Form 4: Kenneth Dart Increases Flutter Entertainment Swap Position

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

Summary

• Kenneth Bryan Dart, a 10% owner of Flutter Entertainment (FLUT), entered into a new total return swap agreement on April 17, 2026.
• The swap covers 553,522 notional shares of Flutter Entertainment common stock.
• The reference price for the swap is $101.9655 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 indirect position in notional shares is 12,469,734.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral-to-positive development, as it reflects a major shareholder's continued financial commitment to the company, albeit through a derivative structure.

Positives

• Significant increase in exposure to Flutter Entertainment by a major shareholder, signaling long-term confidence in the company's performance.

Negatives

• The transaction involves a derivative instrument (total return swap) rather than direct equity ownership, 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 $101.9655.
• The swap requires the payment of monthly interest based on the Overnight Bank Funding Rate (OBFR).

Future Outlook

The swap agreement establishes a long-term financial position for the reporting person through March 2, 2028, contingent on the future market performance of Flutter Entertainment shares.

Industry Context

StockSavvy.ai notes that large-scale derivative positions by major shareholders in the gaming and betting sector often reflect strategic positioning ahead of anticipated market growth or consolidation.

Comparison to Industry Standards

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

Related Party Transactions

• The reporting person disclaims beneficial ownership of the securities held by Lake Michigan Limited and LBS Limited except to the extent of his pecuniary interest.

Stakeholder Impact

• Shareholders may view the increased notional position as a sign of institutional confidence in the company's long-term 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