Form 4: Kenneth Dart Increases Flutter Entertainment Swap Position

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

Summary

• Kenneth B. Dart, a 10% owner of Flutter Entertainment plc, entered into a new total return swap agreement on May 20, 2026.
• The transaction involves 279,160 notional shares of Flutter Entertainment common stock.
• The reference price for the swap is $96.8498 per share.
• 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 LBS Limited and Lake Michigan Limited is 16,271,712.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral-to-positive signal, as it reflects a major shareholder increasing their economic exposure to the company, though it is a derivative transaction rather than a direct equity purchase.

Positives

• Increased exposure to Flutter Entertainment by a significant 10% shareholder suggests confidence in the company's long-term performance.

Negatives

• The transaction is a derivative instrument (total return swap) rather than a direct purchase 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 reference price of $96.8498.
• 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

• Mr. Dart disclaims beneficial ownership of the reported 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 the underlying equity's growth trajectory, despite the lack of direct voting control.

Comparison to Industry Standards

• Total return swaps are a standard financial tool used by institutional investors to gain economic exposure to large-cap stocks like Flutter Entertainment without immediate capital outlay for full share acquisition.

Related Party Transactions

• The transaction involves LBS Limited, an entity owned by the reporting person.

Stakeholder Impact

• Shareholders may view the increased economic interest by a 10% owner as a sign of stability and long-term commitment to the company's valuation.

Next Steps

• The swap will be cash-settled on March 2, 2028.

Key Dates

Keywords

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