Sports-betting ETF tracks Bitcoin closely

Roundhill Sports Betting & iGaming ETF (BETZ) has a 365-day correlation coefficient of about 0.91 with Bitcoin based on price movements over the past year. A correlation of 0.91 implies roughly 83% of Bitcoin’s price variation over that window can be associated with movements in BETZ. Correlation does not imply causation.

BETZ launched on June 4, 2020. The fund tracks the Morningstar Sports Betting & iGaming Select Index and holds companies in online gambling, sports wagering and interactive gaming, including DraftKings and Flutter Entertainment.

Since inception the fund recorded about $98 million in cumulative net inflows, while assets under management were roughly $50 million in early May 2026. The gap between cumulative inflows and current AUM reflects earlier market drawdowns that reduced the fund’s value after money was invested.

Historical pricing patterns show BETZ has often topped or bottomed ahead of Bitcoin at major turning points. One explanation is that BETZ trades during regular equity market hours and can reflect changes in investor sentiment that Bitcoin’s around-the-clock market sometimes absorbs later. Both assets respond to similar capital flows and macro factors; the ETF is not the cause of Bitcoin’s moves.

Recent price action has prompted questions about whether the correlation will persist. Correlations vary by market regime: when macro drivers such as liquidity and risk appetite dominate, risk-on assets tend to move together. Events specific to Bitcoin, including regulatory developments, approvals of spot Bitcoin ETFs, or halving cycles, can weaken the link.

If the 365-day correlation drifts from 0.91 toward 0.7 or lower, the historical timing pattern would be less reliable. The fund’s relatively small AUM and the online gambling sector’s high volatility mean price swings can be large in either direction, which affects the utility of BETZ as a barometer for Bitcoin.