Major Flutter (NYSE: FLUT) holder boosts exposure with 51,244-share Total Return Swap

Rhea-AI Filing Summary

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

Flutter Entertainment plc major shareholder Kenneth Bryan Dart, through affiliated entities, entered into a new Total Return Swap referencing 51,244 shares of Flutter common stock. The swap has a reference price of $109.0341 per share and is scheduled to terminate on March 2, 2028, when it will be cash-settled.

The filing states that Lake Michigan Limited is the direct party to this swap and the holder of the notional shares, while LBS Limited is party to previously reported swaps covering 7,453,418 notional shares. As owner of these entities, Mr. Dart may be deemed a beneficial owner but disclaims beneficial ownership except to the extent of his pecuniary interest. Following this transaction, the reported aggregate position in derivative instruments corresponds to 13,313,448 notional shares.

Insider Trade Summary

Net Buyer: 51,244 shares ($5,587,343)

Net Buy 1 txn

Insider DART KENNETH BRYAN

Role null

Bought 51,244 shs ($5.59M)

Type	Security	Shares	Price	Value
Purchase	Total Return Swap	51,244	$109.0341	$5.59M

Holdings After Transaction: Total Return Swap — 13,313,448 shares (Indirect, See footnote)

Footnotes (1)

1. The reference price for the Swap is $109.0341 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 OBFR. 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. Lake Michigan Limited is the party to the reported transaction and direct "holder" of the "notional" shares. LBS Limited is a party to previously reported swap transactions that provide an aggregate position in 7,453,418 "notional" shares. As owner of Lake Michigan Limited and 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.

Key Figures

New swap notional size: 51,244 shares Swap reference price: $109.0341 per share Swap maturity date: March 2, 2028 +2 more

5 metrics

New swap notional size 51,244 shares Total Return Swap referencing Flutter common stock

Swap reference price $109.0341 per share Reference price for the Total Return Swap

Swap maturity date March 2, 2028 Scheduled termination and cash settlement of the swap

Total notional position after trade 13,313,448 shares Aggregate derivative position corresponding to notional shares

Previously reported LBS Limited swaps 7,453,418 shares Aggregate notional shares from prior swap transactions

Key Terms

Total Return Swap, reference price, cash-settled, OBFR, +1 more

5 terms

Total Return Swap financial

"The reference price for the Swap is $109.0341 per share."

A total return swap is a private contract where one party pays the full economic performance of an asset (income plus price changes) to another party, while receiving a set payment such as a fixed rate or short-term interest in return. It matters to investors because it lets someone gain or shed exposure to an asset’s gains or losses without owning it, offering a way to borrow, hedge, or take leveraged positions while relying on the other party to make payments.

reference price financial

"The reference price for the Swap is $109.0341 per share."

cash-settled financial

"The Swap is scheduled to terminate on March 2, 2028, at which time the Swap will be cash-settled."

Cash-settled describes a financial contract that is resolved by paying the monetary difference between agreed and actual prices, instead of delivering the underlying asset. For investors, it matters because it simplifies trades—like settling a bet with cash rather than handing over the item—and affects liquidity, tax treatment, and counterparty exposure, since you receive or pay only the value change rather than owning or transferring the actual security or commodity.

OBFR financial

"The Swap requires the Reporting Person to pay monthly interest ... at a rate based on OBFR."

notional shares financial

"direct "holder" of the "notional" shares."

Form 4 Insider Transactions: What Each Field Means →

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)
04/24/2026

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)	04/24/2026		P/K		51,244		03/02/2028	03/02/2028	Common Stock	51,244	$109.0341	13,313,448(2)	I	See footnote(2)

Explanation of Responses:

1. The reference price for the Swap is $109.0341 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 OBFR. 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. Lake Michigan Limited is the party to the reported transaction and direct "holder" of the "notional" shares. LBS Limited is a party to previously reported swap transactions that provide an aggregate position in 7,453,418 "notional" shares. As owner of Lake Michigan Limited and 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	04/28/2026
	** 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 report in his latest Form 4 for FLUT?

Kenneth Bryan Dart, a major Flutter Entertainment shareholder, reported entering a new Total Return Swap referencing 51,244 notional shares at a reference price of $109.0341 per share, expanding his derivative exposure to the company.

What are the key terms of Kenneth Dart's new Flutter Total Return Swap?

The new Total Return Swap on Flutter stock references 51,244 shares at a reference price of $109.0341. It is scheduled to terminate on March 2, 2028 and will be cash-settled based on changes in Flutter’s share price over the term.

Who is the direct counterparty holder in the Flutter Total Return Swap?

The filing states that Lake Michigan Limited is the party to the reported swap transaction and the direct holder of the 51,244 notional shares. Kenneth Dart owns Lake Michigan Limited and may be deemed a beneficial owner through his pecuniary interest.

How large is Kenneth Dart’s total notional swap exposure to Flutter Entertainment?

After this transaction, the filing reports derivative positions corresponding to 13,313,448 notional shares of Flutter. This includes positions held via Lake Michigan Limited and previously reported swaps through LBS Limited, reflecting significant synthetic exposure to the company.

What obligations does Kenneth Dart have under the new Flutter Total Return Swap?

Under the swap, Mr. Dart’s entity must pay the counterparty any decrease in Flutter’s share price below $109.0341 and will receive any increase above that price, plus dividend-equivalent payments, while paying monthly interest based on the OBFR rate.