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SPORTRADAR REPORTS SECOND QUARTER 2024 FINANCIAL AND OPERATING 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 second quarter ended June 30, 2024.

Carsten Koerl, Chief Executive Officer of Sportradar, said: “Our strong second quarter results, including another quarter of record revenues are a testament to the operating momentum we are generating across our business and the clear execution against our strategies to drive outperformance versus the market. We delivered robust growth across our high-value product portfolio and strong client uptake, while continuing to strengthen our business by driving efficiencies and significant cash flow.  I am pleased to once again raise our full year guidance as we continue to build long-term shareholder value through strong topline growth, a focus on delivering additional operating leverage and increasing cash flow generation.”

 

Second Quarter 2024 Financial Highlights

  • Revenue was €278.4 million, up 29% year-over-year demonstrating continued momentum in the business.
  • Betting Technology & Solutions revenues were €229.1 million, up 30% year-over-year, and Sports Content, Technology & Services revenues were €49.3 million, up 22% year-over-year.
  • Delivered strong revenue growth globally with Rest of World up 22% and the U.S. up 59%.
  • The current quarter generated a loss of (€1.5 million) compared to a de minimis profit for the same quarter last year.
  • Adjusted EBITDA[i] was €48.8 million, up 22% year-over-year.
  • Net cash generated from operating activities since the beginning of the year was €152.6 million, up 17% year-over-year.
  • The Company’s customer Net Retention Rate[ii] was 117%, demonstrating the strength in cross selling and upselling to clients, and increasing sequentially.
  • As of June 30, 2024, the Company had total liquidity of €542.2 million as compared to €483.7 million as of June 30, 2023, benefitting from strong cash flow generation in the first half of 2024.
  • During the quarter, the company repurchased approximately 588,000 shares, for a total amount of $6.2 million. As of August 9, 2024, the Company has repurchased approximately 748,000 shares with a total value of $8.0 million.
  • The Company further raised its full-year 2024 outlook and now expects to deliver 22% year-over-year growth in revenue and Adjusted EBITDA.

 

Key Financial and Operating Metrics

 

Q2 Q2 Change   Change
in €’000 (unaudited) 2024 2023   %
Total Revenue 278.4 216.4 62.0   29%
Profit (loss) for the period from continuing operations (1.5) 0.0 (1.6)   n/a
Profit (loss) for the period from continuing operations as a percentage of revenue (0.6%) 0.0% -57 bps   n/a
 
Adjusted EBITDA 48.8 40.1 8.7   22%
Adjusted EBITDA Margin1 17.5% 18.5% -98 bps   n/a
Net Retention Rate 117% 120% -360 bps   n/a
 
Supplemental Revenue Analysis  
 
Revenue Grouping  
Betting Technology & Solutions 229.1 176.1 53.0   30%
Sports Content, Technology & Services 49.3 40.3 9.0   22%
278.4 216.4 62.0   29%
 
Revenue Grouping as % of Total Revenue  
Betting Technology & Solutions 82% 81%   1%
Sports Content, Technology & Services 18% 19%   -1%
 
Geographic  
Rest of World 217.8 178.4 39.4   22%
United States 60.6 38.0 22.6   59%
278.4 216.4 62.0   29%
Geographic as % of Total Revenue  
Rest of World 78% 82%  
United States 22% 18%  
 

Recent Business Highlights

 

Revenue

Total revenue for the current quarter was €278.4 million, up 29% year-over-year driven by growth across the portfolio, in particular Betting Technology & Solutions.

 

Betting Technology & Solutions

Betting Technology & Solutions revenues were €229.1 million, up 30% year-over-year primarily driven by:

  • Streaming & Betting Engagement, up €26.2 million or 41% year-over-year, and Live Data and Odds up €18.6 million or 27% year-over-year, with both benefitting from existing and new customer uptake of our products and premium pricing, as well as from the strong U.S. market growth.
  • Managed Betting Services, up €8.5 million or 21% year-over-year, primarily driven by strong growth in Managed Trading Services due to higher trading margins and increased betting activity from existing and new customers.
  • As a percentage of total company revenues, Betting Technology & Solutions represented 82% of total company revenue in the current quarter as compared to 81% in the prior year quarter.

