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 27, 2026.
• The transaction involves 190,800 notional shares of Flutter Entertainment common stock.
• The swap has a reference price of $95.5966 per share and is scheduled to terminate on March 2, 2028.
• Following this transaction, the reporting person's total indirect beneficial ownership through swap arrangements reached 16,976,885 notional shares.
• The swap is cash-settled and includes provisions for interest payments based on SOFR and dividend equivalent payments.

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 interest in the company via derivatives.

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 equity, which does not grant voting rights.

Risks

• The reporting person is exposed to market price decreases of the underlying shares below the reference price of $95.5966.
• The swap requires ongoing monthly interest payments based on SOFR, creating a financing cost for the position.

Future Outlook

The swap agreement is set to terminate on March 2, 2028, at which point it 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 strategic positioning rather than short-term trading, reflecting institutional interest in the sector's consolidation and growth potential.

Comparison to Industry Standards

• The use of total return swaps is a common practice among institutional investors and high-net-worth individuals to gain economic exposure to large-cap equities like Flutter Entertainment without immediate direct ownership.
• The scale of the position (over 16.9 million notional shares) is consistent with the activity of major institutional holders in the global gambling and sports betting industry.

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 10% owner as a sign of stability and long-term commitment to the company's valuation.

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