Ken Dart increased his economic exposure to Flutter Entertainment through a $35 million total return swap, according to a new Form 4 filed with the U.S. Securities and Exchange Commission.
The Form 4 was filed on June 25, 2026 and described an acquisition dated June 23, 2026.
The filing said Dart acquired a total return swap referencing 350,000 Flutter shares at a reference price of $98.5771 per share.
In the same disclosure, the swap was described as cash-settled and scheduled to terminate on March 2, 2028.
The transaction increased Dart’s notional position in Flutter to 17,830,927 shares.
That notional position was held indirectly through entities LBS Limited and Lake Michigan Limited, according to the report.
The article said the additional exposure coincided with a 5.2% rise in Flutter shares on the NYSE on Friday.
For Flutter’s London listing, Davy data showed the shares at 7,636 pence at 08:44 local time on June 27, 2026.
On the same day, the London shares were up 5.76%, trading in an intraday range between 7,172 and 7,680 pence.
Separate coverage by Casino.org said Dart’s Flutter stake is in excess of 20% and that he began building that stake in September 2025.
Casino.org also reported that Dart has made a run of SEC filings in recent months, including a total of 18 Form-4s filed since the start of the year, and said the most recent arrived on April 6.
Casino.org added that a document dated April 6 indicated Dart, through a Cayman Islands affiliate, bought 28,479 total return swaps expiring in March 2028 on April 2.
Casino.org further said Dart frequently uses derivatives through Cayman holding companies such as Candle Lake Limited and Lake Michigan Limited, and it estimated a rough tally of $886 million in Flutter derivatives purchases since the start of March.
Dart’s latest swap, as described in the June 25 Form 4, is scheduled to terminate on March 2, 2028.
