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Segmental information | 12 Months Ended
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Dec. 31, 2023
Segmental information |
Segmental information | Note 5. Segmental information The Company’s CEO is the CODM and monitors the operating results of its divisions separately for the purpose of making decisions about resource allocation and performance assessment. During the years ended December 31, 2023, 2022 and 2021, the Company has the following divisions which are its reportable segments. These divisions offer different services and are managed separately by region.
Reportable segments |  | Operations
Rest of the World (“RoW”) Betting | ​ | Betting and gaming solutions
RoW Betting AV | ​ | Live streaming solutions for online, mobile and retail sports betting
United States | ​ | Betting and betting AV solutions, Sports Solutions, and marketing and advertising
​ All revenues included in the RoW Betting and RoW Betting AV segments are generated from customers outside the United States. All other segments revenue includes various revenue streams, amongst others, the Marketing services and Integrity services revenue for the rest of the world. No operating segments have been aggregated to form the above reportable operating segments. Information related to each reportable segment is set out below. Adjusted EBITDA is used to measure performance because management believes that this information is the most relevant in evaluating the results of the respective segments relative to other entities that operate in the same industry. Adjusted EBITDA represents earnings for the period from continuing operations adjusted for finance income and finance costs, income tax expense or benefit, depreciation and amortization (excluding amortization of sports rights), foreign currency gains or losses, and other items that are non-recurring or not related to the Company’s revenue-generating operations, including share-based compensation, impairment charges or income, management restructuring costs, non-routine litigation costs, share of loss of equity-accounted investee (SportTech AG), loss on disposal of equity-accounted investee (SportTech AG), remeasurement of previously held equity-accounted investee and professional fees for the Sarbanes Oxley Act of 2002 and enterprise resource planning implementations, and a one-time charitable donation for Ukrainian relief activities. Segment Adjusted EBITDA represents Adjusted EBITDA excluding unallocated corporate expenses. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2023
​ |  | ​ |  | RoW |  | ​ |  | Total |  | ​ |  | ​
​ |  | RoW |  | Betting |  | United |  | reportable |  | All other | ​ | ​
in €‘000 | ​ | Betting |  | AV | ​ | States |  | segments | ​ | segments | ​ | Total
Segment revenue |  | 466,823 |  | 182,196 |  | 165,512 |  | 814,531 |  | 63,090 |  | 877,621
Segment Adjusted EBITDA |  | 209,562 |  | 52,211 |  | 18,893 |  | 280,666 |  | (6,328) |  | 274,338
Amortization of sport rights |  | (42,646) |  | (65,042) |  | (51,142) |  | (158,830) |  | (1,187) |  | (160,017)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2022
​ |  | ​ |  | RoW |  | ​ |  | Total |  | ​ |  | ​
​ |  | RoW |  | Betting |  | United |  | reportable |  | All other |  | ​
in €‘000 |  | Betting | ​ | AV | ​ | States | ​ | segments | ​ | segments | ​ | Total
Segment revenue |  | 389,092 |  | 160,522 |  | 127,442 |  | 677,056 |  | 53,132 |  | 730,188
Segment Adjusted EBITDA |  | 182,439 |  | 46,494 |  | (4,141) |  | 224,792 |  | (13,348) |  | 211,444
Amortization of sport rights |  | (40,093) |  | (66,402) |  | (33,705) |  | (140,200) |  | — |  | (140,200)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2021
​ |  | ​ |  | RoW |  | ​ |  | Total |  | ​ |  | ​
​ | ​ | RoW | ​ | Betting | ​ | United | ​ | reportable | ​ | All other | ​ | ​
