Major Flutter (NYSE: FLUT) holder boosts exposure via 212K-share swap

Filing Impact

(Very High)

Filing Sentiment

(Very Positive)

Form Type

Rhea-AI Filing Summary

LBS Limited, an entity associated with 10% owner Kenneth Bryan Dart, entered into a cash-settled total return swap referencing 212,240 Flutter Entertainment common shares. The swap was recorded as an open-market purchase of a derivative position at a reference price of $108.8734 per share.

The swap is scheduled to terminate on March 2, 2028, when it will be cash-settled based on the change in Flutter’s share price relative to the reference price. LBS Limited will pay monthly interest to the counterparty at a rate based on SOFR and is entitled to receive payments equal to any dividends on the referenced shares. As owner of LBS Limited, Mr. Dart may be deemed to beneficially own this economic exposure but disclaims beneficial ownership except to the extent of his pecuniary interest.

Insider Trade Summary

Net Buyer: 212,240 shares ($23,107,290)

Net Buy 1 txn

Insider DART KENNETH BRYAN

Role 10% Owner

Bought 212,240 shs ($23.11M)

Type	Security	Shares	Price	Value
Purchase	Total Return Swap	212,240	$108.8734	$23.11M

Holdings After Transaction: Total Return Swap — 6,712,554 shares (Indirect, See footnote)

Footnotes (1)

The reference price for the Swap is $108.8734 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. 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.

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Form 4 Insider Transactions: What Each Field Means →

03/18/2026 - 06:55 PM

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)
03/16/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Total Return Swap	⁽¹⁾	03/16/2026		P/K		212,240		03/02/2028	03/02/2028	Common Stock	212,240	$108.8734	6,712,554	I	See footnote⁽²⁾

Explanation of Responses:

1. The reference price for the Swap is $108.8734 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	03/18/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did FLUT major holder Kenneth Dart report?

A related entity, LBS Limited, entered a cash-settled total return swap referencing 212,240 Flutter Entertainment shares. The swap is treated as an open-market purchase of a derivative at a reference price of $108.8734 per share, increasing economic exposure.

How large is the new Flutter (FLUT) swap position reported on Form 4?

The total return swap references 212,240 Flutter Entertainment common shares. After this transaction, the Form 4 shows a total of 6,712,554 derivative-linked shares following the transaction, indicating substantial notional exposure tied to Flutter’s share price performance.

When does the Flutter (FLUT) total return swap reported by LBS Limited mature?

The total return swap is scheduled to terminate on March 2, 2028. At maturity, the position will be cash-settled, with payments based on the difference between Flutter’s share price and the $108.8734 reference price over the life of the swap.

How is the Flutter (FLUT) total return swap economically structured?

At maturity, LBS Limited must pay the counterparty any price decline below $108.8734 per share and receives any increase above that level. LBS Limited also pays monthly SOFR-based interest and receives cash flows equal to dividends on the referenced shares.

Who is the direct holder of the Flutter (FLUT) swap position on Form 4?

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

Is the Flutter (FLUT) swap reported by Kenneth Dart physically settled?

The disclosed total return swap is cash-settled at maturity on March 2, 2028. Settlement will involve cash payments between LBS Limited and the counterparty based on Flutter’s share price performance and dividends, rather than delivery of physical shares.