The song won ABBA the 1974 Eurovision Song Contest on 6 April and began their path to worldwide fame. The Swedish version single was coupled with «Honey, Honey» (Swedish version), while the English version usually featured «Watch Out» as the B-side.
The single became their first No. 1 hit in several countries, reached the U.S. Top 10, and went on to sell nearly six million copies, making it one of the best-selling singles of all time.
«Waterloo» is the quintessential Eurovision song, according to Dr Harry Witchel, physiologist and music expert at the University of Bristol. At the 50th anniversary celebration of the Eurovision Song Contest in 2005, it was chosen as the best song in the competition’s history.