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Income tax | 12 Months Ended
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Dec. 31, 2024
Major components of tax expense (income) [abstract] |
Income tax |
8 | Income tax
| 2024 € '000s | 2023 € '000s | 2022 € '000s
The following income taxes are recognized in profit or loss: |  |  |
Current tax expense |  |  |
Current year | 70,154 |  | 42,921 |  | 27,749 |
Global minimum top-up tax | 702 |  | — |  | — |
Changes in estimates related to prior years | (1,351) |  | (260) |  | 37 |
Foreign exchange adjustment | 348 |  | (168) |  | 642 |
Deferred tax credit |  |  |
Origination and reversal of temporary differences | (7,738) |  | (13,689) |  | 4,255 |
Origination of changes in tax rates | — |  | 247 |  | 66 |
Changes in estimates related to prior years | 1,794 |  | (574) |  | — |
Recognition of previously unrecognized deferred tax assets | (395) |  | — |  | (134) |
Write-down of deferred tax asset | 4,448 |  | — |  | — |
Foreign exchange adjustment | (73) |  | 17 |  | 270 |
Release of deferred tax arising on business combinations | (2,588) |  | (3,331) |  | (4,256) |
Dividend tax expense | 9,952 |  | 223 |  | 5,611 |
Income tax expense reported in profit or loss | 75,253 |  | 25,386 |  | 34,240 |
8 | Income tax (continued)
The applicable tax rate for the effective tax reconciliation is taken from the Group’s weighted average tax rate of 10.1% (2023: 13.4%) (2022: 5.2%). The weighted average tax rate was calculated by utilizing the absolute profit/loss and applicable domestic tax rate of each subsidiary within the Group.
| 2024 € '000s | 2023 € '000s | 2022 € '000s
Profit before taxation | 188,798 |  | 16,780 |  | 216,509 |
At Group blended tax rate | 19,023 |  | 2,245 |  | 11,276 |
Tax expense/(benefit) at statutory rate |  |  |
Rate differential between blended tax rate and local tax rate | (754) |  | (11,301) |  | 18,508 |
Non-deductible expenses / non-taxable income | 6,431 |  | 10,020 |  | (2,664) |
Dividends tax | 9,952 |  | 223 |  | 5,611 |
Recognition of previously unrecognized deferred tax assets | (395) |  | — |  | (134) |
Deferred tax arising on taxable loss not recognized | 40,996 | 24,199 | 1,643
Expense reported in the Consolidated Statement of Profit or Loss and Other Comprehensive Income | 75,253 |  | 25,386 |  | 34,240 |
| 2024 € '000s | 2023 € '000s
Reconciliation of deferred tax assets, net: |  |
Net deferred tax assets as of January 1 | 32,019 |  | 14,587 |
Net additions from business combinations | — |  | 119 |
Recognized within income tax expense | 4,552 |  | 17,330 |
Foreign currency translation adjustment | 167 |  | (17) |
Net deferred tax assets as of December 31 | 36,738 |  | 32,019 |
| 2024 € '000s | 2023 € '000s
The deferred tax assets and liabilities relate to the following items: |  |
Taxes arising on acquired intangible assets 1 | (6,683) |  | (17,137) |
Intangible assets | 6 |  | 43 |
Trade and other payables | 7,829 |  | 9,644 |
Tax loss carried forward 1 | 33,877 |  | 38,067 |
RSUs | 1,923 |  | 2,404 |
Right-of-use asset | (4,692) |  | (5,766) |
Lease liability | 6,404 |  | 6,829 |
Other assets and prepayments | (1,926) |  | (2,065) |
Reflected in the Consolidated Statement of Financial Position: |  |
Deferred tax assets | 38,834 |  | 36,703 |
Deferred tax liabilities | (2,096) |  | (4,684) |
1 Included in these amounts is a deferred tax liability relating to intangible assets recognized on DGC business combination and deferred tax asset for unused tax losses of €6.2 million.
8 | Income tax (continued)
The Group has tax losses that arose in Betway Limited of €74.9 million (2023: €64.7 million), (2022: €42.2 million) that are available for offsetting against future taxable profits of the companies in which the losses arose. The Group has concluded that the deferred tax assets will be recoverable using the estimated future taxable income based on the approved business plans and budgets for the subsidiary. The subsidiary has already achieved profits in the last quarter of 2024 and coupled with the business plans set forward, the profitability of the company is expected to continue. Deferred tax assets of €87.3 million (2023: €36.1 million) have not been recognized in various subsidiaries across different jurisdictions for their assessed losses of €301.7 million (2023: €163.8 million) as they may not be used to offset taxable profits elsewhere in the Group. These tax losses have no expiry date. These have arisen in subsidiaries that have been loss-making for some time, and there are no other tax planning opportunities or other evidence of recoverability in the near future. The largest portion arises out of DGC where the losses can be carried forward indefinitely and have no expiry date.

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