Flutter (FLUT) 10% Owner Kenneth Dart Buys 118,128 Notional Shares

What Happened
Kenneth Bryan Dart, reported as a 10% owner of Flutter Entertainment plc (FLUT), entered a derivative purchase (an equity swap) on July 23, 2026 covering 118,128 notional shares at $99.68 per share, a notional value of $11,775,223. The filing reports this as a purchase (transaction code P) of a derivative position rather than an outright share acquisition.

Key Details

• Transaction date: 2026-07-23; Form 4 filed: 2026-07-27 (filed within the required reporting window).
• Notional shares: 118,128 at $99.68 per share (reference price reported as $99.6819). Total notional value ≈ $11,775,223.
• Instrument: Equity swap scheduled to terminate March 2, 2028; cash-settled at maturity.
• Swap economics (per footnote): Dart pays counterparty for any decline below the reference price and receives payments for any increase above it; he pays monthly interest on the financing leg (SOFR-based) and is entitled to receive payments equal to dividends on the referenced shares during the swap term.
• Beneficial ownership note: LBS Limited is the direct holder of the notional shares. Mr. Dart is owner of LBS Limited and Lake Michigan Limited and may be deemed to beneficially own reported securities but disclaims beneficial ownership except to the extent of his pecuniary interest. Previously reported aggregate notional position for those entities is 18,906,130 shares (per footnote).

Context
This is a derivative transaction (equity swap), not an outright stock purchase. For retail investors: swaps create economic exposure to share price moves and dividends but do not transfer legal title of shares to the insider. As a 10% owner using entity holdings, the filing reflects institutional/large-holder activity; the footnote disclaimer limits direct attribution of standard beneficial ownership.