Dan Loeb’s Third Point ups Flutter stake: What SEC filings reveal amid Snai deal closure
Recent filings with the Securities and Exchange Commission (SEC) reveal that Dan Loeb’s (left on featured image) hedge fund, Third Point LLC, has increased its investment in global betting giant Flutter Entertainment plc (NYSE:FLUT) during the fourth quarter of 2024. This move came ahead of Flutter finalising major strategic initiatives, including the completion of its €2.3 billion acquisition of Italian operator Snaitech (Snai).
According to its Form 13F filing for the period ending 31 December 2024, Third Point boosted its stake in Flutter by a substantial 70.6 percent. The firm acquired an additional 360,000 shares during the quarter, bringing its total holdings to 870,000 shares.
This increased position made Flutter Entertainment a significant holding for the fund, accounting for approximately 3.0 percent of Third Point’s reported investment portfolio and ranking as its 10th largest position at the time of filing. The stake, representing about 0.49 percent of Flutter’s outstanding shares, was valued at approximately $224.8 million based on the share price at the end of Q4 2024.
Third Point wasn’t the only major fund adjusting its Flutter holdings during that period. Filings show other large institutional investors like Capital World Investors, Vanguard Group, Parvus Asset Management Europe, Norges Bank, and FMR LLC also modified their stakes, indicating broad institutional interest in the betting company as it pursued key strategic goals.
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Flutter’s strategic execution
Third Point’s increased investment occurred as Flutter was progressing towards the completion of its major acquisition of Snaitech from Playtech, a deal first announced in September 2024. Flutter subsequently finalised this €2.3 billion transaction, significantly strengthening its presence in the high-growth Italian market and boosting its estimated online market share there to around 30 percent.
Flutter has stated it expects the Snai acquisition to deliver at least €70 million in operating cost savings and €10 million in capital expenditure synergies over the next three years, alongside revenue growth driven by its proprietary technology platform, the “Flutter Edge.” The deal was funded via a €2.5 billion bridge credit facility.
Also read: Flutter Entertainment settles legal dispute with Aviator
Insider transactions follow
While institutional investors were active in Q4, separate SEC filings show notable insider sales occurred later, in March 2025. CEO Amy Howe (right on featured image) sold 11,814 shares for approximately $3.08 million, and Director Jeremy Peter Jackson sold 25,027 shares for about $6.56 million.
With the Snai integration underway and further international expansion on the horizon, Flutter’s combination of scale, retail assets, and proprietary tech could be what’s drawing institutional investors’ attention. Analysts say Loeb’s increased stake signals a belief in the company’s ability to unlock synergies and margin improvement, despite a temporarily elevated leverage ratio following the acquisition.
Flutter has pledged to return to a 2.0–2.5x leverage ratio in the medium term, supported by projected profit growth and operational efficiencies.
“We expect leverage to increase but then reduce given the highly visible profitable growth opportunities that exist across the Group and we remain committed to our medium-term leverage ratio of 2.0-2.5x,” the company said in a .
In parallel, former Snai owner Playtech is returning the proceeds of the sale to shareholders via a €1.8 billion special dividend.
With Flutter’s stock up nearly 20 percent since the start of the year, investors and analysts will be watching closely to see whether Loeb pushes for further strategic moves—or simply enjoys the ride.
