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Segment reporting (Tables) | 12 Months Ended
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Dec. 31, 2024
Disclosure of operating segments [abstract] |
Summary of Operating Results Based on Segments |
| 2024 Betway € ‘000s | 2024 Spin € ‘000s | 2024 Other € ‘000s | 2024 Total € ‘000s
Revenue | 1,022,617 |  | 674,237 |  | — |  | 1,696,854 |
Direct and Marketing Expenses 2 | (783,333) |  | (458,287) |  | (28,297) |  | (1,269,917) |
General and Administrative Expenses 3 | (84,511) |  | (48,881) |  | (28,865) |  | (162,257) |
Depreciation and Amortization Expense | (37,845) |  | (38,241) |  | (1,623) |  | (77,709) |
Impairment of Assets | (36,775) |  | — |  | — |  | (36,775) |
Other Operating Income | 4,640 |  | 2,042 |  | 42 |  | 6,724 |
Finance income | 8,634 |  | 1,438 |  | 153 |  | 10,225 |
Finance expense | (1,957) |  | (3,345) |  | (780) |  | (6,082) |
Change in fair value of option | — |  | — |  | (12,976) |  | (12,976) |
Gain on disposal of business 4 | — |  | — |  | 40,135 |  | 40,135 |
Share of post-tax profit of equity accounted associate | — |  | — |  | 576 |  | 576 |
Profit / (loss) before taxation | 91,470 |  | 128,963 |  | (31,635) |  | 188,798 |
Adjusted EBITDA 1 | 205,074 |  | 170,385 |  | (45,195) |  | 330,264 |
5 | Segment reporting (continued)
| 2023 Betway € ‘000s | 2023 Spin € ‘000s | 2023 Other € ‘000s | 2023 Total € ‘000s
Revenue | 837,995 |  | 598,122 |  | — |  | 1,436,117 |
Direct and Marketing Expenses 2 | (723,879) |  | (390,895) |  | (22,096) |  | (1,136,870) |
General and Administrative Expenses 3 | (77,213) |  | (40,666) |  | (30,274) |  | (148,153) |
Depreciation and Amortization Expense | (38,504) |  | (41,141) |  | (2,544) |  | (82,189) |
Other Operating Income | 3,530 |  | 712 |  | 1,829 |  | 6,071 |
Finance income | 7,850 |  | 483 |  | 579 |  | 8,912 |
Finance expense | (1,288) |  | (11) |  | (1,427) |  | (2,726) |
Change in fair value of option | — |  | — |  | (28,642) |  | (28,642) |
Impairment of Goodwill | (35,949) |  | — |  | — |  | (35,949) |
Gain on bargain purchase | — |  | 209 |  | — |  | 209 |
(Loss) / profit before taxation | (27,458) |  | 126,813 |  | (82,575) |  | 16,780 |
Adjusted EBITDA 1 | 61,343 |  | 168,757 |  | (31,922) |  | 198,178 |
| 2022 Betway € ‘000s | 2022 Spin € ‘000s | 2022 Other € ‘000s | 2022 Total € ‘000s
Revenue | 714,165 |  | 578,045 |  | — |  | 1,292,210 |
Direct and Marketing Expenses 2 | (609,924) |  | (365,110) |  | (4,266) |  | (979,300) |
General and Administrative Expenses 3 | (61,657) |  | (57,538) |  | (24,889) |  | (144,084) |
Depreciation and Amortization Expense | (27,809) |  | (35,963) |  | (2,957) |  | (66,729) |
Other Operating Income | 3,669 |  | 1,609 |  | 213 |  | 5,491 |
Finance income | 1,398 |  | 382 |  | 442 |  | 2,222 |
Finance expense | (147) |  | (178) |  | (1,020) |  | (1,345) |
Gain on derivative contracts | 2,435 |  | 1,713 |  | — |  | 4,148 |
Transaction fees | — |  | — |  | (22,969) |  | (22,969) |
Share listing expense | — |  | — |  | (126,252) |  | (126,252) |
Change in fair value of warrant liability | — |  | — |  | 34,518 |  | 34,518 |
Change in fair value of earnout liability | — |  | — |  | 237,354 |  | 237,354 |
Foreign exchange on revaluation of warrants and earnouts | — |  | — |  | (25,047) |  | (25,047) |
Change in fair value of option | — |  | 21,421 |  | (15,129) |  | 6,292 |
Profit before taxation | 22,130 |  | 144,381 |  | 49,998 |  | 216,509 |
Adjusted EBITDA 1 | 57,922 |  | 162,941 |  | (9,997) |  | 210,866 |
1 Adjusted EBITDA is a non‐GAAP measure and is defined as profit / (loss) before taxation, depreciation, amortization, finance income, finance expense, gain on bargain purchase, transaction fees, gain on derivative contracts, unrealized foreign exchange, impairment of assets, share listing expense, foreign exchange on revaluation of warrants and earnouts, change in fair value of warrant and earnout liabilities, change in fair values of options, market closure, gain in the disposal of business, expenses in connection with RSU awards (and related payroll costs for the one off RSU award in connection with the Transaction described in note 24), and other non-recurring adjustments. Refer to the Group Adjusted EBITDA reconciliation below for further details.
