Kenneth Dart has not added to his position in Flutter Entertainment for around a month, the longest break in his buying since the US billionaire first disclosed a stake in the FanDuel and Paddy Power owner roughly a year ago.
Dart’s economic interest in Flutter stands at 31.4%, according to The Irish Times. Of that, 18.8% is held in ordinary shares and 12.6% through cash-settled equity swaps. His last recorded purchase was in August 2026.
How the Flutter stake was built
Dart first appeared on Flutter’s register with a 5% holding about 12 months ago. He kept buying through the first half of 2026 and took his stake past 20% in March, The Irish Times reported.
The split between shares and swaps matters. Cash-settled swaps give Dart exposure to Flutter’s share price without the voting rights attached to ordinary shares. With direct ownership below 30%, the position has not triggered a mandatory takeover offer, even though his total economic interest is above that level.
The buying has taken place during a steep fall in Flutter’s valuation. The stock is down 64% over the past 12 months, according to The Irish Times.
Leadership change and a lower outlook at Flutter
The pause follows a difficult summer for the group. Flutter lowered its 2026 outlook with its second-quarter results in August and paused share buybacks, putting prediction markets and debt reduction first, The Irish Times reported.
On 5 August 2026, Flutter announced that Group CEO Peter Jackson will step down on 30 September 2026. Dan Taylor, currently CEO of Flutter’s International division and Flutter President, takes over on 1 October 2026.
“Our priority will be to keep delivering for our colleagues, customers and shareholders, while building on the momentum we’ve created,” Taylor said when the appointment was announced.
Flutter chair John Bryant backed the appointment:
“Dan has an outstanding track record of delivering results, building high-performing teams and leading complex international businesses.”
DraftKings stake
The Flutter pause coincides with new positions elsewhere in the sector. On 14 August 2026, Dart disclosed a 5.8% stake in DraftKings, Flutter’s most direct competitor in the US and the country’s second-largest online sports betting operator.
DraftKings shares are down 42% over the past 12 months, according to The Irish Times. The new holding gives Dart significant stakes in the parent companies of the two largest US online sportsbooks, FanDuel and DraftKings.
Evolution mandatory offer
In Sweden, Dart’s buying did trigger a bid. His vehicle, Candle Lake Limited, crossed the 30% threshold in live casino supplier Evolution in late July 2026, lifting its holding to 30.02%, or 59,798,619 shares.
Under the Swedish Act on Public Takeovers on the Stock Market, a shareholder that crosses 30% must offer to buy the remaining shares at no less than the highest price it paid in the previous six months. Evolution’s board rejected the offer, saying it undervalued the company.
The acceptance period ran from 17 August to 16 September 2026. Holders of just 0.06% of Evolution’s shares had tendered, according to Casino.org. Evolution stock was trading about 28% above the offer price, The Irish Times reported, which left shareholders little reason to sell into the bid.
Dart now holds 31.6% of Evolution directly and a 33.8% economic interest including swaps, according to Casino.org, which put the value of the offer at $13.8 billion. Having made the mandatory offer, he can keep adding to the Evolution stake for one year before another proposal is required under Swedish rules, Casino.org reported.
What comes next
Flutter enters October under a new chief executive, with Dart holding close to a third of the company’s economic interest and no buying for a month.
Converting the swaps into ordinary shares would take his direct holding above 30%, the level The Irish Times said he stayed under by using derivatives. That keeps any further move on Flutter tied to takeover rules.
The next markers are Taylor’s first update to the market as CEO and any decision to restart the buyback Flutter suspended this summer. Dart, meanwhile, has room to keep building his Evolution stake for the next year without another mandatory offer.
Source: Casino.org
