Kenneth Dart boosts Flutter (FLUT) exposure with 245,936-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 LBS Limited, entered into a new total return swap referencing 245,936 shares of Flutter common stock. The swap was priced at a reference level of $108.8074 per share and is scheduled to terminate on March 2, 2028, when it will be cash-settled.

After this transaction, Dart’s indirect economic exposure through swaps referenced in this filing totals 6,500,314 notional shares. Under the swap terms, Dart’s entity will pay the counterparty any decline in the share price below the reference price and receive any increase above it, plus amounts equal to dividends, while paying monthly interest based on SOFR.

Insights

Derivatives and insider transactions analyst

Large shareholder increased economic exposure via a cash-settled total return swap.

The filing shows a net buy of derivative exposure: LBS Limited, associated with Kenneth Bryan Dart, entered a total return swap on 245,936 notional Flutter shares at a $108.8074 reference price. This raises his reported indirect exposure to 6,500,314 notional shares.

The swap is cash-settled at maturity on March 2, 2028. Dart’s entity bears losses if the share price falls below the reference level and benefits if it rises, while receiving dividend-equivalent payments and paying SOFR-based financing costs. This is an economic, not voting, position.

A footnote clarifies that LBS Limited is the direct party to the swap and Dart disclaims beneficial ownership except for his pecuniary interest. The transaction size is meaningful but represents a minority of the reported notional exposure, suggesting an incremental rather than transformative position change.

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

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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 E9 KY1-1206

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
03/13/2026

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

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

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

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)	03/13/2026		P/K		245,936		03/02/2028	03/02/2028	Common Stock	245,936	$108.8074	6,500,314	I	See footnote(2)

Explanation of Responses:

1. The reference price for the Swap is $108.8074 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	03/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did Kenneth Bryan Dart report for Flutter Entertainment (FLUT)?

Kenneth Bryan Dart, via LBS Limited, reported entering a total return swap referencing 245,936 Flutter common shares. The derivative was established at a $108.8074 reference price, increasing his reported indirect economic exposure to 6,500,314 notional shares tied to Flutter stock.

How large is the new derivative position related to Flutter Entertainment (FLUT)?

The new position is a total return swap on 245,936 notional Flutter shares at a $108.8074 reference price. After this transaction, Dart’s reported indirect exposure through swaps in this filing totals 6,500,314 notional shares, indicating a sizeable but incremental economic stake.

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

The total return swap tied to Flutter Entertainment shares is scheduled to terminate on March 2, 2028. At maturity, it will be cash-settled, with Dart’s entity paying losses below the reference price and receiving gains above it, rather than receiving physical shares.

Who is the direct counterparty holder in the Flutter (FLUT) swap reported by Dart?

LBS Limited is the direct party to the total return swap and the holder of the notional Flutter shares. As owner of LBS Limited, Dart may be deemed a beneficial owner but disclaims beneficial ownership except to the extent of his pecuniary interest in the position.

Does Kenneth Bryan Dart receive dividends on the Flutter Entertainment shares in this swap?

Under the swap terms, Dart’s entity is entitled to payments equal to any dividends paid on the referenced Flutter shares. In exchange, it pays monthly interest to the counterparty on the financing leg of the swap at a rate based on SOFR during the swap’s term.

Is the reported Flutter (FLUT) swap an open-market purchase or a grant?

The transaction is classified as an open-market or private purchase of a derivative, coded as a “P” transaction. It reflects a deliberate decision to increase economic exposure via a cash-settled total return swap rather than receiving shares or options as compensation from the company.