Flutter holder enters swap on 86,162 shares

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

Rhea-AI Filing Summary

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

Flutter Entertainment plc’s major shareholder increased economic exposure through a cash-settled derivative. An entity owned by Kenneth Dart, Lake Michigan Limited, entered into a Total Return Swap referencing 86,162 shares of Flutter common stock at a reference price of $109.2836 per share. The swap expires on March 2, 2028 and will be cash-settled based on the share price versus that reference level. The reporting person pays monthly interest based on OBFR and receives amounts equal to dividends on the referenced shares. Dart may be deemed to beneficially own these notional interests through Lake Michigan Limited and LBS Limited but disclaims beneficial ownership except for his pecuniary interest.

Insider Trade Summary

Net Buyer: 86,162 shares

Net Buy 1 txn

Insider DART KENNETH BRYAN

Role 10% Owner

Bought 86,162 shs ($9.42M)

Type	Security	Shares	Price	Value
Purchase	Total Return Swap	86,162	$109.2836	$9.42M

Holdings After Transaction: Total Return Swap — 12,555,896 contracts (Indirect, See footnote)

Footnotes (2)

1. F1. The reference price for the Swap is $109.2836 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. 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

Swap notional shares: 86,162 shares Reference price: $109.2836 per share Swap maturity: March 2, 2028 +2 more

5 metrics

Swap notional shares 86,162 shares Total Return Swap underlying Flutter common stock

Reference price $109.2836 per share Swap reference price for the 86,162 notional shares

Swap maturity March 2, 2028 Scheduled termination date; swap is cash-settled at maturity

Total position following 12,555,896 shares Total notional shares referenced following this transaction

Prior notional swaps 7,453,418 shares Notional shares from previously reported swaps via LBS Limited

Key Terms

Total Return Swap, notional shares, OBFR, pecuniary interest

4 terms

Total Return Swap financial

"entered into a Total Return Swap referencing 86,162 shares of Flutter common stock"

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.

notional shares financial

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

OBFR financial

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

pecuniary interest financial

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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Kenneth Dart’s entity do in this Flutter (FLUT) Form 4 filing?

An entity owned by Kenneth Dart, Lake Michigan Limited, entered a Total Return Swap referencing 86,162 Flutter common shares. This derivative increases economic exposure without direct share ownership and will be cash-settled at maturity based on Flutter’s share price performance.

How large is the Total Return Swap position reported for Flutter (FLUT)?

The swap references 86,162 shares of Flutter common stock at a reference price of $109.2836 per share. This defines the notional size and price level used to determine cash payments when the swap matures or is otherwise settled.

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

The swap is scheduled to terminate on March 2, 2028 and is cash-settled at maturity. The reporting person pays any decline below the reference price, while receiving any increase above that price from the counterparty.

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

Lake Michigan Limited is the direct party to the swap and the holder of the notional shares. It is owned by Kenneth Dart, who may be deemed to beneficially own the position but disclaims beneficial ownership beyond his pecuniary interest.

What ongoing payments are involved in the Flutter (FLUT) Total Return Swap?

The reporting person must pay monthly interest to the counterparty on the financing leg at a rate based on OBFR. In return, they are entitled to receive payments equal to any dividends paid on the referenced Flutter shares during the swap’s term.

How does this Form 4 relate to Dart’s prior Flutter (FLUT) swap positions?

The footnotes state LBS Limited, another Dart-owned entity, is party to previously reported swaps covering 7,453,418 notional Flutter shares. This new swap adds to his overall derivative-based economic exposure through affiliated entities.

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

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Accepted by SEC EDGAR 04/22/2026 - 07:24 PM EDT 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)
04/20/2026

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)	04/20/2026		P/K		86,162		03/02/2028	03/02/2028	Common Stock	86,162	$109.2836	12,555,896(2)	I	See footnote(2)

Explanation of Responses:

1. The reference price for the Swap is $109.2836 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	04/22/2026
	** 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)