Flutter Entertainment's shares have fallen by almost a quarter since US billionaire Kenneth Dart disclosed a stake last September. Photographer: Jason Alden/Bloomberg via Getty ImagesReclusive Cayman Islands-based billionaire, Kenneth Dart has solidified his credentials as a contrarian investor in the past three months or so with a growing bet on Paddy Power owner Flutter Entertainment. Flutter disclosed this week that two Dart vehicles – Lake Michigan Ltd and LBS Ltd – now have a combined 15 per cent stake in Flutter, worth $5.65 billion (€4.86 billion) making him the biggest shareholder in the group. (About a third of the holding via financial derivatives called equity swaps, giving him economic exposure without owning the shares directly.) But not all investors are like Dart, whose family wealth stems from his grandfather founding Dart Manufacturing, the world’s largest maker of Styrofoam cups.

Source: The Irish Times January 10, 2026 13:34 UTC