Latest News
Sportradar Reports Fourth Quarter and Full Year 2023 Results
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 fourth quarter and year ended December 31, 2023.
Carsten Koerl, Chief Executive Officer of Sportradar, said: “2023 was another dynamic and successful year for the Company delivering our 3rd consecutive year of more than 20% revenue growth, improved profitability, and margin expansion. We are pleased with our growth momentum, fueled by our best-in-class content portfolio, innovative product roadmap and technology capabilities. For 2024, we plan to continue to scale our business globally, targeting at least 20% growth in revenue and adjusted EBITDA. Given our market leadership and confidence in the long-term profitability and cashflow outlook for the Company, we have authorized a $200 million share buyback program. We remain laser focused on disciplined execution of our growth strategy and delivering tremendous value for our clients and our shareholders.”
Full Year 2023 and Recent Highlights, Annual Outlook
- Revenue for the full year of 2023 increased 20% to €877.6 million compared with the prior year, driven by 20% growth from Rest of World Betting and 30% growth from the U.S. Full year revenue was at the upper end of the Company’s 2023 annual outlook range of €870.0 million to €880.0 million.
- Total profit from continuing operations for the full year 2023 was €34.6 million compared with €10.5 million for the prior year. Adjusted EBITDA1 for the full year of 2023 increased 33% to €166.8 million compared with the prior year and was at the upper end of the Company’s 2023 annual outlook range of €162.0 to €167.0 million.
- Total Profit from continuing operations, as a percentage of revenue, for the full year 2023 was 4% compared with 1% for the prior year. Adjusted EBITDA margin1 for 2023 increased over 177 bps to 19% compared to 2022, primarily driven by strong operating leverage from sport rights and personnel costs.
- Cash and cash equivalents grew to €277.2 million as of December 31, 2023, and total liquidity available for use on December 31, 2023, including undrawn credit facilities was €497.2 million.
- Authorized a $200 million share buyback program given the confidence in the long-term outlook and ability to generate significant excess capital going forward.
- The Company reiterated that it expects to deliver at least 20% year-over-year growth in revenue and Adjusted EBITDA1 in fiscal 2024. Please see the “Annual Financial Outlook” section of this press release for further details.
Fourth Quarter 2023 Financial Highlights
- Revenue in the fourth quarter of 2023 increased 22% to €252.6 million compared with the fourth quarter of 2022 with growth across all segments.
- Total Profit from continuing operations for the fourth quarter of 2023 was €23.2 million compared to a loss of €33.3 million for the same quarter last year. The Company’s Adjusted EBITDA1 for the same period increased 13% to €39.5 million compared with the fourth quarter of 2022, primarily due to strong revenue growth.
- Total Profit from continuing operations, as a percentage of revenue, for the fourth quarter of 2023 was 9% compared with (16%) for the same quarter last year. Adjusted EBITDA margin1 was 16% in the fourth quarter of 2023, compared with 17% in the prior year period.
- The Company’s customer Net Retention Rate1 (NRR) was 111% in the fourth quarter of 2023, demonstrating the Company’s strength in cross selling and upselling to its clients.
- As of December 31, 2023, Sportradar had total liquidity of €497.2 million including cash and cash equivalents of €277.2 million and an undrawn credit facility of €220.0 million.
_________________________________
1 Non-IFRS financial measure or operating metric; see “Non-IFRS Financial Measures and Operating Metric” and accompanying tables for further explanations and reconciliations of non-IFRS measures to IFRS measures.
| Key Financial and Operating Metrics | ||||||
| Q4 | Q4 | Change | FY | FY | Change | |
| In millions, in Euros € | 2023 | 2022% | 2023 | 2022% | ||
| Revenue | 252.6 | 206.3 | 22% | 877.6 | 730.2 | 20% |
| Profit (loss) for the period from continuing operations | 23.2 | (33.3) | 170% | 34.6 | 10.5 | 230% |
| Profit (loss) for the period from continuing operations as a percentage of revenue | 9% | (16)% | +2,530 bps | 4% | 1% | +251 bps |
| Adjusted EBITDA1 | 39.5 | 35.1 | 13% | 166.8 | 125.8 | 33% |
| Adjusted EBITDA margin1 | 16% | 17% | -136 bps | 19% | 17% | +177 bps |
| Net Retention Rate1 | 111% | 119% | -717 bps | 111% | 119% | -717 bps |
Recent Company Highlights
- Sportradar launched a landmark product suite, ATP Service+, as a result of the Company winning the ATP global betting and media data rights. Sportradar and ATP are now working together to drive the commercial growth of tennis and enhance fan engagement.
