What caused Flutter's net profit drop in Q1 2024?

Flutter's net profit drop in Q1 2024 was not caused by any negative events or circumstances. The net profit drop was due to non-cash expenses, which are paper losses that do not affect the cash balance. These non-cash expenses include a wider loss of $184 million related to a change in the fair value of the Fox Option liability, due to a higher valuation of FanDuel.

In other words, the decrease in net profit was solely due to accounting entries and not due to any operational losses or setbacks.