Posted on: November 15, 2025, 04:04h.
Last updated on: November 15, 2025, 04:04h.
- Notable Ivy League endowment places significant bet on gaming stock
- Indicates a potential new investment
- Endowment manager also holds another gaming company
Harvard Management Company, responsible for overseeing the Ivy League institution’s endowment, has invested in shares of Flutter Entertainment, the parent company of FanDuel (NYSE: FLUT), making it one of their most substantial equity holdings.
According to a recent Form 13F filing with the Securities and Exchange Commission (SEC), Harvard Management reported a holding of 29.33 million shares in Flutter at the close of the third quarter, which appears to be a new acquisition for the endowment, which managed $56.9 billion in assets at the end of Q2. Flutter shares rank as the 13th largest long equity position for Harvard Management, based on Bloomberg data.
Form 13F filings do not disclose specific details regarding the timing or prices at which institutional investors acquired or sold stocks. However, if Flutter is indeed a newly established position, it’s likely that these investments are currently experiencing losses due to the decline of the stock in Q3, which was affected by concerns over prediction markets impacting traditional sportsbook operators and a disappointing opening month of the 2025 NFL season for gaming companies.
Flutter’s stock, which is preparing to enter the prediction markets arena, has declined by 32.49% in the last 90 days and is nearly 37% off its 52-week high, clearly marking a bear market with a significant drop.
Controversy Surrounding Flutter’s Holding in Ivy League Endowment
Despite the downturns faced by Flutter and other sportsbook stocks, analysts argue that the resulting sell-offs may be exaggerated. Concerns regarding the impact of prediction markets are said to be overstated, primarily because yes/no exchanges still have considerable ground to cover to match the sports offerings provided by FanDuel and similar competitors.
“We believe that any sell-off related to prediction threats is overstated,” stated Macquarie analyst Chad Beynon in a recent report. “Firstly, there have been no indicators of business impact in US states where sports betting has been legalized during Q3. Additionally, Flutter is set to launch FanDuel Predicts in December through its partnership with CME Group, which will grant immediate access to previously untapped markets in unregulated states. Management can leverage their substantial experience with the Betfair Exchange within the Flutter Group.”
Nonetheless, a significant investment in a company like Flutter by a college endowment may be considered contentious by some. Research indicates that young men, particularly college attendees, are especially susceptible to gambling addiction.
A NCAA-commissioned study from 2023 revealed that 17% of college students, predominantly male, reported losing at least $100 in a single day due to sports betting, with an additional 6% losing anywhere between $500 to $1,000 in the same timeframe.
Flutter Is Not Harvard’s Sole Gaming Investment
Flutter is not the only gaming entity included in the portfolio of Harvard Management Company. The endowment also holds shares in slot machine manufacturer Light & Wonder, which ranks among its top 10 equity positions as disclosed in the Form 13F. This is an established investment for Harvard.
This week, Light & Wonder decided to exit the Nasdaq, opting for a single listing on the Sydney exchange instead.