Sportradar has reported a notable improvement in its financial results for the first quarter of 2025. Revenue reached €311 million, representing an increase of 17% compared to the same period last year. Profit for the period reached €24 million, corresponding to 7.8% of total revenue.
Furthermore, adjusted EBITDA (operating profit before interest, taxes, depreciation and amortization, showing the efficiency of core operations) increased by 25% and closed at €59 million, with an adjusted margin of 18.9%.
Growth by segments
In the betting technologies and solutions segment, revenue reached €250 million, an increase of 14% compared to 2024. This growth was due to the greater interest of the public in betting and gambling content, mainly in the United States. Managed betting services grew by 16% and raised €56 million.
In sports content, technology and services, revenue totaled €61 million, reflecting an increase of 33%. This performance was mainly due to the 36% growth in marketing and media services. There was increased investment by bookmakers in advertising campaigns and the expansion of affiliate marketing capabilities.
The company saw significant global growth. Outside the United States, revenue rose 12%, while in the North American market it grew 31%. Revenue from the United States accounted for 28% of the company’s total in the quarter.
The net customer retention rate reached 122%, demonstrating the ability to expand and maintain its base through cross-selling and expansion into relevant markets, such as the United States.
Results and margins
Profit for the period reached €24 million, reversing the €1 million loss recorded in the first quarter of 2024.
The performance reflects robust operating results and a €28 million gain on foreign exchange, compared with a €14 million loss in the previous year. However, part of the improvement was offset by higher costs related to share-based compensation and amortization of sports rights.
Adjusted EBITDA grew significantly to €59 million, mainly due to the 17% increase in revenue. However, there was pressure from sports rights costs and personnel expenses.
Strategic moves and partnerships
Sportradar has announced an agreement to acquire IMG ARENA, strengthening its position as a global sports content provider. The move is subject to regulatory approvals, which are expected to be received in Q4 2025.
Among the commercial advances is the extension of the agreement with Major League Baseball (MLB) for eight years, which guarantees distribution of official MLB data and media content, as well as collaboration in the creation of AI-based products for personalized fan experiences.
In Brazil, it has partnered with the Brazilian Volleyball Confederation to monitor integrity through the Universal Fraud Detection System. The company has also extended its cooperation with the CBF, monitoring more than 8,200 nationally organized games.
At the end of March, cash and cash equivalents totaled €358 million, compared with €348 million in December 2024. Including undrawn credit lines, Sportradar’s total liquidity reached €578 million and the company has no outstanding debt.
Sportradar’s 2025 outlook and buyback programs
Sportradar maintained its minimum annual revenue forecast of €1.273 billion, representing growth of at least 15%. Adjusted EBITDA was estimated at €281 million, forecasting annual growth of 26%.
The EBITDA margin should grow by at least 200 basis points, while the free cash flow conversion rate is likely to exceed the 53% recorded in 2024.
The company stressed that these projections do not yet consider the impact of the acquisition of IMG ARENA. The board approved a $200 million share repurchase program. As of May 9, 2025, 4.8 million shares had been repurchased, totaling $86 million.
