in New York and relocate its primary listing from London has successfully attracted more institutional investors, achieving the company's goal of increased liquidity and broader market participation.

This institutional interest in gaming stocks, particularly from renowned investors, signals growing confidence in the sector despite market volatility. Penn Entertainment remains Greenlight's sole direct gaming investment, though the firm maintains indirect exposure through IAC/InterActiveCorp's significant stake in MGM Resorts International.

These investment moves reflect increasing institutional confidence in both traditional gaming operators and online betting platforms, particularly as the sports betting market continues to expand in the United States.

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