Sports Content, Technology & Solutions

Sports Content, Technology & Solutions revenues were €49.3 million, an increase of 22% year-over-year primarily driven by:

  • Marketing and Media Services were €7.7 million, up 28% year-over-year, with strong growth in European and North America ad:s revenue as several sportsbooks launched marketing campaigns.
  • Sports Performance was broadly flat year-over-year.
  • As a percentage of total company revenues, Sports Content, Technology & Solutions represented 18% of total company revenue in the current quarter as compared to 19% in the prior year quarter.

 

Costs and Expenses

  • Purchased services and licenses were €72.6 million, up €22.0 million or 44% year-over-year. Of the total purchased services and licenses, €28.9 million was expensed sport rights. Excluding expensed sport rights, purchased services were €43.7 million, up €10.5 million or 32% year-over-year driven primarily by the Company’s investments in its product portfolio.
  • Personnel expenses were €89.1 million, up €4.7 million or 6% year-over-year and down approximately 700 bps as a percentage of revenue, as we continue to closely manage our resources and focus on delivering operating leverage.
  • Other Operating expenses were €22.6 million, up €1.6 million or 8%, down approximately 160 basis points as a percentage of revenue, as we further leveraged our existing infrastructure.
  • Total sport rights costs were €95.9 million, up €43.6 million or 83% year-over-year, driven by new rights, in particular our ATP and NBA partnership deals.

 

Share Repurchase Program

In March of this year the Board of Directors approved a $200 million share repurchase program and commenced purchases during the second quarter. As of August 9, 2024, the Company has repurchased approximately 748,000 shares under the plan for a total of $8.0 million.

 

Updated 2024 Annual Financial Outlook

Sportradar is further raising its fiscal 2024 outlook for revenue and Adjusted EBITDA as follows:

  • Revenue of €1,070 million compared with prior outlook of €1,060 million, up 22% year-over-year and representing a 1-percentage point improvement in our full year growth rate outlook.
  • Adjusted EBITDA of at least €204 million compared with prior outlook of €202 million, up 22% and representing a 1-percentage point improvement in our full year growth rate outlook.
  • Adjusted EBITDA margin of approximately 19%.

 

Conference Call and Webcast Information

Sportradar will host a conference call to discuss the second quarter 2024 results today, August 13, 2024, at 8:30 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.

[i] Non-IFRS measure. See the sections captioned “Non-IFRS Financial Measures and Operating Metric” and “IFRS to Non-IFRS reconciliations” for more details.

[ii] Non-IFRS Operating Metric. See the section captioned “Non-IFRS Financial Measures and Operating Metric” for more details.

The post SPORTRADAR REPORTS SECOND QUARTER 2024 FINANCIAL AND OPERATING RESULTS appeared first on European Gaming Industry News.

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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Esports World Cup 2025 Unveils Official Song of the Year and Full Opening Ceremony Line-up

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Til My Fingers Bleed” featuring DINO of SEVENTEEN, Duckwrth, and Telle Smith to debut live alongside Post Malone, Alesso, and Tina Guo at the Opening Ceremony in Riyadh on 10 July

The Esports World Cup Foundation (EWCF) today announced the release of “Til My Fingers Bleed”, the official Song of the Year for Esports World Cup 2025, alongside the full artist line-up for the tournament’s Opening Ceremony. Taking place on 10 July in Riyadh, the ceremony will feature live performances from DINO of SEVENTEEN, Duckwrth, and Telle Smith of The Word Alive, as well as GRAMMY-nominated producer and electronic music sensation Alesso, virtuoso cellist Tina Guo, and global music icon Post Malone, who headlines the event.

“Til My Fingers Bleed” is a high-energy, cross-genre collaboration that fuses K-pop, hip-hop, and rock, capturing the emotion, ambition, and global spirit of the world’s largest esports event. DINO, genre-blending rapper Duckwrth, and metalcore frontman Telle Smith each bring deep ties to gaming culture, from major esports performances to in-game collaborations.

Their live debut of the track will help open a seven-week tournament that is redefining the role of gaming in mainstream culture. The song was written and produced by Alex Karlsson and T.Ma, known for their work with BTS, G.E.M. and ATEEZ, along with Jared Lee (Duckwrth), who wrote the track’s rap verse.

