Flutter holder enters swap on 150,000 shares

Kenneth Bryan Dart, a more than 10% indirect owner of Flutter Entertainment plc, reported purchasing a Total Return Swap referencing 150,000 notional shares of common stock at a reference price of $94.8515 per share.

Rhea-AI Filing Summary

Kenneth Bryan Dart, a more than 10% indirect owner of Flutter Entertainment plc, reported purchasing a Total Return Swap referencing 150,000 notional shares of common stock at a reference price of $94.8515 per share. The cash-settled swap, held by Lake Michigan Limited, matures on March 2, 2028, and forms part of an aggregate position of 21,710,084 notional shares. Mr. Dart may be deemed to beneficially own the referenced securities through ownership of Lake Michigan Limited and LBS Limited but disclaims beneficial ownership except to the extent of his pecuniary interest.

Insider Trade Summary

Net Buyer: 150,000 shares

Net Buy 1 txn

Insider DART KENNETH BRYAN

Role 10% Owner

Bought 150,000 shs ($14.23M)

Type	Security	Shares	Price	Value
Purchase	Total Return Swap F1, F2	150,000	$94.8515	$14.23M

Holdings After Transaction: Total Return Swap — 21,710,084 contracts (Indirect, See footnote)

Footnotes (2)

1. F1. The reference price for the Swap is $94.8515 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 21,560,084 "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

Notional shares in new swap: 150,000 shares Reference price: $94.8515 per share Swap termination date: March 2, 2028 +1 more

4 metrics

Notional shares in new swap 150,000 shares Total Return Swap referencing Flutter common stock

Reference price $94.8515 per share Reference price for the Total Return Swap

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

Total notional position after transaction 21,710,084 shares Aggregate position in notional shares through swap transactions

Key Terms

Total Return Swap, notional shares, OBFR, pecuniary interest

4 terms

Total Return Swap financial

"The reference price for the Swap is $94.8515 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.

notional shares financial

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

OBFR financial

"monthly interest ... at a rate based on OBFR."

pecuniary interest financial

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

FAQ

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

What derivative position did Kenneth Dart report in Flutter (FLUT)?

Kenneth Dart reported purchasing a Total Return Swap referencing 150,000 notional shares of Flutter common stock. The swap is cash-settled and adds to an aggregate 21,710,084 notional shares exposure through related entities.

What is the reference price of Kenneth Dart’s new swap on Flutter (FLUT)?

The Total Return Swap has a reference price of $94.8515 per share. At maturity, Dart’s entity pays the counterparty for price decreases below this level and receives payments for price increases above it.

When does Kenneth Dart’s Flutter (FLUT) Total Return Swap expire?

The reported Total Return Swap is scheduled to terminate on March 2, 2028. At that time, it will be cash-settled based on the difference between the market price and the $94.8515 reference price.

Who is the direct party to the Flutter (FLUT) swap reported by Kenneth Dart?

The direct party to the swap and holder of the notional shares is Lake Michigan Limited. Dart owns Lake Michigan Limited and LBS Limited and may be deemed a beneficial owner but disclaims beneficial ownership except for his pecuniary interest.

How large is Kenneth Dart’s total notional Flutter (FLUT) swap exposure after this transaction?

Following this transaction, related entities provide an aggregate position in 21,710,084 notional shares of Flutter common stock. This includes previously reported swap positions plus the new 150,000 notional shares in the current filing.

Does Kenneth Dart receive dividends on the Flutter (FLUT) shares referenced in the swap?

Under the swap terms, Dart’s entity receives payments equal to any dividends paid on the referenced Flutter shares. In return, it pays monthly interest to the counterparty on the financing leg based on OBFR.

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

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Accepted by SEC EDGAR 08/12/2026 - 04:55 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)
08/10/2026

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)	08/10/2026		P/K		150,000		03/02/2028	03/02/2028	Common Stock	150,000	$94.8515	21,710,084(2)	I	See footnote(2)

Explanation of Responses:

1. The reference price for the Swap is $94.8515 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 21,560,084 "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	08/12/2026
	** 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)