Billionaire investor Kenneth Dart has paused his purchases of Flutter Entertainment, resulting in a current economic stake of 31.4% in the company, which owns brands like FanDuel and Paddy Power. Dart's stake comprises 18.8% in ordinary shares and 12.6% through cash-settled equity swaps. His last recorded share purchase occurred in August 2026.
Approximately one year ago, Dart publicly announced an initial 5% stake and continued buying shares until he reached a 20% stake by March. Since less than 30% of his total stake is in direct ownership, this prevents any mandatory takeover bids. The cash-settled equity swaps permit him to hold shares without voting rights.
In other significant news, Flutter revealed that Group CEO Peter Jackson will step down effective September 30. Dan Taylor, the current CEO of Flutter International and President of Flutter, is set to take over as CEO on October 1. Following the announcement, Taylor expressed, "Our priority will be to keep delivering for our colleagues, customers and shareholders, while building on the momentum we’ve created."
Dart has previously bolstered his position in the U.S. sports betting market, gaining attention last week by revealing he holds 5.8% of DraftKings, a primary competitor of Flutter in the U.S. gambling market. Consequently, Dart now has stakes in two significant online sportsbooks in the U.S.: DraftKings and FanDuel.
Dart's recent investments in Sweden have led to distinct regulatory ramifications. Through his investment vehicle, Candle Lake Limited, he acquired more than a 30% stake in Evolution, reaching 30.02% in July. Presently, his direct stake in Evolution is approximately 31.6%, with an economic interest of 33.8% when accounting for the swaps, while his stake in Flutter remains at 31.4%.