- Sportradar entered into agreements with NASCAR, the South American Football Confederation (CONMEBOL) and Bundesliga, Germany’s premiere soccer league, for exclusive global data rights.
- Sportradar extended agreements with BetMGM and Caesars Sportsbook for official NBA data. For the first time, Sportradar will provide these sportsbooks with products and services that leverage NBA optical tracking data as a result of its exclusive partnership with the NBA. This will enable sportsbooks to grow their proposition markets, same-game parlays, as well as in-play betting markets.
- Sportradar was 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.
- Alpha Odds, Sportradar’s automated odds recalculation tool, launched delivering an average profit increase of 10% for clients in 2023.
- FanID, which connects rights holders and brands with sports fans launched as the first solution in the market with a data clean room to tackle the demise of third-party cookies.
- 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 fourth quarter of 2023 increased by 25% to €132.0 million compared with the fourth quarter of 2022. Growth was driven primarily by increased sales of the Company’s MBS solution, which grew 48% year over-year-as sports outcomes normalized and the contribution from the Taiwanese Sports Lottery Company. Our Live Odds Services also grew 21%.
- Segment Adjusted EBITDA1 in the fourth quarter of 2023 increased by 19% to €55.0 million compared with the fourth quarter of 2022. Segment Adjusted EBITDA margin1 decreased to 42% compared with the fourth quarter of 2022 mainly due to higher operating costs.
RoW Audiovisual (AV)
- Segment revenue in the fourth quarter of 2023 increased by 20% to €50.0 million compared with the fourth quarter of 2022. Revenue growth was driven by the addition of new CONMEBOL and NBA rights and uplift to services to existing and new clients.
- Segment Adjusted EBITDA1 in the fourth quarter of 2023 was €11.2 million. Segment Adjusted EBITDA margin1 decreased to 22% from 28% compared with the fourth quarter of 2022 mainly due to increased sport right costs.
United States
- Segment revenue in the fourth quarter of 2023 increased by 28% to €52.7 million compared with the fourth quarter of 2022. Results were primarily driven by strong market performance, including initial contributions from our NBA deal and the uplift from selling additional services to new and existing clients.
- Segment Adjusted EBITDA1 in the fourth quarter of 2023 was a loss of €1.5 million compared with a profit of €4.3 million in the fourth quarter of 2022 due to the step-up costs of the new NBA deal. Segment Adjusted EBITDA margin12was (3%) compared with 11% in the fourth quarter of 2022.
Costs and Expenses
- Purchased services and licenses in the fourth quarter of 2023 increased by €9.5 million to €57.8 million compared with the fourth quarter of 2022, reflecting one-time set up costs for the Taiwan Lottery deal and higher investments in external development and product delivery costs. Of the total purchased services and licenses, approximately €9.8 million was expensed sport rights.
- Personnel expenses in the fourth quarter of 2023 increased 10% to €88.8 million, compared with the fourth quarter of 2022. The increase was driven by increased headcount and costs related to the Company’s strategic re-alignment initiatives.
- Other Operating expenses in the fourth quarter of 2023 decreased 30% to €24.4 million compared with the fourth quarter of 2022, primarily driven by non-recurring litigation costs that occurred in the fourth quarter of 2022.
- Total sport rights costs in the fourth quarter of 2023 increased by 51% to €75.1 million compared with the fourth quarter of 2023, primarily a result of the new NBA deal.
