Flutter Entertainment (FLUT) holder Kenneth Dart adds 51,595-share total return swap

Rhea-AI Filing Summary

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

Flutter Entertainment plc large shareholder Kenneth Bryan Dart, through Lake Michigan Limited, entered into a cash-settled Total Return Swap referencing 51,595 notional common shares of Flutter at a reference price of $97.1957 per share. The swap matures on March 2, 2028, with Dart’s entity paying or receiving cash based on the share price relative to the reference price and receiving value equivalent to any dividends. This increases the aggregate notional exposure of entities he owns to Flutter shares while he disclaims beneficial ownership except to the extent of his pecuniary interest.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider DART KENNETH BRYAN

Role 10% Owner

Bought 51,595 shs ($5.01M)

Type	Security	Shares	Price	Value
Purchase	Total Return Swap F1, F2	51,595	$97.1957	$5.01M

Holdings After Transaction: Total Return Swap — 21,767,973 shares (Indirect, See footnote)

Footnotes (2)

1. F1. The reference price for the Swap is $97.1957 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. F2. Lake Michigan Limited is the party to the reported transaction and direct "holder" of the "notional" shares. Lake Michigan Limited and LBS Limited were parties to previously reported swap transactions that provide an aggregate position in 21,716,378 "notional" shares. As owner of LBS Limited and Lake Michigan 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 exposure: 51,595 notional shares Reference price: $97.1957 per share Swap maturity date: March 2, 2028 +2 more

5 metrics

New swap notional exposure 51,595 notional shares Total Return Swap referencing Flutter common stock entered on 2026-08-12

Reference price $97.1957 per share Per-share reference price for the Total Return Swap

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

Aggregate prior swap position 21,716,378 notional shares Previously reported swaps held by Lake Michigan Limited and LBS Limited

Notional exposure after transaction 21,767,973 notional shares Total notional shares following the reported swap transaction

Key Terms

Total Return Swap, cash-settled, reference price, notional shares, +2 more

6 terms

Total Return Swap financial

"The reference price for the Swap is $97.1957 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.

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.

reference price financial

"The reference price for the Swap is $97.1957 per share."

A reference price is a single benchmark price set by an exchange or market system that serves as the starting point for trading measures such as opening auctions, daily price limits, or short-term comparisons. For investors it matters because it anchors how gains, losses and allowable price movement are calculated—like a tide level that tells you how far the market can legally or normally move from that starting point—so it affects order execution and risk management.

notional shares financial

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

pecuniary interest financial

"disclaims such beneficial ownership except to the extent of his pecuniary interest therein"

OBFR financial

"interest to the counterparty on the financing leg of the Swap at a rate based on OBFR."

FAQ

What transaction did Kenneth Bryan Dart report in Flutter (FLUT)?

Kenneth Bryan Dart, via Lake Michigan Limited, entered into a cash-settled Total Return Swap referencing Flutter common stock, increasing his entities’ notional economic exposure to the shares while disclaiming full beneficial ownership except for his pecuniary interest.

How many Flutter (FLUT) shares are referenced in the new swap?

The reported Total Return Swap references 51,595 notional shares of Flutter common stock. This amount represents the incremental notional exposure added by the new swap to previously reported swap positions held by related entities.

What is the reference price and maturity of the Dart swap on Flutter (FLUT)?

The swap uses a $97.1957 per-share reference price and is scheduled to terminate on March 2, 2028. At maturity, the parties will cash-settle based on the difference between the market price and this reference price.

Does the Dart swap on Flutter (FLUT) involve physical delivery of shares?

No. The filing states the swap will be cash-settled at maturity. Dart’s entity and the counterparty exchange payments based on Flutter’s share price performance and dividends, rather than transferring actual Flutter shares.

How large is Kenneth Dart’s overall notional swap position in Flutter (FLUT)?

Footnotes state that Lake Michigan Limited and LBS Limited were already parties to swaps providing an aggregate position in 21,716,378 notional shares. The new 51,595-notional-share swap increases this economic exposure further.

How is beneficial ownership of the Flutter (FLUT) swap position attributed to Dart?

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

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 08/14/2026 - 05:15 PM Accepted by SEC EDGAR 08/14/2026 - 05:15 PM Learn about SEC filing dates

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)
08/12/2026

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)	08/12/2026		P/K		51,595		03/02/2028	03/02/2028	Common Stock	51,595	$97.1957	21,767,973(2)	I	See footnote(2)

Explanation of Responses:

1. The reference price for the Swap is $97.1957 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. Lake Michigan Limited and LBS Limited were parties to previously reported swap transactions that provide an aggregate position in 21,716,378 "notional" shares. As owner of LBS Limited and Lake Michigan 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	08/14/2026
	** 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)