Kenneth Dart’s 27.6% Voting Control in Flutter Entertainment Raises Stakes for FanDuel in the Prediction-Market Era
Billionaire businessman Kenneth Dart is now the single largest private shareholder in Flutter Entertainment. A notification sent to the London Stock Exchange on 20 May showed that Dart now controls 27.6% of all voting rights in Flutter, having purchased more shares via his investment company Candle Lake.
Dart’s most recent purchase saw his share of voting rights held through equity-based swaps rise from 6.25% to 8.8%. The swaps were secured via Candle Lake’s Cayman Islands-based subsidiary LBS Ltd. When coupled with the 18.8% of shares Dart owns outright, he now controls 27% of the available shares in Flutter.
Prior to last week’s purchase, Dart’s total control was 25% – consisting of 18.7% via direct ownership of shares and 6.25% via swaps. Based on Flutter’s market cap of £12.85bn, Dart’s 27.6% control equates to around £3.55bn.
This is more than a passive investment update. It marks a structural shift in influence at one of the world’s largest gambling companies at a moment when its most important U.S. asset faces intensifying competition.
The Mechanics of Dart’s Increased Exposure
Dart has not increased his direct ownership in Flutter through this latest transaction. Instead he has increased his exposure in the business to the tune of 2.55%.
The Cayman Islands-based billionaire receives the gains and losses of additional Flutter shares through an agreement with a third-party bank. That bank will likely manage its risk through trading the underlying shares in the market.
Only the 18.8% of shares is true ownership. The remainder – now 8.8% and up from 6.25% – is exposure through financial contracts which move with Flutter’s ongoing share price but do not add to his ownership or regular voting control.
By increasing his voting rights in Flutter, Dart is making himself an increasingly important figure within the business. His voting intentions and support will now carry a lot more weight in decision making.
Dart’s Growing Sway Over Boardroom Decisions
Dart is an American born businessman now based in the Cayman Islands. He was born into a prominent business family best known as the founders of the Dart Container Corporation, a manufacturer of disposable food containers, which he served as President of in the 1990s.
Over the past year the gambling industry appears to have piqued his interest – and in particular one of its most valuable assets, Flutter, which as of the writing of this article is the second largest gambling company in the world by market cap after Las Vegas Sands.
The company’s huge brand portfolio includes U.S. market leading sportsbook FanDuel, global betting exchange Betfair, major Italian firms Sisal and Snaitech, British online betting giant Sky Bet, and UK and Ireland omnichannel firm Paddy Power, among others.
Dart’s latest move follows recent shareholder transactions involving Flutter’s Chief Executive Officer Peter Jackson, Chair John Bryant, a Non-Executive Officer Stafan Bomhard, and US-based multinational investment behemoth BlackRock. Meanwhile Amy Howe, former Chief Executive Officer of FanDuel, has done the opposite of Dart and offloaded 4,711 of her shares via JP Morgan.
Prediction Markets, Share Price Pressure, and Strategic Risk
Flutter’s shares have fallen off in recent years. The firm’s share price hit a peak of £236.30 in February 2025 but has since fallen to £72. Year to date, Flutter’s share price is down 55%.
One reason for this may be investor uncertainty around prediction markets, which are proving a disruptive force in the U.S., Flutter’s most valuable market.
While Flutter did get involved in the predictions space by launching FanDuel Predicts in December 2025, some felt that it may have moved too late, having been beaten by Fanatics and DraftKings.
This is the risk section of the story. Dart’s increased voting weight arrives precisely when Flutter must decide how aggressively to defend or expand FanDuel’s position against pure-play prediction market operators. If Dart presses for faster innovation or capital allocation toward the predictions vertical, management will face heightened scrutiny. Conversely, if the board slows its response, Dart’s influence could amplify calls for change from other large holders.
The limitation is clear: swaps grant economic exposure and voting rights but stop short of full ownership. Dart cannot dictate strategy unilaterally. Yet at 27.6% his voice is now impossible to ignore on major capital decisions, acquisitions, or shifts in U.S. product roadmap.
Convergence of Capital, Regulation, and Product Innovation
The broader industry signal is unmistakable. Prediction markets are no longer a niche experiment. They represent an inflection point that is compressing margins and forcing established sportsbooks to rethink product design, customer acquisition, and regulatory positioning.
Flutter’s formidable brand portfolio still leaves plenty of room to grow. The dip in shares over the past year presents an opportunity for those wanting to get in prior to the price rising again – if they rise to 2025 levels that is.
He’s not the only one to do so. London-based activist investment fund Parvus Asset Management doubled its stake in Flutter from 5.1% to 10% in March. Others like Los Angeles-based Capital Group have opted to drop some of their stakeholding.
Meanwhile, amid all this trading, the firm is conducting a review of its listing on the LSE. It has had a primary listing on the NYSE since May 2024, having first listed there in January 2024, and is now considering making that its only listing.
The Bottom Line
Kenneth Dart’s move to 27.6% voting control through a combination of outright ownership and equity swaps gives him materially greater sway over Flutter’s board decisions at a decisive moment for FanDuel. The company’s delayed entry into prediction markets has left it playing catch-up in its most valuable market while its share price has fallen 55% year to date. How management responds to Dart’s increased influence – and to the broader convergence of sports betting, prediction markets, and media – will help determine whether Flutter regains momentum or continues to face pressure from faster-moving pure-play competitors. Client-partners navigating this landscape should treat activist capital concentration as both a governance risk and a potential catalyst for accelerated strategic clarity.
