Shares of Flutter Entertainment PLC experienced a notable intraday advance after billionaire investor Ken Dart augmented his economic exposure to the company by entering a further $5 million total return swap, according to a Form 4 filing with the Securities and Exchange Commission. The stock rose 6.4% on Wednesday following the disclosure.
The swap transaction, executed on June 5, referenced 50,000 shares at a price of $99.94 per share and is set to terminate on March 2, 2028. Under the terms laid out in the filing, the arrangement is structured to be cash-settled at maturity. Dart will be liable for any decline in the market price below the reference level, while the counterparty will be responsible for any increase above that level.
Following this purchase, Dart's aggregate notional position in Flutter stands at 17,121,501 notional shares. Those holdings are reported as being held through two entities he owns, LBS Limited and Lake Michigan Limited. The filing notes that Dart may be deemed to beneficially own the securities reported, but he disclaims beneficial ownership except to the extent of his pecuniary interest.
The swap also specifies ongoing cash flows during the life of the contract. Dart is required to make monthly interest payments to the counterparty tied to the Secured Overnight Financing Rate, or SOFR. In addition, he is entitled to receive payments from the counterparty equivalent to any dividends paid on the referenced shares during the swap term.
Options market activity in Flutter shares rose alongside the reported transaction. On Tuesday, total volume in Flutter options reached 2,705 contracts. Call contracts accounted for the bulk of that activity at 2,281 contracts, while put volume totaled 424 contracts.
Of particular note in the options data was the June 18, 2026 $120 call, which accounted for 782 contracts traded and had open interest of 1,212 contracts as of Monday. The options figures show increased dealer and investor engagement in derivatives tied to Flutter's equity.
The Form 4 filing and the options volume noted in market records provide a contemporaneous view of both the derivative structure used by a large investor to scale exposure and the broader derivatives activity in the stock. The swap's cash-settlement mechanics, the SOFR-linked payments, and the dividend entitlements embedded in the contract outline the economic profile of the position through its March 2, 2028 termination date.