Flutter Entertainment Shares Jump 6.4% After $5 Million Stake Increase
Flutter Entertainment PLC (NYSE: FLUT) shares increased by 6.4% on Wednesday following a $5 million stake addition by billionaire investor Ken Dart. The increase was disclosed in a Form 4 filing with the U.S. Securities and Exchange Commission, indicating that Dart acquired 50,000 shares through a total‑return swap on June 5. The swap references a price of $99.94 per share and is set to terminate on March 2 2028.
Under the swap terms, Dart will pay monthly interest to the counter‑party based on the Secured Overnight Financing Rate (SOFR) and will receive payments equal to any dividends paid on the referenced shares during the swap’s life. The swap is cash‑settled at maturity; Dart must pay the counter‑party if the market price falls below the reference price, while the counter‑party must pay Dart if the market price rises above that level.
After completing the transaction, Dart’s total notional position in Flutter amounts to 17,121,501 shares, held through two entities he owns – LBS Limited and Lake Michigan Limited. Although Dart may be deemed the beneficial owner of the reported securities, he disclaims such ownership except to the extent of his pecuniary interest.
Option market activity on the same day showed 2,705 Flutter contracts traded, comprising 2,281 call contracts and 424 put contracts. The June 18 2026 $120 call option accounted for 782 contracts, with open interest of 1,212 contracts as of the preceding Monday.