Kenneth Dart (NYSE: FLUT) boosts Flutter exposure via cash-settled swap

Rhea-AI Filing Summary

DART KENNETH BRYAN reported open-market purchase transactions in this Form 4 filing.

LBS Limited, an entity associated with major shareholder Kenneth Bryan Dart, entered into a cash-settled total return swap referencing 340,864 shares of Flutter Entertainment plc common stock. The swap has a reference price of $110.1102 per share and is scheduled to terminate on March 2, 2028.

At maturity, Dart’s entity will pay the counterparty if Flutter’s share price is below the reference price and receive payments if it is above. LBS Limited must also pay interest based on SOFR, while receiving amounts equal to any dividends on the referenced shares. Following this transaction, Dart’s aggregate economic exposure through swaps covers 7,053,418 referenced shares, reflecting increased indirect, non-voting exposure rather than direct share ownership.

Insights

Derivatives and insider activity analyst

Kenneth Dart increased indirect economic exposure to Flutter via a sizeable cash-settled total return swap.

LBS Limited, an entity owned by Kenneth Bryan Dart, entered a new total return swap referencing 340,864 Flutter shares at a $110.1102 reference price. The contract is cash-settled at maturity on March 2, 2028, so no physical share delivery is required.

Economically, Dart’s entity pays any decline below the reference price and receives any appreciation above it, plus dividend-equivalent payments, while paying SOFR-based financing costs. This increases leverage to Flutter’s share performance without voting rights or direct ownership.

After this trade, Dart’s total economic exposure via similar swaps covers 7,053,418 referenced shares, indicating a substantial position. Because the position is held through LBS Limited with beneficial ownership disclaimed except for pecuniary interest, the signal is mainly about financial exposure rather than governance control.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

DART KENNETH BRYAN

(Last) (First) (Middle)

P. O. BOX 31300

(Street)

GRAND CAYMAN

(City) (State) (Zip)

CAYMAN ISLANDS

(Country)

2. Issuer Name and Ticker or Trading Symbol
Flutter Entertainment plc [ FLUT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/17/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Total Return Swap	(1)	03/17/2026		P/K		340,864		03/02/2028	03/02/2028	Common Stock	340,864	$110.1102	7,053,418	I	See footnote(2)

Explanation of Responses:

1. The reference price for the Swap is $110.1102 per share. The Swap is scheduled to terminate on March 2, 2028, at which time the Swap will be cash-settled. Under the terms of the Swap, at maturity: (i)the Reporting Person will be obligated to pay to the counterparty any decrease in the market price of the referenced shares below the reference price, and (ii) the counterparty will be obligated to pay the Reporting Person any increase in the market price of the referenced shares above the reference price. The Swap requires the Reporting Person to pay monthly interest to the counterparty on the financing leg of the Swap at a rate based on SOFR. Additionally, the Reporting Person is entitled to receive payments from the counterparty equal to any dividends paid on the referenced shares during the term of the Swap.

2. LBS Limited is the party to the Swap and direct "holder" of the "notional" shares. As owner of LBS Limited, Mr. Dart may be deemed to beneficially own the reported securities but disclaims such beneficial ownership except to the extent of his pecuniary interest therein.

	/s/Kenneth B Dart	03/19/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Kenneth Dart’s entity do in this Flutter (FLUT) Form 4 filing?

LBS Limited, associated with Kenneth Bryan Dart, entered a new total return swap referencing 340,864 Flutter shares at a reference price of $110.1102. The swap is cash-settled and increases Dart’s indirect economic exposure without adding direct share ownership.

How large is Kenneth Dart’s total return swap exposure to Flutter (FLUT) after this transaction?

Following this transaction, Kenneth Dart’s aggregate economic exposure through swaps covers 7,053,418 referenced Flutter shares. This figure reflects the total notional number of shares referenced by his swaps, representing economic, but not voting, exposure.

When does Kenneth Dart’s new Flutter total return swap mature and how is it settled?

The new total return swap referencing Flutter shares is scheduled to terminate on March 2, 2028. At that time, it will be cash-settled, with payments based on the difference between Flutter’s share price and the $110.1102 reference price.

How does the total return swap affect Kenneth Dart’s economic risk in Flutter (FLUT)?

Under the swap, Dart’s entity must pay the counterparty any decrease below $110.1102 and receives any increase above that price. It also pays SOFR-based interest but receives dividend-equivalent payments, amplifying upside and downside tied to Flutter’s share performance.

Who is the direct holder of the Flutter total return swap reported for Kenneth Dart?

LBS Limited is the party to the swap and direct holder of the notional shares. As owner of LBS Limited, Kenneth Dart may be deemed to beneficially own the position but disclaims beneficial ownership except to the extent of his pecuniary interest.

Does this Form 4 mean Kenneth Dart bought Flutter (FLUT) shares outright?

No, this Form 4 shows entry into a cash-settled total return swap, not a direct share purchase. The position provides economic exposure to price moves and dividends, but does not itself convey direct ownership or voting rights in Flutter shares.