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Intangible assets and goodwill (Tables)

12 Months Ended

Dec. 31, 2023

Intangible assets and goodwill

Schedule of Intangible and goodwill

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		​		​		​		​		Internally-		​		​
Cost	​	Brand	​	Customer	​	​	​	​	​	developed	​	​	​	​
in €‘000	​	name	​	base	​	Licenses	​	Technology	​	software	​	Goodwill	​	Total
Balance as of January 1, 2022		8,993		68,273		690,345		83,445		48,126		258,993		1,158,175
Additions		—		—		93,346		8,915		17,730		—		119,991
Additions through acquisitions (Note 3)		3,901		6,721		61		17,469		—		49,316		77,468
Disposals		—		—		(42,186)		(5,800)		(1,291)		—		(49,277)
Disposal due to reduction in service potential		—		—		(646)		—		—		—		(646)
Translation adjustments		283		976		706		3,572		374		7,505		13,416
Balance as of December 31,  2022		13,177		75,970		741,626		107,601		64,939		315,814		1,319,127
Additions		—		—		1,023,457		6,324		28,301		—		1,058,082
Additions through acquisitions		—		—		—		2,718		—		4,236		6,954
Disposals	​	(71)	​	(776)	​	(226,020)	​	(3,000)	​	(5,170)	​	—	​	(235,037)
Disposal due to reduction in service potential	​	—	​	—	​	(4,077)	​	—	​	—	​	—	​	(4,077)
Translation adjustments	​	(78)	​	(619)	​	(127)	​	(2,258)	​	(1,545)	​	(5,652)	​	(10,279)
Balance as of December 31, 2023	​	13,028	​	74,575	​	1,534,859	​	111,385	​	86,525	​	314,398	​	2,134,770
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Accumulated amortization and impairment
€‘000	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Balance as of January 1, 2022		(6,442)		(28,206)		(265,136)		(18,821)		(20,257)		(10,841)		(349,703)
Amortization		(1,039)		(6,543)		(144,065)	1	(13,402)		(7,782)		—		(172,831)
Disposals		—		—		42,186		5,800		1,290		—		49,276
Translation adjustments		(228)		(224)		(390)		(21)		(390)		(984)		(2,237)
Balance as of December 31,  2022		(7,709)		(34,973)		(367,405)		(26,444)		(27,139)		(11,825)		(475,495)
Amortization		(1,246)		(6,664)		(161,279)	1	(13,728)		(8,849)		—		(191,766)
Impairment (Note 13.1)		(311)		(1,142)		—		(1,908)		—		(6,493)		(9,854)
Disposals		71	​	776	​	227,800	​	3,000	​	5,170	​	—	​	236,817
Translation adjustments		60		144		569		864		901		321		2,859
Balance as of December 31,  2023		(9,135)	​	(41,859)	​	(300,315)	​	(38,216)	​	(29,917)	​	(17,997)	​	(437,439)
Carrying amount
As of December 31, 2022		5,468		40,997		374,221		81,157		37,800		303,989		843,632
As of December 31, 2023		3,893		32,716		1,234,544		73,169		56,608		296,401		1,697,331

1 Includes €160.0 million and €140.2 million of sport rights amortization for the years ended December 31, 2023 and 2022, respectively.

Schedule of company's internally developed software cost

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​	​	​	​	​	​	​
​		Years Ended December 31,
in €‘000	​	2023		2022		2021
Personnel expenses		21,773		15,560		11,592
Purchases services and licenses (excluding depreciation and amortization)		6,528		2,170		202
Internally-developed software cost capitalized		28,301		17,730		11,794

Schedule of carrying amount of goodwill to the respective CGUs and the key assumptions used in estimation of the recoverable amount

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​	​	​	​	​	​	​	​	​	​
Goodwill per CGU		RoW		RoW		RoW		United
in €‘000	​	Betting	​	Betting AV	​	Other	​	States
Goodwill as of January 1, 2022		29,452		106,296		17,504		94,900	​
Acquisition		46,237		—		3,079		—	​
Foreign currency translation effect		(1,793)		3,875		(56)		4,495	​
Goodwill as of December 31, 2022		73,896		110,171		20,527		99,395	​
Acquisition		4,236		—		—		—	​
Impairment	​	—	​	—	​	(6,493)	​	—	​
Foreign currency translation effect		424		(2,463)		(140)		(3,152)	​
Goodwill as of December 31, 2023		78,556		107,708		13,894		96,243	​
​	​	​	​	​	​	​	​	​	​
Key assumptions used									​
For 2022:									​
Terminal value growth rate		2.0	%	2.0	%	2.0	%	2.0	%
Budgeted EBITDA margin 1		38.5	%	14.6	%	22.7	%	26.7	%
Discount rate —WACC (before taxes)		12.2	%	12.1	%	13.7	%	15.1	%
For 2023:									​
Terminal value growth rate		2.0	%	2.0	%	2.0	%	2.0	%
Budgeted EBITDA margin 1		33.6	%	13.1	%	12.5	%	25.0	%
Discount rate —WACC (before taxes)		13.2	%	13.2	%	15.7	%	15.7	%

1 The budgeted EBITDA margin for the RoW Betting CGUs represents an average margin, whereas the budgeted EBITDA margin for the RoW Other and United States CGUs represents the assumption for the last year of the budget period.

Schedule of Impairment assessment changes to discount rate and sustainable EBITDA

​

​	​	​
​	​	Further
in €‘000		impairment
Decrease terminal value growth rate to 0%	​	(4,511)
Decrease sustainable EBITDA margin by 2%	​	(14,041)
Increase discount rate by 1%	​	(5,147)
Decrease discount rate by 1% and decrease sustainable EBITDA margin by 2%	​	(9,765)

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