Billionaire investor Kenneth Dart has paused further acquisitions of Flutter Entertainment, maintaining an economic stake of 31.4% in the company, which operates popular betting platforms such as FanDuel and Paddy Power. His current stake comprises 18.8% in ordinary shares, with an additional 12.6% derived from cash-settled equity swaps. The last recorded purchase of shares was in August 2026.
Dart initially revealed a 5% stake in Flutter about a year ago and progressively increased his holdings, reaching the 20% benchmark in March. Since less than 30% of his overall stake consists of direct ownership, Dart is not required to make any mandatory takeover offers. The cash-settled swaps allow him to hold shares without the associated voting rights.
In corporate news, Flutter announced that Group CEO Peter Jackson will step down on September 30. Dan Taylor, the current CEO of Flutter International and president of Flutter, will take over the CEO role effective October 1. Following the announcement, Taylor emphasized the company's focus on continuing to serve employees, customers, and shareholders while building on their current momentum.
Dart has also been expanding his footprint in the US sports betting market. Recently, he disclosed ownership of 5.8% of DraftKings, a major competitor of Flutter in the US gambling industry. Dart now holds stakes in both prominent online sportsbooks, DraftKings and FanDuel.
In addition to his investments in Flutter, Dart is navigating regulatory changes in Sweden. Through his investment vehicle, Candle Lake Limited, he achieved a stake in Evolution that surpassed the 30% threshold as of July, marking it at 30.02%. His direct stake in Evolution now stands at 31.6%, equating to an economic interest of 33.8% when accounting for the swaps, while his Flutter investment remains at an economic level of 31.4%.
