Billionaire investor Kenneth Dart has paused his acquisition of Flutter Entertainment, currently holding a 31.4% economic stake in the company, which is the parent of FanDuel and Paddy Power. This stake comprises 18.8% from ordinary shares and 12.6% through cash-settled equity swaps. Dart's last share purchase was documented in August 2026.
Dart first revealed his 5% stake in Flutter around a year ago, progressively increasing his ownership to 20% by March. Notably, since less than 30% of Dart's total stake consists of direct shares, he is not obligated to make any mandatory takeover bids; cash-settled swaps permit him to hold Flutter shares without the associated voting rights.
In other significant news, Flutter announced that Peter Jackson will step down as CEO on September 30. Dan Taylor, who is the current CEO of Flutter International and president of Flutter, will assume the CEO role starting October 1. Following this announcement, Taylor emphasized the company's commitment to serving its colleagues, customers, and shareholders while fostering the progress made thus far.
Dart has also expanded his influence in the U.S. sports betting market, recently announcing a 5.8% ownership of DraftKings, a major competitor of Flutter in the U.S. gambling landscape. This development means Dart holds stakes in two of the leading online sportsbooks in the United States: DraftKings and FanDuel.
Moreover, Dart's investments in Sweden have introduced various regulatory considerations. Through his investment vehicle, Candle Lake Limited, he secured a stake in Evolution that exceeds the 30% threshold, reaching 30.02% as of July. Presently, Dart's direct stake in Evolution stands at 31.6%, with an overall economic interest of 33.8% when factoring in cash-settled swaps, while maintaining his Flutter stake at 31.4%.
