Kenneth Dart becomes largest private shareholder in Flutter Entertainment
The billionaire investor has strengthened his position in the owner of FanDuel and Paddy Power.
US.- Kenneth Dart has further strengthened his position in Flutter Entertainment, becoming the largest private shareholder in the global gambling giant. A filing with the London Stock Exchange shows that Dart now controls 27.6 per cent of Flutter voting rights after his investment vehicle, Candle Lake, acquired additional exposure through equity‑based swaps via its Cayman Islands subsidiary, LBS Ltd.
That move lifted Dart’s swap‑based voting rights from 6.25 per cent to 8.8 per cent. Combined with the 18.8 per cent of shares he owns outright, Dart’s influence now covers more than a quarter of Flutter’s stock. Based on Flutter’s market capitalisation of £12.85bn, Dart’s stake equates to roughly £3.55bn.
The billionaire has not added to his direct shareholding as the swaps mirror the gains and losses in Flutter’s share price but do not confer traditional ownership or voting rights beyond the agreements themselves. Nevertheless, the enlarged voting power makes Dart an important figure in Flutter’s boardroom decisions.
Dart is an heir of the Dart Container Corporation. As well as FanDuel in the US, Flutter owns Betfair, Paddy Power, PokerStars and Sky Bet, as well as the Italian brands Sisal and Snaitech. Its share price is down by over 55 per cent for the year to date. London‑based Parvus Asset Management doubled its stake to 10 per cent in March,
Flutter is currently reviewing its dual New York and London stock listings. It made the New York Stock Exchange its main listing in May 2024 while dropping its Dublin listing. It’s now considering dropping London to make New York its only trading venue.
