Form 4: Kenneth Dart Increases Flutter Entertainment Swap Position

Reporting person Kenneth Dart acquired a total return swap position equivalent to 51,244 shares of Flutter Entertainment plc.

Summary

• Kenneth Dart, a 10% owner of Flutter Entertainment (FLUT), entered into a total return swap transaction on April 24, 2026.
• The transaction involves 51,244 notional shares at a reference price of $109.0341 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 various entities (Lake Michigan Limited and LBS Limited) totals 13,313,448 shares.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral-to-positive signal, as it reflects a significant investor maintaining and slightly increasing their economic exposure to the company.

Positives

• The transaction indicates continued long-term interest in Flutter Entertainment by a significant 10% shareholder.

Negatives

• The transaction is a derivative swap rather than a direct purchase of common stock, meaning the reporting person does not hold voting rights for these specific shares.

Risks

• The reporting person is exposed to market price decreases of the underlying shares, as they are obligated to pay the counterparty for any decline below the reference price of $109.0341.
• The swap involves financing costs based on the Overnight Bank Funding Rate (OBFR).

Future Outlook

The swap is a long-term derivative position set to expire in March 2028, reflecting a multi-year outlook on the issuer's performance.

Industry Context

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

Comparison to Industry Standards

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

Related Party Transactions

• The transaction was executed by Lake Michigan Limited, an entity owned by the reporting person, Kenneth Dart.

Stakeholder Impact

• Shareholders may view the continued accumulation of economic interest by a 10% owner as a sign of institutional confidence.

Next Steps

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

Key Dates

Keywords

Flutter Entertainment, FLUT, Kenneth Dart, Total Return Swap, SEC Form 4, Insider Trading, Beneficial Ownership