in €‘000 | ​ | Betting | ​ | AV | ​ | States | ​ | segments | ​ | segments | ​ | Total
Segment revenue |  | 309,357 |  | 140,162 |  | 71,700 |  | 521,219 |  | 39,983 |  | 561,202
Segment Adjusted EBITDA |  | 176,987 |  | 39,246 |  | (22,625) |  | 193,608 |  | (5,746) |  | 187,862
Amortization of sport rights |  | (16,101) |  | (56,266) |  | (21,946) |  | (94,312) |  | — |  | (94,312)
​ Reconciliations of information on reportable segments to the amounts reported in the consolidated financial statements: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
in €‘000 |  | 2023 |  | 2022 |  | 2021
Segment Adjusted EBITDA |  | 274,338 |  | 211,444 |  | 187,862
Finance income |  | 12,848 |  | 5,250 |  | 5,297
Finance costs |  | (33,731) |  | (41,447) |  | (32,540)
Depreciation and amortization | ​ | (206,362) | ​ | (184,813) | ​ | (129,375)
Amortization of sport rights |  | 160,017 |  | 140,200 |  | 94,312
Foreign currency gains, net |  | 23,205 |  | 26,690 |  | 5,437
Share-based compensation |  | (39,712) |  | (28,637) |  | (15,431)
Restructuring costs |  | (8,005) |  | (5,528) |  | —
Non-routine litigation costs |  | — |  | (19,045) |  | —
Share in loss of equity-accounted investee2 |  | (3,699) |  | (3,985) |  | —
Loss on disposal of equity-accounted investee |  | (13,604) |  | — |  | —
Impairment loss on goodwill and intangible assets |  | (9,854) |  | — |  | —
Impairment (loss) income on other financial assets |  | (202) |  | 5 |  | (5,889)
Remeasurement of previously held equity-accounted investee |  | — |  | 7,698 |  | —
Professional fees for SOX and ERP implementations | ​ | (505) | ​ | (4,298) | ​ | —
One time charitable donation for Ukrainian relief activities | ​ | — | ​ | (146) | ​ | —
Unallocated corporate expenses1 | ​ | (107,538) | ​ | (85,598) | ​ | (85,849)
Net income before tax and discontinued operations |  | 47,196 |  | 17,790 |  | 23,824
1 | Unallocated corporate expenses primarily consist of salaries and wages for management, legal, human resources, finance, office, IT and other costs not allocated to the segments.
2 | Represents non-cash losses unrelated to the Company’s core businesses and which management does not consider indicative of the Company’s ongoing operations because the equity-accounted investee, SportTech AG, operates on a business-to-consumer model as opposed to the Company’s core businesses that operate on a business-to-business model.
Geographic information The geographic information analyzes the Company’s revenue and non-current assets by the Company’s country of domicile (Switzerland) and other countries. In presenting the geographic information, revenue has been based on the geographic billing location of customers and assets were based on the geographic location of the entity that holds the associated assets. Non-current assets exclude deferred tax assets and other financial assets. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue |  | Years Ended December 31,
in €‘000 |  | 2023 |  | 2022 |  | 2021
US | ​ | 144,185 | ​ | 123,677 | ​ | 67,093
Malta | ​ | 105,596 | ​ | 95,696 | ​ | 70,529
United Kingdom | ​ | 81,759 | ​ | 78,472 | ​ | 68,688
Switzerland | ​ | 9,152 | ​ | 10,822 | ​ | 7,397
Other countries1 | ​ | 536,929 | ​ | 421,521 | ​ | 347,495
Total |  | 877,621 |  | 730,188 |  | 561,202
​
​ | ​ | ​ | ​ | ​
Non-current assets |  | As of December 31,
in €‘000 |  | 2023 |  | 2022
Switzerland |  | 1,307,794 |  | 499,715
Germany |  | 59,535 |  | 61,051
United States |  | 225,759 |  | 240,635
Other countries1 |  | 183,351 |  | 152,132
Total |  | 1,776,439 |  | 953,533
1No individual country represented more than 10% of the total. Major customer The Company did not have any individual customer that accounted for more than 10% of revenue during the years ended December 31, 2023, 2022 and 2021.

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