Story
Flutter Entertainment Options Volume Surges, Dominated by Bearish Put Contracts
Options trading volume for Flutter Entertainment Plc (NYSE: FLUT) experienced a notable spike on Monday, with activity heavily skewed towards bearish sentiment. Total contracts traded reached 2,690 by 12:01 p.m. New York time, according to exchange data compiled by Bloomberg.
Options Activity in Detail
The day's trading was characterized by a significant imbalance between puts and calls. Put options, which are typically used to bet on or hedge against a price decline, far outnumbered bullish call options.
- Total Volume: 2,690 contracts
- Put Volume: 1,794 contracts
- Call Volume: 896 contracts
One specific contract accounted for the majority of the activity: the December 18, 2026 $110 put, which saw 1,518 contracts change hands. This volume significantly surpassed the contract's open interest of 728 contracts as of July 10, indicating a substantial number of new positions were being initiated.
AdMarket Context and Volatility
The surge in bearish options activity occurred even as Flutter Entertainment's stock performed strongly. Shares were trading at $116.60, a gain of 5.36% on the day. This divergence can suggest that some investors are hedging long positions against a potential future downturn.
Other derivatives data pointed to rising concern for downside risk. The three-month 90/110 skew, a measure of the relative cost of puts versus calls, increased by 3.28 percentage points to 1.53 percentage points, signaling a higher demand for downside protection. In contrast, the stock's three-month implied volatility saw a slight decline of 0.58 percentage points to 51.59%.