Form 4: Kenneth Dart Increases Flutter Entertainment Swap Position

Reporting person Kenneth Dart acquired a total return swap position equivalent to 21,706 shares of Flutter Entertainment plc.

Summary

• Kenneth Dart, a 10% owner of Flutter Entertainment plc, entered into a total return swap transaction on April 28, 2026.
• The transaction involves 21,706 notional shares at a reference price of $107.9038.
• The swap is scheduled to terminate on March 2, 2028, and will be cash-settled.
• Following this transaction, the reporting person's aggregate position in notional shares through various entities (Lake Michigan Limited and LBS Limited) totals 13,335,154 shares.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral-to-positive signal, as it reflects a major shareholder maintaining and slightly increasing their economic exposure to the company.

Positives

• Continued long-term interest in the company by a major 10% shareholder through derivative instruments.

Negatives

• The transaction is a derivative swap rather than a direct purchase of common stock, indicating a synthetic exposure rather than direct equity ownership.

Risks

• Exposure to market price fluctuations of Flutter Entertainment shares through the swap agreement.
• Obligation to pay the counterparty for any decrease in market price below the reference price of $107.9038 at maturity.
• Interest rate risk associated with the financing leg of the swap based on the Overnight Bank Funding Rate (OBFR).

Future Outlook

The swap agreement is set to mature on March 2, 2028, at which point the position will be cash-settled based on the market price of Flutter Entertainment shares relative to the reference price.

Industry Context

StockSavvy.ai notes that large-scale derivative positions by major shareholders in the gaming and betting sector often signal confidence in long-term valuation, though they do not represent direct voting control.

Comparison to Industry Standards

• The use of total return swaps is a common financial instrument for institutional investors to gain economic exposure to large-cap equities like Flutter Entertainment without immediate capital outlay for direct share acquisition.

Related Party Transactions

• The reporting person owns Lake Michigan Limited and LBS Limited, which are the entities holding the notional shares.

Stakeholder Impact

• Shareholders may view the continued accumulation of economic interest by a 10% owner as a sign of institutional confidence.

Next Steps

• Cash settlement of the swap agreement on March 2, 2028.

Key Dates

Keywords

Flutter Entertainment, FLUT, Kenneth Dart, Total Return Swap, SEC Form 4, Insider Trading, Derivative Securities