Form 4: Kenneth Dart Increases Flutter Entertainment Swap Position

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

Summary

• Kenneth Dart, a 10% owner of Flutter Entertainment, entered into a new total return swap agreement on May 26, 2026.
• The swap covers 322,567 notional shares of Flutter Entertainment common stock.
• The reference price for the swap is $94.9972 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 16,786,085 shares.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a positive signal, as a major shareholder is increasing their economic exposure to the company's stock price for the next two years.

Positives

• Significant long-term investor maintains and expands exposure to the company's equity performance.
• The use of a total return swap indicates a bullish outlook on the underlying stock price through March 2028.

Negatives

• The transaction involves derivative instruments rather than direct ownership of common stock, which does not provide 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 $94.9972.
• The swap requires the payment of monthly interest based on SOFR, creating a financing cost for the position.

Future Outlook

The swap agreement indicates a long-term financial commitment to the performance of Flutter Entertainment stock through March 2028.

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 and market consolidation strategies.

Comparison to Industry Standards

• The use of total return swaps is a common practice among institutional investors to gain economic exposure to large-cap equities without immediate capital outlay for direct share purchases.

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 economic exposure by a major investor as a vote of confidence in the company's future performance.

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