Kenneth Dart takes $691M stake in DraftKings, backing both top US sportsbooks
What's the deal? Kenneth Dart's investment vehicle Candle LakeDealroom has a profile for this one. Try Dealroom → acquired a 5.8% stake in US sports betting operator DraftKings. An SEC filing released on 14 August confirmed the purchase of 28,581,386 shares, a position worth approximately $691 million at the share price cited by Gambling News .
Why now? The disclosure followed Candle Lake crossing the 5% ownership threshold that triggers a Schedule 13G filing. DraftKings' share price had fallen more than 46% over the preceding year amid competition from prediction markets and disappointing financial results.
What it means. Dart now holds interests in both DraftKings and FanDuel, alongside stakes in Flutter Entertainment, Evolution and Hacksaw GamingDealroom has a profile for this one. Try Dealroom →. Candle Lake also recently crossed the 30% threshold in Evolution, triggering a formal takeover bid without indicating an intention to seek full control.
Read more: Gambling News
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