US billionaire’s stake in Flutter Entertainment, owner of Paddy Power and Sky Bet, rises to 27%

(AsiaGameHub) –   Billionaire businessman Kenneth Dart has become the largest single private shareholder in Flutter Entertainment, further solidifying his influence over the global gambling giant.

A notification submitted to the London Stock Exchange on May 20 revealed that Dart now commands 27.6% of all voting rights in Flutter, having acquired additional shares through his investment company Candle Lake.

Dart’s most recent acquisition saw his proportion of voting rights held via equity-based swaps increase from 6.25% to 8.8%. These swaps were secured through LBS Ltd., a Cayman Islands-based subsidiary of Candle Lake.

When combined with the 18.8% of shares Dart owns directly, the 8.8% of rights held through swaps mean he now controls 27% of Flutter’s available shares.

Before last week’s purchase, Dart’s total control stood at 25% – comprising 18.7% from direct share ownership and 6.25% from swaps.

Based on Flutter’s market capitalization of £12.85 billion (at the time of this article), Dart’s 27.6% stake is valued at approximately £3.55 billion.

Implications of this Increased Stake

Dart did not increase his direct ownership in Flutter with this latest transaction; rather, he expanded his exposure in the business by 2.55%.

The Cayman Islands-based billionaire accrues the gains and losses from additional Flutter shares through an agreement with a third-party bank, which will likely manage its risk by trading the underlying shares in the market.

Only the 18.8% of shares represents true ownership, as indicated by the total voting rights Dart possesses.

The remainder – now 8.8% and up from 6.25% – constitutes exposure through financial contracts that fluctuate with Flutter’s ongoing share price but do not add to his ownership or standard voting control.

By augmenting his voting rights in Flutter, Dart is establishing himself as an increasingly significant figure within the company. His voting intentions and support will now carry considerably more weight in decision-making processes.

Is Dart Targeting a Flutter Bullseye?

Dart is an American-born businessman currently based in the Cayman Islands. He was born into a prominent business family, best known as the founders of the Dart Container Corporation, a manufacturer of disposable food containers, where he served as President in the 1990s.

Over the past year, the gambling industry appears to have captured his interest – particularly one of its most valuable assets, Flutter, which, as of this article’s writing, is the second-largest gambling company globally by market cap, after Las Vegas Sands.

The company’s extensive brand portfolio includes the leading US sportsbook FanDuel, global betting exchange Betfair, major Italian firms Sisal and Snaitech, British online betting giant Sky Bet, and UK and Ireland omnichannel firm Paddy Power, among others.

Despite its enviable list of assets and consistent revenue growth, Flutter’s shares have declined in recent years. The firm’s share price peaked at £236.30 in February 2025 but has since fallen to £72.

Year to date, Flutter’s share price has decreased by 55%.

One potential reason for this could be investor uncertainty surrounding prediction markets, which are proving to be a disruptive force in the US, Flutter’s most valuable market.

While Flutter did engage in the predictions space by launching FanDuel Predicts in December 2025, some felt it may have acted too late, having been outmaneuvered by Fanatics and DraftKings.

Dart may view this as an opportunity. Flutter’s formidable brand portfolio still offers ample room for growth, and the share price dip over the past year presents an entry point for those looking to invest before a potential price recovery – assuming a return to 2025 levels.

He is not the only one pursuing this strategy. For example, London-based activist investment fund Parvus Asset Management doubled its stake in Flutter from 5.1% to 10% in March, although others, like Los Angeles-based Capital Group, have opted to reduce their holdings.

Meanwhile, amidst all this trading, the firm is conducting a review of its London Stock Exchange listing. It has maintained a primary listing on the NYSE since May 2024, having first listed there in January 2024, and is now considering making the NYSE its sole listing.

Dart’s latest move follows recent shareholder transactions involving Flutter’s Chief Executive Officer, Peter Jackson; Chair, John Bryant; Non-Executive Officer, Stafan Bomhard; and the US-based multinational investment giant, BlackRock.

Conversely, Amy Howe, former Chief Executive Officer of FanDuel, took a different path from Dart, divesting 4,711 of her shares via JP Morgan. Howe’s departure from FanDuel was announced concurrently with Flutter’s Q1 report earlier this month.