Billionaire Kenneth Dart Invests Over $5 Billion in Flutter and Evolution

Billionaire Kenneth Dart — the Cayman Islands–based heir to a family empire built on disposable cups and packaging — has begun shifting his capital from the tobacco industry into the gambling sector after years of large-scale investments in tobacco stocks.

According to Bloomberg, Dart has been reducing his positions in tobacco companies since April while acquiring a significant stake in Flutter Entertainment, one of the world’s largest betting and gaming groups.

These moves complement his existing investment in Evolution, the Swedish online casino technology provider, where Dart’s stake is valued at roughly $2.9 billion.

Since 2020, Dart had been actively investing in British American Tobacco (BAT) and Imperial Brands. The appreciation of their shares allowed him to lock in substantial profits. His remaining stake in BAT is estimated at $3.6 billion, and his successful trades in the tobacco sector helped lift his overall net worth to $13.7 billion.

His new gambling-sector bets, however, have delivered mixed results so far. Once it became public that he had acquired a 5.6% stake in Flutter for roughly $2.5 billion, the company’s shares fell nearly 25%.

The decline followed Flutter’s weaker-than-expected Q3 2025 earnings, published in November, and growing competitive pressure from prediction-market platforms Kalshi and Polymarket. In response, Flutter’s flagship U.S. brand FanDuel is preparing to launch its own product in that space.

Evolution’s shares have also dropped — down around 35% since August 2024, when Dart first disclosed his investment. As of September 30, he owned 20.5% of the company.

Beyond equities, Dart holds a major real-estate portfolio across the Cayman Islands and six U.S. states, valued at more than $1 billion. In 1994, he renounced his U.S. citizenship and moved to the Cayman Islands — a British Overseas Territory — where he has since become one of its largest private landowners.

Earlier, Gambling Park reported on Flutter’s forced shutdown of operations in India, a move that is expected to reduce the group’s revenue by up to $67 million.