Billionaire investor Kenneth Dart has moved closer to consolidating his influence over the global gambling industry after increasing his stake in live casino technology provider Evolution beyond Sweden’s key 30% ownership threshold, a level that automatically activates the country’s mandatory takeover rules.
Through his Cayman Islands-based investment vehicle Candle Lake, Dart acquired an additional 2.05 million Evolution shares, lifting his holding to approximately 59.8 million shares, or around 30.02% of the company. Under Swedish takeover regulations, investors crossing the 30% threshold must either launch a public offer for the remaining shares or reduce their ownership below the limit within four weeks.
Evolution, one of the world’s leading suppliers of live casino content and online gaming technology, declined to comment on the development. The company has become one of the industry’s most valuable technology providers, supplying live dealer games and casino platforms to licensed operators across regulated markets.
The latest purchase continues Dart’s aggressive investment strategy across the gaming sector. Earlier this year, Candle Lake steadily expanded its influence in Flutter Entertainment, owner of brands including FanDuel, Paddy Power, Sky Bet and PokerStars. Recent regulatory disclosures showed Dart controls roughly 28% of Flutter through a combination of direct share ownership and equity-based financial instruments, making him the company’s largest private shareholder.
Dart has gradually accumulated significant positions in both Evolution and Flutter during periods of market volatility, reinforcing his status as one of the gambling industry’s most influential investors. While his enlarged Evolution stake now obliges him to make a strategic decision under Swedish law, market observers will closely watch whether he proceeds with a formal takeover bid or opts to reduce his holding to remain below the regulatory threshold.