The tables below show the information related to each reportable segment for the three-month periods and years ended December 31, 2023, and 2022.
| Three Months Ended December 31, 2023 | ||||||||||||
| in €’000 | RoW Betting | RoW Betting AV | United States | Total reportable segments | All other segments | Total | ||||||
| Segment revenue | 132,007 | 50,042 | 52,739 | 234,788 | 17,798 | 252,586 | ||||||
| Segment Adjusted EBITDA | 55,037 | 11,156 | (1,532 | ) | 64,661 | 1,957 | 66,618 | |||||
| Unallocated corporate expenses2 | (27,077 | ) | ||||||||||
| Adjusted EBITDA1 | 39,541 | |||||||||||
| Adjusted EBITDA margin1 | 42 | % | 22 | % | (3 | %) | 28 | % | 11 | % | 16 | % |
| Three Months Ended December 31, 2022 | ||||||||||||
| in €’000 | RoW Betting | RoW Betting AV | United States | Total reportable segments | All other segments | Total | ||||||
| Segment revenue | 105,923 | 41,768 | 41,153 | 188,844 | 17,444 | 206,288 | ||||||
| Segment Adjusted EBITDA | 46,282 | 11,883 | 4,333 | 62,498 | (881 | ) | 61,617 | |||||
| Unallocated corporate expenses2 | (26,508 | ) | ||||||||||
| Adjusted EBITDA1 | 35,109 | |||||||||||
| Adjusted EBITDA margin1 | 44 | % | 28 | % | 11 | % | 33 | % | (5 | %) | 17 | % |
| Year Ended December 31, 2023 | ||||||||||||
| in €’000 | RoW Betting | RoW Betting AV | United States | Total reportable segments | All other segments | Total | ||||||
| Segment revenue | 466,823 | 182,196 | 165,512 | 814,531 | 63,090 | 877,621 | ||||||
| Segment Adjusted EBITDA | 209,562 | 52,211 | 18,893 | 280,666 | (6,328 | ) | 274,338 | |||||
| Unallocated corporate expenses2 | (107,538 | ) | ||||||||||
| Adjusted EBITDA1 | 166,800 | |||||||||||
| Adjusted EBITDA margin1 | 45 | % | 29 | % | 11 | % | 34 | % | (10 | %) | 19 | % |
| Year Ended December 31, 2022 | ||||||||||||
| in €’000 | RoW Betting | RoW Betting AV | United States | Total reportable segments | All other segments | Total | ||||||
| Segment revenue | 389,092 | 160,522 | 127,442 | 677,056 | 53,132 | 730,188 | ||||||
| Segment Adjusted EBITDA | 182,439 | 46,494 | (4,141 | ) | 224,792 | (13,348 | ) | 211,444 | ||||
| Unallocated corporate expenses2 | (85,598 | ) | ||||||||||
| Adjusted EBITDA1 | 125,846 | |||||||||||
| Adjusted EBITDA margin1 | 47 | % | 29 | % | (3 | %) | 33 | % | (25 | %) | 17 | % |
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.
Share Buyback Program
The Board of Directors has approved a $200 million share buyback program given the strong business fundamentals and confidence in the long-term profitability and cash flow outlook. The Company anticipates commencing purchases under the program when the next trading window opens, which is following the reporting of its Q1 2024 earnings results.
2024 Annual Financial Outlook
Sportradar is targeting fiscal 2024 outlook for revenue and Adjusted EBITDA1 as follows:
- Revenue of at least €1,050 million, representing year-on-year growth of at least 20%.
- Adjusted EBITDA1 of at least €200 million, representing year-on-year growth of at least 20%.
- Adjusted EBITDA margin1 of approximately 19%.
- Guidance assumes a Euro to USD exchange rate of 1.07.
Conference Call and Webcast Information
Sportradar will host a conference call to discuss the fourth quarter 2023 results today, March 20, 2024, 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.
Hydro was crowned the tournament’s MVP with 27 finishes, while TraceGod received the TVS Most Wicked Player award for his 113 finishes across the season
The three-day LAN finals garnered over 10 million views on YouTube and more than 500k views on JioHotstar across the Hindi, English, and Gujarati live streams.
