LBS Limited, linked to Dart, takes large Flutter (FLUT) total return swap

Rhea-AI Filing Summary

Flutter Entertainment plc insider filings show that entity LBS Limited, associated with ten percent owner Kenneth Bryan Dart, entered into a Total Return Swap referencing 319,624 notional shares of Flutter on a cash-settled basis.

The swap was entered as an open-market purchase with a reference price of $104.3424 per share and is scheduled to terminate on March 2, 2028. At maturity, LBS Limited must pay the counterparty any decline in the market price below the reference price and will receive any increase above it, with settlement in cash rather than delivery of shares.

During the term of the swap, LBS Limited pays monthly interest to the counterparty on the financing leg at a rate based on SOFR and is entitled to receive payments equal to any dividends paid on the referenced Flutter shares.

Insights

Derivatives & Equity Ownership Analyst

Large cash-settled swap increases economic exposure without direct share ownership.

The transaction is a cash-settled Total Return Swap on 319,624 notional Flutter shares at a reference price of $104.3424. This gives LBS Limited, an entity associated with Kenneth Dart, economic exposure to Flutter’s share performance without taking direct custody of shares.

Because the swap is cash-settled at maturity on March 2, 2028, LBS Limited will pay the counterparty for any decline below the reference price and receive cash for any increase above it. The arrangement also passes through dividend-equivalent payments while requiring SOFR-based interest payments, so its net effect depends on future share prices, dividends, and funding costs.

The filing characterizes this as an open-market purchase of a derivative, not common stock. It increases indirect, derivative-based exposure rather than voting power, and the reporting person explicitly disclaims beneficial ownership beyond pecuniary interest. Subsequent filings may provide updates if the notional amount or terms 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

OMB Number:			3235-0287
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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)
03/03/2026

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)	03/03/2026		P/K		319,624		03/02/2028	03/02/2028	Common Stock	319,624	$104.3424	1,172,477	I	See footnote(2)

Explanation of Responses:

1. The reference price for the Swap is $104.3424 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	03/05/2026
	** 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).
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FAQ

What derivative position did Kenneth Dart’s affiliated entity take in Flutter (FLUT)?

An affiliated entity, LBS Limited, entered a Total Return Swap referencing 319,624 notional Flutter shares at a reference price of $104.3424 per share, creating cash-settled economic exposure rather than direct share ownership.

Who is the direct party to the Total Return Swap on Flutter (FLUT) shares?

LBS Limited is the direct party to the Total Return Swap and the direct holder of the notional Flutter shares. As owner of LBS Limited, Kenneth Dart may be deemed to beneficially own the securities, subject to his pecuniary interest.

When does the Total Return Swap linked to Flutter (FLUT) mature and how is it settled?

The Total Return Swap referencing Flutter shares is scheduled to terminate on March 2, 2028. At maturity, it will be cash-settled, with payments based on the difference between the market price and the $104.3424 reference price.

How do gains and losses work on the Flutter (FLUT) Total Return Swap?

At maturity, LBS Limited must pay the counterparty any decrease in Flutter’s market price below $104.3424, and the counterparty must pay LBS Limited any increase above that price, with settlement entirely in cash.

What income and financing terms apply to the Flutter (FLUT) Total Return Swap?

LBS Limited pays monthly interest to the counterparty on the financing leg at a rate based on SOFR, and it is entitled to receive payments equal to any dividends paid on the referenced Flutter shares during the swap term.

Does Kenneth Dart directly own the Flutter (FLUT) shares referenced in the swap?

The filing states that LBS Limited is the direct holder of the notional shares under the swap. Kenneth Dart may be deemed to beneficially own the reported securities but disclaims beneficial ownership except to the extent of his pecuniary interest.