The secretive billionaire investor Kenneth Dart, long known for keeping a low profile in the Cayman Islands, has quietly made a $2.5 billion move that could reshape the global gambling landscape. Dart, who rarely grants interviews and operates largely through a web of Cayman-based investment vehicles, has purchased a 5 percent stake in Flutter Entertainment plc, the London-listed parent company of Paddy Power, PokerStars, FanDuel, and several of the world’s leading betting brands.
According to financial disclosures reported by Market Screener and Tribuna.com, the purchase was executed through Candle Lake Ltd, one of Dart’s primary investment entities. The transaction makes him one of Flutter’s largest individual shareholders, further consolidating his growing presence across the online gaming and poker ecosystem.
Flutter Entertainment: The Titan Behind PokerStars and FanDuel
Flutter Entertainment—formerly known as Paddy Power Betfair—is a powerhouse in global online gambling. Its sprawling portfolio includes household names such as:
- PokerStars, the world’s leading online poker platform.
- FanDuel, the market leader in U.S. sports betting.
- Betfair, the pioneering betting exchange.
- Sky Betting & Gaming and Sportsbet, which dominate in the U.K. and Australia.
Since its 2016 merger with Betfair, Flutter has pursued an aggressive expansion strategy, culminating in the 2025 buyout of the remaining 5 percent of FanDuel to achieve full ownership of the U.S. sports-betting giant. The company’s stock has surged as a result of its American growth story, with Wall Street analysts labeling Flutter the “Amazon of online gambling.”
For poker enthusiasts, Flutter’s PokerStars remains the flagship brand connecting millions of players worldwide. Despite regulatory differences—especially in emerging markets like India—PokerStars continues to innovate through AI-driven gameplay analysis, responsible-gaming features, and large-scale tournament series such as the SCOOP and WCOOP.
Kenneth Dart: The Billionaire Who Prefers Silence to Spotlight
Kenneth Dart is one of the most secretive billionaires in the world. A reclusive figure, he renounced his U.S. citizenship decades ago and became a Cayman Islands national, building a multibillion-dollar empire spanning real estate, sovereign debt, and private equity. His net worth is currently estimated by Forbes at around $12 billion.
Through Candle Lake Ltd and Spring Mountain Ltd, Dart already owns a 17.15 percent stake in the Swedish gaming giant Evolution AB, known for its live-dealer casino technology. This new $2.5 billion Flutter investment clearly signals Dart’s intention to expand deeper into online gaming, esports, and poker technology.
Financial analysts describe Dart’s approach as “quiet power.” While he avoids media attention, his portfolio choices consistently position him near the center of high-growth global industries. In recent years, Dart has also been acquiring luxury commercial properties across the Cayman Islands, strengthening his control over the Caribbean tax haven’s real-estate landscape.
Why Flutter Entertainment Attracted Dart
Dart’s interest in Flutter Entertainment is no coincidence. The company’s diversified footprint across sports betting, online casino, and poker makes it a prime target for investors seeking exposure to the rapidly expanding digital-gambling sector.
Flutter’s brands have leveraged strong regulation in the U.K. and the U.S. to capture large, legally protected markets. With FanDuel controlling more than 40 percent of the U.S. sports-betting market and PokerStars continuing its dominance in global online poker, the group’s long-term earnings potential is enormous.
Moreover, Flutter’s strategic investments in AI-driven player insights and responsible gaming initiatives align with the growing global emphasis on safer gambling environments—an area that investors like Dart increasingly view as crucial to long-term sustainability.
Global Online Poker Industry Poised for Further Consolidation
Dart’s move comes at a pivotal time for the global online gambling industry. Governments worldwide are revisiting regulation around poker, esports, and fantasy sports, while public-market valuations for gaming operators have been rebounding in 2025 after two turbulent years.
For instance, PokerStars has been reinvesting heavily in cross-platform tournaments and strategic partnerships with streaming services to reach younger audiences. Meanwhile, FanDuel’s expansion in the U.S. and Betfair’s continued innovation in peer-to-peer exchanges are reshaping what the modern betting ecosystem looks like.
Analysts believe Dart’s investment may not be purely financial—it could also pave the way for future board-level influence at Flutter. With his combined stakes in Evolution AB and Flutter, Dart now sits among the most powerful figures in the international gambling industry, a space increasingly driven by consolidation, data analytics, and integrated gaming ecosystems.
Implications for the Broader Gaming Market
Dart’s strategic entry into Flutter represents a major endorsement of the online-gambling industry’s long-term prospects. Investors are watching closely to see whether he will pursue similar holdings in emerging poker and casino operators. His expanding footprint also suggests a potential role in shaping the next phase of global online poker innovation, from immersive live-dealer formats to blockchain-based player verification.
For India and poker in India watchers, Flutter’s continued global dominance is particularly significant. While real-money gaming remains a complex legal terrain in India, international moves by giants such as Flutter often influence how Asian markets evolve. Dart’s investment underlines the notion that online poker and iGaming are no longer niche hobbies—they’re becoming central pillars of global digital entertainment.
Kenneth Dart’s Silent but Strategic Play
Despite his aversion to publicity, Dart’s pattern is unmistakable: invest quietly, diversify aggressively, and focus on industries with scalable, high-margin returns. His portfolio spans tobacco conglomerates, sovereign-bond investments, and property empires, but online gaming now appears to be his new frontier.
With his Flutter stake alone valued at $2.5 billion, Dart joins the ranks of institutional investors shaping the direction of regulated global gambling. If market trends continue, his holdings in Flutter and Evolution AB could make him one of the most influential private investors in online gaming worldwide.
Final Thoughts
Kenneth Dart’s $2.5 billion move into Flutter Entertainment marks more than just another billionaire stock purchase—it signals growing institutional confidence in the online-poker and iGaming revolution. As Flutter continues to lead with PokerStars, FanDuel, and Betfair, Dart’s backing adds even more weight to the industry’s global legitimacy.
While many investors chase short-term tech plays, Dart’s approach reminds us that patience and strategic diversification often yield the most powerful returns—both in poker and in business.
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