“At its heart, the Esports World Cup is a global celebration of community – where gaming, creativity, and culture converge on the world’s biggest stage,” said Mike McCabe, Chief Operating Officer, Esports World Cup Foundation. “EWC Music, our official song, and the Opening Ceremony help define the identity of the tournament. They reflect the spirit of shared passion and the connective power of music and esports, setting the tone for an unforgettable summer and celebrating how music can elevate competition and deepen fans’ emotional connection to the sport.”

Of the exciting new track, Telle Smith of The Word Alive commented ‘Gaming has been a part of my life for as long as music has, so getting to bring a genre bending song to a global stage like this feels surreal. I’m honored to share the moment in Riyadh with Duckwrth and Dino, I think fans all over the world will love “Til My Fingers Bleed”’.

“From day one, the Esports World Cup has been created as a global stage for gaming culture across all genres.”, said Ariel Horn, Executive Producer, Esports World Cup Foundation. “Each artist on ‘Til My Fingers Bleed’ brings a unique sound that connects with players, whether they’re into sports, fighting, or action games. We’re excited to see how players and fans pick this track up around the world and hope they will embrace it.”

Viranda Tantula, Executive Creative Director, EWC Music, added: “Music is a universal language, and this is something it shares with gaming. What inspires us at this intersection of music and esports is the opportunity to shape new sounds for a truly global audience. We’ve always been drawn to creative experimentation, and with “Til My Fingers Bleed’, we wanted the collision of genres and international artists to reflect the same global mix of games and players that defines the Esports World Cup. The whole team has poured their hearts into this project, and we hope the community,  k-pop, hip-hop, and rock fans feel the energy in both the track and the show.”

Now available across all major streaming platforms, the song is accompanied by a cinematic visualiser on YouTube, and will be featured throughout EWC broadcasts, social content, and live performances throughout the seven-week event.

The release follows “Ascension (Alesso Remix)”, a reimagining of the Esports World Cup’s orchestral theme by Alesso, featuring acclaimed cellist Tina Guo. Both tracks are part of EWC Music, a long-term initiative launched in April 2025 to develop an original music identity for the tournament. The programme began with the recording of a four-track suite at Abbey Road Studios by award-winning composers 2WEI and Hollywood Scoring, and continues with global artist collaborations and live performances.

Through original scores, artist-led tracks, and live performances, EWC Music aims to elevate every moment of the Esports World Cup – from broadcast highlights to trophy lifts and stadium shows.

The Esports World Cup 2025 Opening Ceremony will be headlined by Post Malone. A nine-times diamond-certified artist and lifelong gamer, he has deep ties to the esports world – from streaming Warzone and PUBG to collaborating on in-game events, including his recent Apex Legends crossover. His exclusive performance at EWC 2025 will blend chart-topping sound with a tribute to gaming culture on the world’s biggest esports stage.

The official Song of the Year artists also bring strong music ties to gaming: Duckwrth’s “Start a Riot” featured on the Spider-Verse soundtrack, while The Word Alive’s “RISE” was the 2018 League of Legends Worlds anthem, now streamed over 300 million times.

The Esports World Cup 2025 will once again unite the global esports community in Riyadh, Saudi Arabia, bringing together over 2,000 elite players and 200 Clubs from more than 100 countries. Players will compete in 25 tournaments across 24 titles for a record-breaking $70+ million prize pool – the largest in esports history.

Tickets, including access to the Opening Ceremony, are now available at esportsworldcup.com.

To learn more about the Esports World Cup, visit esportsworldcup.com and follow the Esports World Cup Foundation on LinkedIn. Esports World Cup: Level Up, the five-part documentary directed by Emmy Award-winner R.J. Cutler, is now streaming exclusively on Prime Video.

The post Esports World Cup 2025 Unveils Official Song of the Year and Full Opening Ceremony Line-up appeared first on European Gaming Industry News.

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LGUs, state university get Php20-M emergency vehicles from PAGCOR

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The Philippine Amusement and Gaming Corporation on Thursday, June 26, turned over ten Patient Transport Vehicles (PTVs) worth Php20 million to several local government units and a state university to enhance their emergency medical services.

