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Sportradar Reports Third Quarter 2023 Results

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Sportradar Group AG (NASDAQ: SRAD) (“Sportradar” or the “Company”), a leading global sports technology company focused on creating immersive experiences for sports fans and bettors, today announced financial results for its third quarter ended September 30, 2023.

Carsten Koerl, Chief Executive Officer of Sportradar said: “As the leader in our industry, we aim to consistently deliver value to our clients, partners and shareholders. For 2023 we remain on track to deliver a strong growth year and are well positioned to maintain that momentum into 2024. This week we announced a reduction in our global workforce as part of a broader set of strategic initiatives that will enable us to further strengthen our client-centric organization and focus on the market opportunities ahead of us.”

Third Quarter 2023 Financial Highligh

  • Revenue in the third quarter of 2023 increased 12% to €201.0 million compared with the third quarter of 2022 with growth across all segments.
  • Total Profit from continuing operations for the third quarter of 2023 was €4.6 million compared with €12.8 million for the same quarter last year. The Company’s Adjusted EBITDA1 for the same period increased 38% to €50.5 million compared with the third quarter of 2022, primarily due to strong revenue growth and higher operating leverage.
  • Total Profit from continuing operations, as a percentage of revenue, for the third quarter of 2023 was 2% compared with 7% for the same quarter last year. Adjusted EBITDA margin1 was 25% in the third quarter of 2023, an increase of 471 bps, compared with 20% in the prior year period.
  • The Company’s customer Net Retention Rate1 (NRR) was 116% in the third quarter of 2023, demonstrating the Company’s strength in cross selling and upselling to its clients.
  • As of September 30, 2023, Sportradar had total liquidity of €509.7 million including cash and cash equivalents of €289.7 million and an undrawn credit facility of €220.0 million.
Key Financial Metrics
Q3 Q3 Change
In millions, in Euros 2023 2022 %
Revenue 201.0 178.8 12%
Profit for the period from continuing operations 4.6 12.8 (64%)
Profit for the period from continuing operations as a percentage of revenue 2% 7% -483 bps
Adjusted EBITDA1 50.5 36.5 38%
Adjusted EBITDA margin1 25% 20% +471 bps
Net Retention Rate1 116% 118% (2%)

1 Non-IFRS financial measure or operating metric; see “Non-IFRS Financial Measures and Operating Metrics” and accompanying tables for further explanations and reconciliations of non-IFRS measures to IFRS measures.

Reduction in Global Workforce

This week, the Company announced a reduction in its global workforce as part of a broader set of strategic initiatives. This is expected to streamline its operating structure, improve product ROI and portfolio optimization. When completed, this should result in an approximate 10% reduction in 2023 labor cost run rates and contribute positively to future operating leverage.

Recent Company Highlights

  • Sportradar and BetMGM extended their partnership for official NBA data. For the first time, Sportradar will provide BetMGM products and services that leverage NBA optical tracking data as a result of its exclusive partnership with the NBA. This will enable BetMGM to grow its prop markets, same-game parlays, as well as in-play betting market.
  • Sportradar has been selected by the Taiwan Sports Lottery Company, Ltd. to power its Sports Lottery with a customized omnichannel sportsbook and player management solution. As part of a consortium, Sportradar will operate the Sports Lottery through 2033 using the company’s ORAKO end-to-end sportsbook and player account management system.
  • NASCAR and Sportradar announced a four-year extension of their long-term media rights partnership, which now includes official betting data. This agreement will include live timing and scoring data and expanded betting content.
  • Sportradar has been chosen by the Tennis Channel to power the launch of the network’s direct-to-consumer (DTC) streaming platform, which, for the first time, will include access to Tennis Channel’s marquee, 24/7 linear-channel alongside thousands of hours of live and on-demand matches and original programming.
  • Sportradar received several industry recognitions, including Best Live Streaming Supplier at EGR B2B Awards 2023, Marketing & Services Provider of the Year at SBC Awards 2023 and Sports Betting Provider of the Year at Sigma Asia Awards 2023. Additionally, Sportradar was included on Business Insider’s “Leaders in AI 100” list.

