Why did Flutter's operating expenses decline in Q4 2024?

Flutter's operating expenses declined in Q4 2024 due to strategic market expansions and product innovations that boosted revenue and adjusted EBITDA, allowing for potential cost efficiencies. The company's strong revenue growth, especially in the U.S. sports betting and iGaming segments, contributed to the operating expense decline as revenue growth often leads to better cost leverage. Additionally, the company's focus on operational efficiencies and the reduction in net loss margin suggest that cost management initiatives may have contributed to the decline in operating expenses.