5 | Segment reporting (continued)
2 Direct and marketing expenses €28.3 million (2023: €22.1 million) (2022: €4.3 million) disclosed as “Other” comprises direct employment costs, which mainly comprises of head office personnel. 3 General and Administrative expenses €28.9 million (2023: €30.3 million) (2022: €24.9 million) disclosed as “Other” comprises employment, legal, accounting, audit and other central administrative costs incurred at a Super Group (SGHC) Limited level. 4 Gain on disposal of business is disclosed as "Other" in line with the change in fair value of the option held by the Group.
Summary of Adjusted Earnings Before Interest Tax Depreciation and Amortization | A reconciliation of profit / (loss) reported in the financial statements to non-GAAP measures (EBITDA and Adjusted EBITDA) is as follows:
| Note | 2024 € '000s | 2023 € '000s | 2022 € '000s
Profit / (loss) for the year |  | 113,545 |  | (8,606) |  | 182,269 |
Income tax expense | 8 | 75,253 |  | 25,386 |  | 34,240 |
Finance income |  | (10,225) |  | (8,912) |  | (2,222) |
Finance expense |  | 6,082 |  | 2,726 |  | 1,345 |
Depreciation and amortization expense | 6 | 77,709 |  | 82,189 |  | 66,729 |
EBITDA |  | 262,364 |  | 92,783 |  | 282,361 |
Unrealized foreign exchange |  | 5,185 |  | 3,526 |  | 2,611 |
Adjusted RSU expense 1 |  | 10,337 |  | 16,836 |  | 25,386 |
Gain on disposal of business | 19 | (40,135) |  | — |  | — |
Impairment of assets | 11 | 36,775 |  | 35,949 |  | — |
U.S. Sportsbook closure | 11 | 32,749 |  | — |  | — |
Change in fair value of options | 20 | 12,976 |  | 28,642 |  | (6,292) |
Market closure 2 |  | 5,834 |  | 10,397 |  | — |
Transaction fees |  | — |  | — |  | 22,969 |
Gain on derivative contracts | 20 | — |  | — |  | (4,148) |
Gain on bargain purchase | 4 | — |  | (209) |  | — |
Share listing expense | 24 | — |  | — |  | 126,252 |
Change in fair value of warrant liability | 24 | — |  | — |  | (34,518) |
Change in fair value of earnout liability | 24 | — |  | — |  | (237,354) |
Foreign exchange on revaluation of warrants and earnouts | 24.2, 24.3 | — |  | — |  | 25,047 |
Other non-recurring adjustments 3 |  | 4,179 |  | 10,254 |  | 8,552 |
Adjusted EBITDA |  | 330,264 |  | 198,178 |  | 210,866 |
1 Associated payroll expenses relating to the one off RSUs issued related to awards following the Transaction described in note 24 of nil (2023: nil, 2022: €1.1 million) are included in this line. 2 Market closure costs relates to the Group's exit from the Indian market on October 1, 2023. In 2023, this includes contract termination costs, bad debt and contract write offs. In 2024, this includes additional bad debt in connection with the closure along with other costs relating to additional market closure. These costs are recognized in direct and marketing expenses. 3 Other non-recurring adjustments in 2024 include mainly Sportsbook acquisition related costs and certain legal costs. In 2023, this included bad debt and SOX implementation fees relating to new acquisitions. In 2022, this included audit and other fees relating to the listing.