Segment Information

RoW Betting

  • Segment revenue in the third quarter of 2023 increased by 11% to €112.2 million compared with the third quarter of 2022. This growth was driven primarily by increased sales of the Company’s Live Odds and Live Data products, which grew 18% year over year.
  • Segment Adjusted EBITDA1 in the third quarter of 2023 increased by 16% to €56.1 million compared with the third quarter of 2022. Segment Adjusted EBITDA margin1 improved to 50% from 48%, compared with the third quarter of 2022.

RoW Audiovisual (AV)

  • Segment revenue in the third quarter of 2023 increased by 15% to €38.0 million compared with the third quarter of 2022. Revenue growth was driven by the new CONMEBOL deal and growth in sales to new and existing customers.
  • Segment Adjusted EBITDA1 in the third quarter of 2023 increased by 5% to €13.3 million compared with the third quarter of 2022. Segment Adjusted EBITDA margin1 decreased to 35% from 38% compared with the third quarter of 2022.

United States

  • Segment revenue in the third quarter of 2023 increased by 11% to €35.1 million compared with the third quarter of 2022. Results were primarily driven by growth of 19% collectively in betting and gaming, and audiovisual products.
  • Segment Adjusted EBITDA1 in the third quarter of 2023 was €8.2 million compared with €3.4 million in the third quarter of 2022, indicating the strong improvement in operational leverage in the U.S. business model despite continuous investments. Segment Adjusted EBITDA margin12improved to 23% from 11%, compared with the third quarter of 2022.

The tables below show the information related to each reportable segment for the three and nine month periods ended September 30, 2023, and 2022.

Three Months Ended September 30, 2023
in €’000 RoW Betting RoW Betting AV United States Total reportable segments All other segments Total
Segment revenue 112,167 38,031 35,077 185,275 15,762 201,037
Segment Adjusted EBITDA 56,096 13,296 8,160 77,552 (2,578 ) 74,974
Unallocated corporate expenses2 (24,488 )
Adjusted EBITDA1 50,486
Adjusted EBITDA margin1 50 % 35 % 23 % 42 % (16 %) 25 %
Three Months Ended September 30, 2022
in €’000 RoW Betting RoW Betting AV United States Total reportable segments All other segments Total
Segment revenue 100,919 33,090 31,556 165,565 13,270 178,835
Segment Adjusted EBITDA 48,215 12,624 3,446 64,285 (3,854 ) 60,431
Unallocated corporate expenses2 (23,947 )
Adjusted EBITDA1 36,484
Adjusted EBITDA margin1 48 % 38 % 11 % 39 % (29 %) 20 %
Nine Months Ended September 30, 2023
in €’000 RoW Betting RoW Betting AV United States Total reportable segments All other segments Total
Segment revenue 334,816 132,154 112,773 579,743 45,292 625,035
Segment Adjusted EBITDA 154,525 41,055 20,425 216,005 (8,285 ) 207,720
Unallocated corporate expenses2 (80,461 )
Adjusted EBITDA1 127,259
Adjusted EBITDA margin1 46 % 31 % 18 % 37 % (18 %) 20 %


2
 Unallocated corporate expenses primarily consist of salaries and wages for management, legal, human resources, finance, office, technology and other costs not allocated to the segments.

Nine Months Ended September 30, 2022
in €’000 RoW Betting RoW Betting AV United States Total reportable segments All other segments Total
Segment revenue 283,169 118,754 86,289 488,212 35,688 523,900
Segment Adjusted EBITDA 136,157 34,611 (8,474 ) 162,294 (12,467 ) 149,827
Unallocated corporate expenses2 (59,089 )
Adjusted EBITDA1 90,738
Adjusted EBITDA margin1 48 % 29 % (10 %) 33 % (35 %) 17 %

2023 Annual Financial Outlook

Sportradar is providing an updated annual outlook for revenue and Adjusted EBITDA1 for fiscal 2023 as follows:

  • Revenue in the range of €870 million to €880 million, representing year-on-year growth between 19% and 21%.
  • Adjusted EBITDA1 in the range of €162 million to €167 million, representing year-on-year growth between 29% and 33%.
  • Adjusted EBITDA margin1 in the range of 18.4% to 19.2%.

