\n Posted on: April 8, 2026, 12:21h.\u00a0\n <\/p>\n
\n Last updated on: April 9, 2026, 07:35h.\n <\/p>\n
- \n
- The heir to the Dart Container fortune has been steadily buying Flutter stock<\/strong><\/li>\n
- He\u2019s been buying as the stock declines and as some insiders sold<\/strong><\/li>\n
- Dart\u2019s stake in the FanDuel owner is built through total return swaps<\/strong><\/li>\n<\/ul>\n
Kenneth Dart, the heir to the Dart Container fortune, has been quietly amassing a sizable stake in Flutter Entertainment (NYSE: FLUT), with a stake now in excess of 20%<\/p>\n
![\"FanDuel\"](\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/FD-858x572.jpg\")
The FanDuel Sportsbook logo. Kenneth Dart now owns 20% of Flutter stock through total return swaps. (Image: Flutter)<\/figcaption><\/figure>\n In a series of transactions commencing in September 2025, Dart has built a stake in the FanDuel owner that now exceeds 20%, meaning he\u2019s the largest individual investor in the gaming company.<\/p>\n
A series of roughly 20 filings with the Securities and Exchange Commission<\/a> (SEC) indicate Dart has been a dedicated buyer of Flutter shares in recent months.<\/p>\n
Based on Flutter\u2019s current market capitalization<\/a> of $18.08 billion, Dart\u2019s stake in the Betfair owner is worth around $3.6 billion.<\/p>\n
The billionaire has a track record of investing in so-called \u201csin stocks\u201d as he previously held large stakes in British American Tobacco and Imperial Brands.<\/p>\n
He\u2019s also no stranger to gaming investments as he started building a stake in Sweden\u2019s Evolution AB in November 2024 \u2013 one that totals more than 30% of that gaming company today.<\/p>\n
Even Billionaires Dollar-Cost Average<\/h2>\n
Alone, the size of Dart\u2019s 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.<\/p>\n
Over the past six months, shares of the consumer discretionary<\/a> stock are lower by 55.47%, but Dart\u2019s remained a dedicated buyer, filing 18 Form-4\u2019s with the SEC since the start of this year indicating he\u2019s been raising his stake in the Paddy Power owner.<\/strong><\/p>\n
\nFour 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.<\/p>\n
Through Cayman holding companies such as Candle Lake Limited and Lake Michigan Limited, Dart frequently uses derivatives to build stakes in companies.<\/p>\n<\/div>\n
A rough tally of Dart\u2019s 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.<\/p>\n
Adding to the intrigue around Dart\u2019s purchases of Flutter derivatives is the fact that he\u2019s been buying well some company insiders<\/a> have been paring their stakes.<\/p>\n
What Does Dart Want With Flutter?<\/h2>\n
\u201cMercurial\u201d may be an accurate description of Dart, implying that until he publicly states his intentions with Flutter, it\u2019s just a guessing game as to why he\u2019s been gobbling up total return swaps.<\/p>\n
- He\u2019s been buying as the stock declines and as some insiders sold<\/strong><\/li>\n