Summary of Dissagregation of Revenue Based on Products | Group revenue disaggregated by product line for the year ended December 31, 2024:
| Betway € '000s | Spin € '000s | Group revenue € '000s
Online casino 4 | 662,138 |  | 673,366 |  | 1,335,504 |
Sports betting 4 | 335,950 |  | 38 |  | 335,988 |
Brand licensing 5 | 18,598 |  | — |  | 18,598 |
Other 6 | 5,931 |  | 833 |  | 6,764 |
Total revenue | 1,022,617 |  | 674,237 |  | 1,696,854 |
Group revenues disaggregated by product line for the year ended December 31, 2023:
| Betway € '000s | Spin € '000s | Group revenue € '000s
Online casino 4 | 481,992 |  | 597,139 |  | 1,079,131 |
Sports betting 4 | 296,881 |  | — |  | 296,881 |
Brand licensing 5 | 34,059 |  | — |  | 34,059 |
Other 6 | 25,063 |  | 983 |  | 26,046 |
Total revenue | 837,995 |  | 598,122 |  | 1,436,117 |
Group revenues disaggregated by product line for the year ended December 31, 2022:
| Betway € '000s | Spin € '000s | Group revenue € '000s
Online casino 4 | 298,800 |  | 577,078 |  | 875,878 |
Sports betting 4 | 376,144 |  | 377 |  | 376,521 |
Brand licensing 5 | 36,343 |  | 215 |  | 36,558 |
Other 6 | 2,878 |  | 375 |  | 3,253 |
Total revenue | 714,165 |  | 578,045 |  | 1,292,210 |
4 Online casino and sports betting revenues are not within the scope of IFRS 15 ‘Revenue from Contracts with Customers’ and are treated as derivatives under IFRS 9 ‘Financial Instruments’. 5 Brand licensing revenues are within the scope of IFRS 15 ‘Revenue from Contracts with Customers’. 6 Other relates mainly to DGC usage fee income in 2023 and 2024 as well as profit share and outsource fees in all years from external customers.
Summary of Disaggregation of Revenue Geographically | The Group further analyzed revenue according to the following regions:
| 2024 Betway € ‘000s | 2024 Spin € ‘000s | 2024 Total € ‘000s
Africa and Middle East | 650,919 | 4,173 | 655,092
Asia-Pacific | 25,303 | 114,718 | 140,021
Europe | 193,346 | 83,623 | 276,969
North America | 143,244 | 459,534 | 602,778
South/Latin America | 9,805 | 12,189 | 21,994
| 1,022,617 | 674,237 | 1,696,854
| % | % | %
Africa and Middle East | 64 | % | 1 | % | 39 | %
Asia-Pacific | 2 | % | 17 | % | 8 | %
Europe | 19 | % | 12 | % | 16 | %
North America | 14 | % | 68 | % | 36 | %
South/Latin America | 1 | % | 2 | % | 1 | %
| 2023 Betway € ‘000s | 2023 Spin € ‘000s | 2023 Total € ‘000s
Africa and Middle East | 411,017 | 3,877 | 414,894
Asia-Pacific | 121,300 | 103,620 | 224,920
Europe | 143,985 | 80,927 | 224,912
North America | 147,425 | 396,997 | 544,422
South/Latin America | 14,268 | 12,701 | 26,969
| 837,995 | 598,122 | 1,436,117
| % | % | %
Africa and Middle East | 49 | % | 1 | % | 28 | %
Asia-Pacific | 14 | % | 17 | % | 16 | %
Europe | 17 | % | 14 | % | 16 | %
North America | 18 | % | 66 | % | 38 | %
South/Latin America | 2 | % | 2 | % | 2 | %
5 | Segment reporting (continued)
| 2022 Betway € ‘000s | 2022 Spin € ‘000s | 2022 Total € ‘000s
Africa and Middle East | 267,750 | 3,786 | 271,536
Asia-Pacific | 184,668 | 103,183 | 287,851
Europe | 120,804 | 38,749 | 159,553
North America | 123,756 | 417,946 | 541,702
South/Latin America | 17,187 | 14,381 | 31,568
| 714,165 | 578,045 | 1,292,210
| % | % | %
Africa and Middle East | 37 | % | 1 | % | 21 | %
Asia-Pacific | 26 | % | 18 | % | 22 | %
Europe | 17 | % | 7 | % | 12 | %
North America | 18 | % | 72 | % | 43 | %
South/Latin America | 2 | % | 2 | % | 2 | %

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