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Billionaire Kenneth Dart becomes biggest Flutter shareholder
U.S. businessman and billionaire Kenneth Dart has increased his shares in Flutter Entertainment and has now become the biggest shareholder of the company with 27.6% of all voting rights.
Dart is the owner of Dart Enterprises, an investment company based in the Cayman Islands, and he first started acquiring shares in Flutter back in September 2025, initially disclosing a 5% ownership. From October 2025, Dart increased his shares to 10%, and by January 2026, he went over the 15% threshold, becoming the top shareholder. Based on London Stock Exchange data from May 20, Dart has now bought a total of 27.6% of Flutter shares, with the latest purchase done through equity-based swaps through his Candle Lake company’s LBS Limited subsidiary.
At the moment, the FanDuel, Betfair, and Paddy Power owner is in the middle of a share buyback and cancellation program that is set to return over $5 billion to shareholders and, at the same time, increase the remaining shareholders’ stakes.
Dart’s direct ownership of Flutter amounts to 18.8%, while Flutter’s $16.94 billion market cap means that Dart owns around $4.7 billion.
Dart is also the biggest shareholder in casino technology company Evolution, and he has made multiple investments in the tobacco industry, including in companies like British American Tobacco and Imperial.
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