US Billionaire Raises Flutter Stake to 27% as CIBC Joins With 5.3%

Kenneth Dart has lifted his stake in Flutter Entertainment to 27.6%, making him the biggest private shareholder in the company. At the same time, the Canadian Imperial Bank of Commerce has taken a 5.3% stake in Flutter, becoming one of its newest institutional investors.

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A filing to the London Stock Exchange on 20 May confirmed the move, showing that Dart added more shares through his investment firm Candle Lake. His voting rights from equity‑based swaps rose from 6.25% to 8.8%, secured through Candle Lake’s Cayman Islands unit, LBS Ltd. 

Combined with the 18.8% of shares he owns directly, Dart now controls more than a quarter of Flutter’s voting rights. The company’s portfolio covers major markets around the world, with FanDuel leading in the US, Betfair running the global betting exchange, Sisal and Snaitech in Italy, Sky Bet in Britain, and Paddy Power across the UK and Ireland.

Before this latest purchase, his control stood at 25%, split between direct shares and swaps. With Flutter valued at £12.85bn, Dart’s 27.6% stake is worth about £3.55bn. 

CIBC joins the fray

The Canadian Imperial Bank of Commerce has stepped into Flutter Entertainment, taking a 5.3% stake in the gambling giant. 

A filing to the London Stock Exchange confirmed the move on 15 May, marking the first time the bank has held shares in the company. CIBC, one of Canada’s “Big Five” alongside RBC, TD, BMO, and Scotiabank, now joins a growing list of investors backing Flutter. 

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The entry of CIBC comes at a time when Flutter’s shareholder base has been shifting quickly. The company, listed in both London and New York, has seen several new investors take positions in recent months. 

Investors continue to troop in despite worsening shares

Flutter Entertainment has seen heavy investor activity even as its share price keeps sliding. Outgoing FanDuel CEO Amy Howe sold 4,711 shares through JPMorgan, while group CEO Peter Jackson added to his holdings. 

Chair John Bryant and non‑executive director Stefan Bomhard also bought more shares, showing confidence in the company. 

Big institutions have been moving too. BlackRock lifted its stake above 5%, Kenneth Dart pushed his control to 27%, and Parvus Asset Management doubled its holding to 10%. At the same time, Capital Group cut back from 14.9% to 9.9%. These moves came during Flutter’s $250m buyback programme, part of a wider $5bn plan launched in March. 

Despite shares dropping more than 55% this year to $96.36, analysts remain positive. Macquarie set a target price of $190, pointing to strong cash flow and Flutter’s reach across global markets. 

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Source: SBC News