During the turnover ceremony at the PAGCOR Corporate Office in Pasay City, six PTVs were awarded to the municipalities of Palanan, Quezon, San Isidro, Cabagan, San Mariano, and San Pablo, all in Isabela province.

The City of Parañaque, the municipalities of Tanauan in Batangas and Balabac in Palawan as well as the Mariano Marcos State University (MMSU) in Ilocos Norte also received one PTV unit each.

Each vehicle is fitted with a GPS navigation system and essential medical equipment such as an ambulance stretcher, oxygen tank, wheelchair, and first aid kit.

PAGCOR Chairman and CEO Alejandro H. Tengco joins officials from nine local government units and the Mariano Marcos State University for a photo opportunity during the turnover of 10 Patient Transport Vehicles (PTVs) last June 26, 2025.

PAGCOR Chairman and CEO Alejandro H. Tengco said the PTV distribution is part of the agency’s efforts to improve healthcare delivery and to enhance access to medical services especially in geographically isolated communities.

“We want to ensure that even remote areas have the means to respond to medical emergencies. This is part of PAGCOR’s commitment to reach communities that need government support the most,” Mr. Tengco said.

“‘Yan po ang hangad ng PAGCOR; salamat sa pagkakataong makatulong at makapaglingkod sa inyo,” Mr. Tengco told the PTV recipients during the turnover event.

PAGCOR Vice President for the Corporate Social Responsibility Group Ramon Stephen Villaflor (2nd from left) and Assistant Vice President for Community Relations and Services Eric Balcos (far left) hand over the ceremonial vehicle key to Atty. Christopher A. Mamauag (3rd from left), Mayor of Cabagan, Isabela.

Mayor Christopher A. Mamauag of Cabagan, Isabela – a town where travel to tertiary hospitals takes several hours – expressed gratitude for the assistance and said the vehicle will significantly boost the town’s emergency response capabilities.

“Kami po ay nagpapasalamat kay President Ferdinand Marcos Jr., at sa PAGCOR, sa pamumuno ni Chairman Alejandro Tengco, sa pagpapaunlak sa aming kahilingan na magkaroon ng Patient Transport Vehicle para sa aming mga kababayan sa bayan ng Cabagan.

“Malaking tulong po ito at gagamitin namin ito ng wasto,” he said.

Each patient transport vehicle donated by PAGCOR is equipped with a GPS navigation system, an ambulance stretcher with mounted restraining system, medical oxygen, a wheelchair, and a first aid kit.

 

The post LGUs, state university get Php20-M emergency vehicles from PAGCOR appeared first on European Gaming Industry News.

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Evolution Launches First Live Casino Studio in the Philippines

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Evolution has announced that its first-ever live casino studio in Asia went live today.

Located in Cebu, the Philippines, the studio marks a significant milestone in Evolution’s Asia-Pacific expansion and serves the regulated Philippine online gaming market, which is the first licensed iGaming jurisdiction in Asia.

The new operation launches in partnership with  One Visaya Gaming Corporation (OVG), an industry leading company which operates with strict adherence to PAGCOR’S (Philippines Amusement and Gaming Corporation) code of conduct. This collaboration allows Evolution to offer its trusted live casino content to operators licensed in the Philippines.

Evolution’s state-of-the-art live casino studio in Cebu will initially offer Baccarat tables. Lightning Roulette and other game shows — including Marble Race and the standout Super Color Game, designed especially for players in the Philippines — are due to launch later this year. This new studio marks a major step in Evolution’s commitment to delivering localised, fully compliant entertainment tailored to regional markets.

Gionata La Torre, Evolution’s Chief Executive Officer for Europe, said: “We’re proud to launch our first live casino studio in Asia in the Philippines and be part of its regulated online gaming market. This new studio is a major milestone in our long-term commitment to the region. Partnering with OVG allows us to deliver world-class live content tailored to local preferences through licensed operators.”

La Torre added: “With player favourites available from day one and more exciting titles on the way, our focus remains on quality, innovation, and localisation — the keys to building trust and lasting engagement in any market.”

For trade press and media enquiries, please contact:
Amy Riches, Head of Marketing, [email protected]

For investor enquiries, please contact:
Carl Linton, Head of Investor Relations, [email protected]

 

The post Evolution Launches First Live Casino Studio in the Philippines appeared first on European Gaming Industry News.

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