The curtains have come down on the OnePlus Android Battlegrounds Mobile India Masters Series (BGMS) Season 4, with Team K9 Esports emerging as the undisputed champions of India’s most-watched esports tournament. After three days of high-octane LAN action at the NODWIN Gaming Arena in Chhatarpur, New Delhi, the champions walked away with the coveted BGMS trophy and the lion’s share of the INR 1.5 crore prize pool.
The grand finals, held from September 12 to 14, brought together the top 16 teams in the country for 12 intense matches and were broadcast live on NODWIN Gaming’s YouTube channel as well as on Star Sports Khel and JioHotstar, making it the only esports tournament in India with a national television presence. On YouTube, the finals drew more than 10 million views across Hindi, English, and Gujarati broadcasts over the three days, while on JioHotstar, they registered over 500k views during the same period, surpassing 200k on the final day alone.
OnePlus K9 Esports, led by in-game leader (IGL) Sahil Jakhar (Omega) and comprising Akshit Kumar (Arclyn), Harshit Yadav (Beast), Tanjot Singh (NinjaBoi), and Raghuraj Singh (Slug), dominated across all three days of competition. After topping the table on both Day 1 and Day 2 with consistent performances, the team carried their momentum into the final day to finish with a total of 107 points and three Winner Winner Chicken Dinners, claiming the BGMS Season 4 championship and securing INR 60 lakh in prize money.
They were followed closely by Sinewy Esports, who had qualified through the Battlegrounds Mobile India Challenger Series (BGCS), finishing second with 96 points and earning INR 22.6 lakh. iQOO SouL also ended with 96 points but were placed third on tiebreakers, recording 53 finishes compared to Sinewy’s 54. Infinix True Rippers and iQOO Revenant XSpark rounded off the top five with 93 and 89 points, respectively.
The MVP of the tournament was awarded to TRHydro of Team True Rippers, whose 27 finishes stood out as the highlight of the grand finals. The TVS Most Wicked Player award went to Joel Thomas (TraceGod) of Team Revenant XSpark for his remarkable tally of 113 finishes throughout the tournament.
When asked about their hard-fought victory, Sahil Jakhar, aka Omega, IGL of OnePlus K9 Esports, summed up the team’s emotions perfectly: “One in the bag, more to go!”
Organised by NODWIN Gaming, South Asia’s leading gaming and esports company, the fourth season of BGMS spanned over 28 days in its innovative dual-format structure. This season marked a significant evolution with the introduction of the BGCS as the official feeder league, giving grassroots talent the chance to rise to the professional stage. Through partner-led qualifiers such as OnePlus Campus Dominate and TVS Raider Wicked Battles, new teams and young players earned the opportunity to compete alongside India’s top-tier squads. In a historic step towards inclusivity, all-women rosters also took part in BGCS, breaking barriers and inspiring a new generation of female gamers to envision a future in competitive esports.
“BGMS Season 4 has truly set new benchmarks for esports in India. From the introduction of the dual-format league and the inclusion of all-women teams to welcoming new brands into the fold, this season has been about opening doors and broadening horizons for the entire ecosystem. Congratulations to K9 Esports for delivering an outstanding performance that defined this season. What makes me especially proud is that we continue to bring this action into Indian homes on national television and OTT platforms, ensuring that the very best of esports reaches the masses and cements its place in the mainstream. This journey was also strengthened by the trust and commitment of our Title Sponsor, OnePlus, along with all our partners whose support has helped BGMS evolve from a tournament into a movement that truly resonates across the country,” commented Akshat Rathee, Co-founder and Managing Director, NODWIN Gaming.
BGMS Season 4 was powered by an exceptional lineup of partners, each playing a vital role in making the tournament a success. OnePlus returned as the Title Sponsor and Official Smartphone Partner, while Android continued its association as the Co-Title Sponsor.
