Flutter Entertainment plc (FLUT) Max Pain Analysis
Max pain is the strike price where aggregate option buyer payout is minimized at expiration. It represents the price at which option writers retain the most premium.
Flutter Entertainment plc (FLUT) operates in the Consumer Cyclical sector, specifically the Gambling, Resorts & Casinos industry, with a market capitalization near $16.53B, listed on NYSE, employing roughly 27,345 people, carrying a beta of 1.15 to the broader market. Flutter Entertainment plc operates as a sports betting and gaming company in the United Kingdom, Ireland, Australia, the United States, and internationally. Led by Jeremy Peter Jackson, public since 2002-10-04.
Snapshot as of May 15, 2026.
- Spot Price
- $92.55
- Max Pain Strike
- $110.00
- Total OI
- 75.9K
As of May 15, 2026, Flutter Entertainment plc (FLUT) max pain sits at $110.00, which is above the current spot price of $92.55 (18.9% away). Spot sits 18.9% above max pain - the gap is wide enough that the pinning effect alone is unlikely to close it; expect catalyst flow, positioning unwinds, or rebalancing to drive the actual price path before any expiration pull. FLUT sits in the lower-price band (spot $92.55), where $0.50-$2.50 strike spacing makes pin-to-strike effects easy to spot but per-contract dollar gamma is smaller. Total open interest across the listed chain is comparatively thin (75.9K contracts), so single-strike pinning is less reliable than it is for high-OI names. FLUT is currently in negative dealer gamma (-$2.7M), a regime that amplifies directional moves rather than damping them, weakening the pin-toward-max-pain bias. Max pain identifies the strike at which the aggregate dollar value of all outstanding options contracts would expire with the least total intrinsic value, a gravitational reference rather than a price target.
FLUT Strategy Implications at the Current Max Pain Level
With spot 18.9% from the $110.00 max-pain level and Flutter Entertainment plc in a negative-gamma regime, where dealer hedging amplifies directional moves and weakens any pin, strategy selection turns on cycle position and dealer positioning. Iron condors and credit spreads centered near the max-pain strike capture the typical end-of-cycle convergence when the regime supports pinning; ratio backspreads or directional debit structures fit names where catalyst flow is likely to overwhelm the hedging-driven pull. The gamma-exposure page shows the per-strike dealer book that determines whether hedging will reinforce or fight the pin.
Learn how max pain is reported and how to read the data →
Frequently asked FLUT max pain analysis questions
- What is the current FLUT max pain strike?
- As of May 15, 2026, Flutter Entertainment plc (FLUT) max pain sits at $110.00, which is 18.9% above the current spot price of $92.55. Max pain identifies the strike at which aggregate option-buyer payouts at expiration are minimized; it is a gravitational reference, not a price target. A 18.9% gap is wide enough that the pinning effect alone is unlikely to close it; expect catalyst flow, positioning unwinds, or rebalancing to drive the price path before any expiration pull.
- Does FLUT pin to its max pain strike at expiration?
- FLUT is currently in negative dealer gamma, a regime that amplifies directional moves rather than damping them. The pin-toward-max-pain bias weakens here because dealer hedging adds momentum rather than mean reversion. Total open interest across FLUT (75.9K contracts) is one input to how plausible a clean pin is - heavier total OI concentrated at fewer strikes raises the probability; thin OI spread across many strikes lowers it. Pinning is strongest in heavily-traded names with large open-interest concentrations at high-OI strikes during the final week of an OPEX cycle. Whether FLUT actually pins on a given expiration depends on the OI distribution, the dealer-gamma sign, and the absence of catalyst-driven moves that overwhelm hedging-driven flow.
- How is FLUT max pain calculated?
- Max pain is computed by summing the dollar value of all in-the-money options at each candidate settlement strike across listed expirations, then selecting the strike that minimizes total intrinsic-value payout to option buyers. The calculation uses the full open-interest distribution and weighs both calls and puts. FLUT put/call OI ratio is 0.93 - balanced, so the max-pain calculation reflects the strike where the call and put OI distributions cross rather than a single dominant side.