Harvard Management Company, which oversees the Ivy League school’s massive endowment, has taken a sizable stake in Flutter Entertainment (NYSE: FLUT), the parent company of FanDuel. The investment places Flutter among Harvard’s largest equity holdings, based on the endowment’s latest SEC Form 13F filing.
As of the end of the third quarter, Harvard reported owning 29.33 million shares of Flutter—a position believed to be new for the $56.9 billion fund. Bloomberg data shows the sports betting giant is now the endowment’s 13th-largest long equity investment.
Although 13F filings don’t disclose purchase timing or price, the position is likely underwater. Flutter shares slumped in Q3, driven by concerns over rising competition from prediction markets and a weak start to the 2025 NFL betting season. The stock has fallen 32% in the past 90 days and sits nearly 37% below its 52-week high—well into bear market territory.
A Potentially Controversial Bet
Analysts argue the market’s reaction has been excessive. Macquarie analyst Chad Beynon recently noted that prediction markets remain limited compared to FanDuel and similar platforms, and their impact on regulated U.S. sports betting has been minimal so far. Flutter plans to join the prediction market space soon through its FanDuel Predicts product, launching in December via a CME Group partnership.
Still, Harvard’s stake could raise eyebrows. Research shows young men—including college students—are at elevated risk for gambling addiction. In a 2023 NCAA survey, 17% of students said they lost at least $100 in a day betting on sports, while 6% reported daily losses of $500 to $1,000.
Not Harvard’s Only Gaming Investment
Flutter isn’t the endowment’s lone gaming exposure. Harvard also holds a top-10 position in Light & Wonder, the slot machine and gaming tech firm. Unlike Flutter, Light & Wonder isn’t a new holding. The company recently delisted from Nasdaq and now trades exclusively in Sydney.
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