Form 4: Kenneth Dart Increases Flutter Entertainment Swap Position

Reporting person Kenneth Bryan Dart has increased his indirect beneficial interest in Flutter Entertainment plc through a new total return swap agreement.

Summary

• Kenneth Bryan Dart, a 10% owner of Flutter Entertainment plc, entered into a new total return swap agreement on May 13, 2026.
• The swap covers 418,077 notional shares of Flutter Entertainment common stock.
• The reference price for the swap is $94.7179 per share.
• The swap is scheduled to terminate on March 2, 2028, and will be cash-settled.
• Following this transaction, the reporting person's total notional position in Flutter Entertainment is 14,598,606 shares.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral-to-positive signal, as it reflects a major shareholder's commitment to the stock's future performance without indicating a change in company operations.

Positives

• Demonstrates continued long-term interest and confidence from a major 10% shareholder in the company's equity performance.

Negatives

• The transaction involves a derivative instrument (total return swap) rather than direct ownership of common stock, which does not grant voting rights.

Risks

• The reporting person is obligated to pay the counterparty for any decrease in the market price of the referenced shares below the $94.7179 reference price at maturity.
• The swap requires monthly interest payments based on SOFR, creating a financing cost for the reporting person.

Future Outlook

The swap agreement indicates a long-term outlook on the stock price, with the contract set to expire in March 2028.

Management Comments

• The reporting person disclaims beneficial ownership of the securities except to the extent of his pecuniary interest therein.

Industry Context

StockSavvy.ai notes that large-scale derivative positions by major shareholders in the gaming and betting sector often signal institutional confidence in long-term growth, though they do not provide the same influence as direct equity ownership.

Comparison to Industry Standards

• The use of total return swaps is a common strategy for large institutional investors to gain economic exposure to a company without immediate direct share acquisition.
• The structure is consistent with standard derivative practices used by major shareholders in large-cap international gaming firms.

Related Party Transactions

• The transaction involves LBS Limited and Lake Michigan Limited, entities owned by the reporting person.

Stakeholder Impact

• Shareholders may view the increased notional position as a sign of stability from a significant investor.

Next Steps

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

Key Dates

Keywords

Flutter Entertainment, FLUT, Kenneth Dart, Total Return Swap, Insider Trading, Beneficial Ownership