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Story summary
- Short sellers DE Shaw and Two Sigma have earned about $2 billion by betting on Flutter plc’s share decline.
- Flutter plc’s dual-listed shares have fallen more than 50 percent in 2026.
- U.S. prediction markets, regulated as derivatives, draw billions of dollars monthly and threaten the $17 billion sports-betting market.
- British chancellor Rachel Reeves’ November budget raised online gambling taxes, leading Entain to take a £488 million impairment charge in March.
