Flutter Entertainment’s top private shareholder is Kenneth Dart

(AsiaGameHub) –   The billionaire investor has bolstered his stake in the parent company of FanDuel and Paddy Power.

US.- Kenneth Dart has deepened his foothold in Flutter Entertainment, emerging as the largest private shareholder of the global gambling behemoth. A filing with the London Stock Exchange indicates that Dart now holds 27.6 percent of Flutter’s voting rights—this comes after his investment vehicle, Candle Lake, gained additional exposure via equity-based swaps through its Cayman Islands subsidiary, LBS Ltd.

This move raised Dart’s swap-linked voting rights from 6.25 percent to 8.8 percent. When combined with the 18.8 percent of shares he owns directly, Dart’s influence now covers more than a quarter of Flutter’s stock. Based on Flutter’s £12.85 billion market capitalization, Dart’s holding is valued at roughly £3.55 billion.

The billionaire has not expanded his direct shareholding, as the swaps mirror Flutter’s share price gains and losses but do not grant traditional ownership or voting rights beyond the terms of the agreements themselves. Still, his increased voting power makes Dart a key figure in Flutter’s boardroom decisions.

Dart is an heir to the Dart Container Corporation. In addition to FanDuel in the U.S., Flutter owns Betfair, Paddy Power, PokerStars, and Sky Bet, along with Italian brands Sisal and Snaitech. Its share price has fallen by over 55 percent year-to-date. London-based Parvus Asset Management doubled its stake to 10 percent in March,

Flutter is currently reviewing its dual stock listings in New York and London. It made the New York Stock Exchange its main listing in May 2024 while discontinuing its Dublin listing. Now, it is considering dropping London to make New York its sole trading venue.