Billionaire investor Kenneth Dart now has major exposure across Flutter, DraftKings and Evolution, giving one private investor a remarkable financial footprint across online betting and live casino.
DraftKings Joins the Portfolio
Kenneth Dart has quietly added another major gambling company to his investment collection.
An August filing with the US Securities and Exchange Commission shows Dart beneficially owning 28,581,386 DraftKings Class A shares through Candle Lake Limited, equal to 5.8% of the company.
The Schedule 13G filing is important because it identifies the holding as passive. Dart certified that the shares were not acquired for the purpose of changing or influencing control of DraftKings.
That makes this an investment, at least according to the current filing, rather than the opening move of a takeover attempt. It also creates an unusual situation. Dart has substantial economic exposure to Flutter Entertainment, owner of DraftKings’ arch-rival FanDuel, while now holding more than 5% of DraftKings itself.
Flutter Buying Goes Quiet
Dart began building his Flutter holding in 2025 and pushed his exposure above 30% before pausing further purchases in August.
The Irish Times reported on September 15 that the month-long pause was his longest spell without adding to Flutter since he first disclosed his investment.
The timing is interesting because Flutter shares have been under heavy pressure. For casino and sportsbook customers, none of this currently means FanDuel, Paddy Power or Betfair is changing hands. A large shareholder owning stock is very different from that shareholder running the company.
Still, Dart’s willingness to buy into both Flutter and DraftKings gives him exposure to the two biggest names in US online sports betting at a point when both are dealing with a changing market, higher regulatory costs and competition from prediction platforms.
Evolution Is a Different Story
Dart’s position in live casino supplier Evolution carries a separate legal wrinkle. Candle Lake crossed 30% of Evolution’s voting rights in July, triggering Sweden’s mandatory takeover rules. It subsequently offered SEK 695 in cash for remaining shares. Evolution’s board advised shareholders not to accept the offer.
Candle Lake has said the offer was not driven by an intention to acquire the whole company and that it did not plan material changes to Evolution’s operations.
That distinction matters for players. Evolution supplies live blackjack, roulette, baccarat and game-show titles to hundreds of casino brands worldwide, so an operational overhaul at the supplier would ripple far beyond a single casino. Nothing disclosed so far points to one.
One Investor, Plenty of Gambling Exposure
Dart’s portfolio now cuts across several layers of online gambling. Flutter gives him exposure to FanDuel and a long list of sportsbook and casino brands. DraftKings adds a direct stake in FanDuel’s biggest US sportsbook rival. Evolution places him inside the supplier side of the casino business.
The common thread is not control but scale.
For players, there is no immediate reason to expect changes to odds, games, bonuses or accounts because of these holdings. Share ownership happens well above that level.
What it does reveal is how investors are looking at gambling after a brutal period for some public gaming stocks: not necessarily as a sector to abandon, but as one where falling valuations can create very large buying opportunities. Dart appears happy to spread that bet around.
