Billionaire Kenneth Dart Gobbling Up Flutter Entertainment Stock
Posted on: April 8, 2026, 12:21h.
Last updated on: April 8, 2026, 12:21h.
- The heir to the Dart Container fortune has been steadily buying Flutter stock
- He’s been buying as the stock declines and as some insiders sold
- Dart’s stake in the FanDuel owner is built through total return swaps
Kenneth Dart, the heir to the Dart Container fortune, has been quietly amassing a sizable stake in Flutter Entertainment (NYSE: FLUT).
In a series of transactions commencing in September 2025, Dart built a stake in the FanDuel owner that now exceeds 20%, meaning he’s the largest individual investor in the gaming company. A series of roughly 20 filings with the Securities and Exchange Commission (SEC) indicate Dart has been a dedicated buyer of Flutter shares in recent months.
Based on Flutter’s current market capitalization of $18.08 billion, Dart’s stake in the Betfair owner is worth around $3.6 billion.
The billionaire has a track record of investing in so-called “sin stocks” as he previously held large stakes in British American Tobacco and Imperial Brands. He’s also no stranger to gaming investments as he started building a stake in Sweden’s Evolution AB in November 2024 – one that totals more than 30% of that gaming company today.
Even Billionaires Dollar-Cost Average
Alone, the size of Dart’s stake in Flutter is eye-catching, but so is the fact that the investor has been steadily dollar-cost averaging into the stock as its flailed.
Over the past six months, shares of the consumer discretionary stock are lower by 55.47%, but Dart’s remained a dedicated buyer, filing 18 Form-4’s with the SEC since the start of this year indicating he’s been raising his stake in the Paddy Power owner.
Four of those filings were made just this month with the most recent arriving on April 6. That document indicates that on April 2, Dart, through a Cayman Islands affiliate, bough 28,479 total return swaps expiring in March 2028. Through Cayman holding companies such as Candle Lake Limited and Lake Michigan Limited, Dart frequently uses derivatives to build stakes in companies.
A rough tally of Dart’s filings indicate he bought $886 million worth of Flutter derivatives since the start of March. Total return swaps allow the buyer to enjoy the potential economic benefits of the underlying asset without having to own it directly. In exchange, the buyer pays a fee.
Adding to the intrigue around Dart’s purchases of Flutter derivatives is the fact that he’s been buying well some company insiders have been paring their stakes.
What Does Dart Want With Flutter?
“Mercurial” may be an accurate description of Dart, implying that until he publicly states his intentions with Flutter, it’s just a guessing game as to why he’s been gobbling up total return swaps. For now, he hasn’t declared any activist intentions, but the size of his investment in the gaming company confirms he’s likely to have the ears of the board and the executive team.
Dart, 70, was born in Michigan, but relinquished his US citizenship in 1994, becoming a citizen of Belize. He later attained citizenship in the tax-friendly Cayman Islands. He’s a major real estate investor there.
Forbes estimates his net worth at $3.9 billion, but there’s speculation that the figure is significantly higher given the size of some his equity investment and the rumored valuations on his Cayman real estate holdings.
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