TVS Motor Company marked its third consecutive year of partnership, and Red Bull returned for the second year to energise players throughout the competition. Duolingo English Test made its debut as the Official Learning Partner, promoting accessibility and global opportunities for India’s youth. Swiggy came on board for the first time as the Official Food Delivery Partner, keeping players and crew fuelled, while Bisleri joined as the Official Hydration Partner. In a landmark moment, Tesla also made its esports debut in India by showcasing its Model Y cars at the BGMS Grand Finals.
With BGMS Season 4, NODWIN Gaming has not only redefined the scale of competitive gaming in the country but also cemented the tournament’s status as a cultural phenomenon that embodies the energy and aspirations of India’s youth.
The post Team K9 Esports crowned champions of BGMS Season 4; secure INR 60 lakh in prize money appeared first on European Gaming Industry News.
Latest News
Rocket League World Championship concludes in Lyon: NRG Esports crowned champions in front of nearly 10,000 fans; Major 2 comes to Paris La Défense Arena next year
- Record-breaking Rocket League World Championship 2025 concluded yesterday with around 10,000 fans per day at LDLC Arena
- NRG takes home the $300,000 prize as this year’s Rocket League World Champions
- Paris La Défense Arena (25,000 capacity) confirmed to host RLCS Major 2, May 20-24, 2026
After two landmark weekends for global esports with the Fortnite Global Championships and the Rocket League Championship Series in France, Rocket League is set for an even bigger arena in 2026.
Following a record-breaking World Championship in Lyon, the Rocket League Championship Series (RLCS) Major 2 will take over La Défense Arena in Paris from May 20-24, 2026, marking the largest venue to host a Rocket League event in history.
The Rocket League World Championship 2025 came to a thrilling close on Sunday evening as NRG Esports lifted the trophy in front of nearly 10,000 fans at the LDLC Arena in Lyon-Décines, France. Taking in the glory, the champions secured $300,000 and were declared Rocket League World Champions!
20 of the best Rocket League teams and 60 players from across the globe were onstage all together, representing every major region. North American team NRG’s Massimo “Atomic” Franceschi, Landon “BeastMode” Konerman and Daniel “Daniel” Piecenski dominated through the Group Stage before delivering a statement performance in the Grand Final, with a decisive 4-1 victory over Raleigh Major winners and RLCS 2025’s highest-scoring LAN team, Team Falcons.
Esports has dominated the French spotlight these past two weekends – with the Fortnite Global Championship and the Rocket League World Championship 2025 drawing record crowds and combining to deliver $50 million in economic impact for the city of Lyon.
Spectators from across more than 26 different countries travelled to France to watch 20 of the world’s best Rocket League teams compete for the title of World Champion. The energy of the Lyon crowd confirmed France’s status as one of esports’ true global homes, setting the stage perfectly for next year’s RLCS Major 2 in Paris.
Looking ahead to the 2026 season, the RLCS will scale up once again as La Défense Arena – Europe’s largest indoor venue and a regular home for large-scale sporting events – will welcome an expanded three full days of live audience action next May. With a capacity of 25,000, the arena will be one of the biggest venues in Europe to host an event in esports.
Additional details of the 2026 season were also revealed in Lyon, with the new season set to kick off this November with online Opens, followed by a brand-new Kick-Off LAN studio event in Copenhagen, Denmark this December. The RLCS Major 1 will take place in North America with further dates and locations for the first Major of the year and the Rocket League World Championships to be announced in the coming months.
For more details on the 2026 Rocket League Championship Series, including sign-up information and full schedules, visit the Rocket League Esports official site.
In case you missed it, Rocket League also announced Season 20 this weekend, which will be live on September 17 – check out the blog for more details on the new season.
The post Rocket League World Championship concludes in Lyon: NRG Esports crowned champions in front of nearly 10,000 fans; Major 2 comes to Paris La Défense Arena next year appeared first on European Gaming Industry News.
Latest News
Infront Bettor expands tennis portfolio through exclusive Australian Open video and data rights partnership
New agreement with Tennis Australia (TA) includes top grand slam event, Qualifying and TA tournaments
Infront, through its dedicated division Infront Bettor, has significantly broadened its footprint in tennis after being named the data and video streaming partner for Tennis Australia.
