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Segmental information (Tables)

12 Months Ended

Dec. 31, 2023

Segmental information

Summary of segment Adjusted EBITDA represents Adjusted EBITDA excluding unallocated corporate


		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)

Summary of reconciliations of information on reportable segments to the amounts reported in the 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.

Summary of revenue based on the geographic location of customers and 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.