Sports technology company Sportradar secured a 22% year-on-year revenue increase in the second quarter of 2023, generating €216.4 million ($238.4 million).
The company announced yesterday, August 9, its results for the three months to June 30 and, despite the increase in revenue, profit for the period decreased by €22.8 million compared to the same quarter last year.
This was attributed to a net negative impact from foreign exchange rates.
Of the revenue generated, its Rest of the World Betting segment accounted for €114.1 million during the three months, an increase of 20%.
While the Rest of the World Betting Audiovisual segment brought in €49.6 million (25% increase) and the US segment contributed €38 million (31% increase).
The increase in revenue in Rest of the World Betting was driven by an increase in sales of the company’s higher value-added offerings.
Including its Managed Betting Services, which increased by 25% to €41.1m, as well as its Live Quotes and Live Data products, which were up by 19% year-on-year.
Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) increased by 46% to €40.1 million.
Sportradar made important partnerships this quarter
During the quarterly period, the sports and digital data intelligence services provider expanded its longstanding agreement with Caesar’s Entertainment to provide US sports betting data, including the NBA (basketball), MLB (baseball) and NHL (hockey). on ice).
Sportradar has also been selected as the exclusive global betting partner by the Confederation of South American Football (Conmebol) and appointed as the Official Technology Partner by the Delhi Capitals, the cricket franchise of the Indian Premier League, in a three-year deal.
Carsten Koerl, CEO of Sportradar, said: “We are very proud of our strong performance during the first half of 2023 and continue on track to achieve the highest annual revenue in the company’s history.”
“We have a key position in the global sports ecosystem and believe that our talent, technology and diverse product offering position us for strong future growth as we continue to execute on our strategic initiatives,” added Koerl.
In the first quarter, Sportradar recorded revenue of €207.6 million, an increase of 24%.
However, Q1 profit of €6.8 million fell short of the €8.2 million earned in the same period of 2022.
In mid-March, Sportradar announced its annual financial outlook for 2023 – revenue is expected to be between €902m and €920m.
Adjusted EBITDA, on the other hand, is forecast to be between €157m and €167m, and the adjusted EBITDA margin is in the range of 17% to 18%.