Conference Call and Webcast Information

Sportradar will host a conference call to discuss the third quarter 2023 results today, November 1, 2023, at 8:00 a.m. Eastern Time. Those wishing to participate via webcast should access the earnings call through Sportradar’s Investor Relations website. An archived webcast with the accompanying slides will be available at the Company’s Investor Relations website for one year after the conclusion of the live event.

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Gaming Americas Weekly Roundup – January 27-February 2

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Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.

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The Michigan Gaming Control Board has issued a cease-and-desist letter to Duranbah Limited N.V., the operator of MyBookie.ag, based in Curaçao. The site offers a variety of casino-style games, such as slots, poker and live-dealer games like blackjack, roulette and craps. It also allows users to place bets on sporting events and horse races. MyBookie.ag offers numerous payment methods for deposits and the funding of players’ accounts, including Visa, MasterCard, American Express, PayPal, various cryptocurrencies and MoneyGram. However, withdrawals can only be made via Bitcoin or bank wire transfer. The MGCB’s investigation revealed that MyBookie.ag’s operation of online casino-style games for paying customers, without a valid Michigan gambling license, breaches several state laws.

Altenar has increased its focus on the North American iGaming market with the appointment of Matthew Ferrara as Sales Manager. Based in Miami, Ferrara has previously spent two years working in Croatia as a live trader on US sports for Superbet before returning to the United States to join micro-betting provider Kero Sports as Business Development Manager, specialising in outbound sales and strategic partnerships. He now strengthens Altenar’s sales team and will focus primarily on the North American market as the sportsbook provider looks to expand its operation.

SUZOHAPP has announced the appointment of Jim Kirner as its new Sales Director for North America. With over 20 years of experience in the gaming industry, Jim brings a wealth of expertise to his role and will be pivotal in driving SUZOHAPP’s sales and product strategies across the region. Throughout his career, Jim has been instrumental in driving transformational changes in the gaming sector, helping companies innovate and enhance the player experience. Prior to joining SUZOHAPP, Jim held key leadership positions at IGT, DiTRONICS, Interblock and Aruze Gaming Global.

Partnerships

The National Football League has announced a partnership with the Responsible Gambling Council to develop and implement a comprehensive responsible gambling training programme specifically designed for university and college student-athletes. The RGC and NFL have identified student athletes as an important audience for targeted responsible gambling and problem gambling prevention initiatives, as previous research has shown their susceptibility to risky gambling behaviour. The programme will launch with a pilot phase at eight universities and colleges across Canada in the upcoming 2025 spring semester. Insights and feedback from this phase will be used to refine and improve the programme before its broader rollout to 30 university and college institutions in the 2025–26 school year.

The PGA TOUR, PENN Entertainment and ESPN are launching a live betting stream on PGA TOUR LIVE on ESPN+. The ESPN BET branded stream will provide key data, insights and live betting analysis during coverage of six marquee FedExCup events across the 2025 PGA TOUR season. ESPN BET on PGA TOUR LIVE, set to premiere at the WM Phoenix Open on ESPN+ starting Thursday, Feb. 6, is made possible by a new multi-year agreement between the PGA TOUR and PENN Entertainment, the operator of ESPN BET. The deal designates ESPN BET as an Official Betting Operator of the PGA TOUR.

The post Gaming Americas Weekly Roundup – January 27-February 2 appeared first on European Gaming Industry News.

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Strengthening Rugby: Betclic Collaborates with FFR at Every Level

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Betclic, the French leader in online sports betting, and the French Rugby Federation (FFR) are pleased to announce the signing of an ambitious partnership agreement for the period 2025-2028, aimed at supporting French rugby in both its professional and amateur practice.

With this partnership, Betclic is committed to promoting French rugby in its marketing campaigns and on its digital platforms, including its application and its sports betting offer, in order to strengthen the visibility of the French teams and generate renewed enthusiasm around this popular sport.