The multi-year agreement includes the Australian Open, one of tennis’s four grand slams, and will provide licensed sportsbooks access to high-quality live content and reliable data thanks to market-leading strategic partners for streaming and data distribution. It marks the latest step in Infront Bettor’s growing presence in top-tier tennis, building on the five-year Official Data partnership with the International Tennis Federation (ITF).
In addition, Infront Bettor will collaborate closely with Tennis Australia’s Game Insights Group, focusing on exploring opportunities in data innovation and commercial data strategy.
Drawing on experience from its ITF partnership, Infront Bettor will also bring an emphasis on data harmonisation across the sport. This allows consumers of data to have consistent definitions regardless of the tennis competition and supports Tennis Australia’s ambition to create products and platforms that enhance the way fans and partners experience tennis.
Tennis Australia’s Chief Commercial Officer Cedric Cornelis said: “Partnering with Infront Bettor ensures we can deliver the highest standard of content to audiences globally, while maintaining a strong commitment to integrity and innovation. Their platform and experience in the sport will help us identify, reach, and delight new markets.”
Chris Catling, Head of Infront Bettor, added: “This is a landmark addition to our tennis offering and a major step in strengthening our global footprint in the sport. The Australian Open sits at the very top of the calendar and complements our existing partnership with the ITF by extending our reach across both elite and grassroots levels. We’re proud to be trusted by Tennis Australia and look forward to delivering value through reliable content, integrity-led operations, and a truly global distribution network.”
The partnership will also see Infront work closely with Tennis Australia’s Integrity Unit, combining best-in-class monitoring tools, risk assessments, and global market analysis to help uphold the integrity of all covered matches.
Infront Bettor is part of the Group’s Media, Betting and Technology unit led by Amikam Kranz as Senior Vice President. This combination of Infront’s media rights business with betting and technology provides more holistic commercial opportunities to rightsholders and innovative technology solutions to the betting industry.
The post Infront Bettor expands tennis portfolio through exclusive Australian Open video and data rights partnership appeared first on European Gaming Industry News.
Team K9 Esports crowned champions of BGMS Season 4; secure INR 60 lakh in prize money
Rocket League World Championship concludes in Lyon: NRG Esports crowned champions in front of nearly 10,000 fans; Major 2 comes to Paris La Défense Arena next year
Infront Bettor expands tennis portfolio through exclusive Australian Open video and data rights partnership
Race Estoril Track With F1 Legend Barrichello During SBC Summit 2025
GLI Returns as Sponsor of the Regulators’ Roundtable at EEGS 2025
Trigger Xtreme Power: A 400% Deposit Bonus Plus 30 Free Spins Await on Thor Hammer Strike at SlotsCapital.lv
Boomerang Partners will hold a raffle for unique sports items at the SBC Summit 2025
GoldenRace unleashes the season with updated Euro Champions and Euro League 2025/26!
GamCare Releases Evaluation of its Money Guidance Service
Relax Gaming appoints Antonia Svensson as Chief Commercial Officer
-
Latest News3 months agoBrand-new projects debuting at iGB L!VE: Casino&You and Win&You Partners!
-
Latest News1 month ago
Light & Wonder to Participate in the 2025 Australasian Gaming Expo
-
Latest News1 month ago
ReferOn Shortlisted for Acquisition & Retention Partner of the Year at SBC Lisbon 2025
-
Latest News1 month ago
Gavin Hamilton Joins Sports & Wellbeing Analytics as Chairman to Accelerate Global Expansion
-
Latest News2 months ago2025 PUBG MOBILE WORLD CUP KICKS OFF WITH GROUP DRAW AHEAD OF ESPORTS WORLD CUP
-
Latest News3 months agoHIPTHER Community Voices: Interview with the CEO and co-founder of Nordcurrent Victoria Trofimova
-
Latest News2 months agoCEO of MEDIA24 Interviewed: Industry Scams, Business Insights and SEO
-
Latest News2 months agoHIPTHER Community Voices: Interview with CEO of Media 24 Martins Lasmanis
You must be logged in to post a comment Login