Betclic will also work with the FFR to train the management teams and raise their awareness of preserving the integrity of competitions, promoting responsible gaming and ethical and solidarity practices in accordance with the Federation’s Charter of 15 CSR commitments.

By supporting the “Rugby au cœur” endowment fund, Betclic will also contribute to social inclusion projects through sport, positively impacting lives in the most fragile areas.

Nicolas BÉRAUD (Founder and CEO of Betclic)  : “One in two Betclic players bets on Rugby. The partnership with the FFR is therefore consistent with their expectations, and it makes sense with the other agreements that we have established with the National Rugby League or the Union Bordeaux-Bègles (UBB). We are proud to support, alongside the FFR, all the passionate players – whether volunteers or professionals – who bring rugby to life. This agreement illustrates our desire to uphold the values ​​of this unique and popular sport.

Florian GRILL (President of the FFR)  : “This partnership with Betclic is a win-win for the FFR because it is accompanied by media campaigns that contribute to the visibility and awareness of rugby among the general public. But above all, Betclic is also committed to supporting us within the framework of the “Rugby au Cœur” endowment fund, which supports civic actions and the work of education through sport of our 2,000 amateur rugby clubs.”

The post Strengthening Rugby: Betclic Collaborates with FFR at Every Level appeared first on European Gaming Industry News.

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Scientific Games’ SCiQ Lottery Retail Technology Launches for First Time in Europe

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Scientific Games has launched the global lottery company’s SCiQ retail technology for the first time in Europe. Through the partnership with Allwyn, the operator of The National Lottery, the Scientific Games retail ecosystem has debuted at an Asda store east of Manchester, UK. Asda is the second-largest supermarket chain in the UK. SCiQ, which has proven to create efficiencies and support lottery sales in more than a dozen U.S. markets, will modernize how The National Lottery’s scratchcards are managed and purchased at retail.

SCiQ is the only technology of its kind for managing the lottery category within stores. The Scientific Games system provides retailers with a comprehensive suite of features, including touch-of-a-button store reporting, automated inventory management, real-time store-specific sales analytics and market basket performance reports. In addition to streamlined lottery category management, SCiQ offers enhanced product security and modernizes the lottery experience for the shopper with digital screens and automatic dispensing.

Christopher Allen, VP, Lottery Marketing Strategy for Scientific Games, said, “Our global technology teams continue Scientific Games’ 50+ year commitment to innovate across the lottery landscape and bring to market new, advanced technologies helping lotteries future-proof across all channels of play. We are delighted to bring our proven SCiQ retail ecosystem to our partnership with Allwyn and thrilled that Asda was the first retailer in the UK to deploy the system in-store.”

Scientific Games customized the software in accordance with Allwyn’s pioneering 10-scratchcard limit, automatically preventing Asda store staff from selecting more than 10 National Lottery Scratchcards per transaction.

Innovating for a changing retail landscape and new-look stores, Scientific Games worked with both Allwyn and Asda to customize SCiQ specifically for the customer service area of the Asda store. This is the first phase of a trial that will take several months as the technology is tested to inform any broader rollout plans in the future.

Allwyn’s Operations Director, Jenny Blogg, said, “As we continue transforming The National Lottery from the inside out, we’re deploying innovative lottery technology fit for the future. Thanks to the teams at Allwyn and Scientific Games, this innovative concept Scratchcard retail technology takes player and retailer experience to a whole new level and we’re confident it will change the way people buy Scratchcards. We also worked closely with Asda to meet the specific requirements of their new-look store and are absolutely delighted with how it’s turned out. We’ll now assess it over the next few months to determine how we move forward with the technology, but we’re really excited by the initial results.”

Scientific Games is the world’s largest lottery games company and the largest lottery systems technology partner in Europe. The company provides games, technologies, analytics and services to more than 150 lotteries in 50 countries worldwide.

SCiQ® is a registered trademark of Scientific Games. ©2025 Scientific Games, LLC. All Rights Reserved.

The post Scientific Games’ SCiQ Lottery Retail Technology Launches for First Time in Europe appeared first on European Gaming Industry News.

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