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Sportradar Reports Strong Second Quarter 2023

Published

2 years ago

August 9, 2023

George Miller

Reading Time: 5 minutes

Delivered 23% revenue, 42% Adjusted EBITDA growth for first six months

On track to deliver record annual revenue

Annual outlook reaffirmed with growth of 24% to 26% for revenue and 25% to 33% for Adjusted EBITDA

Sportradar Group AG (NASDAQ: SRAD), 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, 2023.

“We are very proud of our strong performance during the first half of 2023 and remain on track to achieve the highest annual revenue in the company’s history,” the Chief Executive Officer for Sportradar, Carsten Koerl, said. “We hold a pivotal position in the global sports ecosystem and believe our talent, technology and diverse product offering positions us for strong future growth as we continue to execute against our strategic initiatives.”

Second Quarter 2023 Financial Highlights

Revenue in the second quarter of 2023 increased 22% to €216.4 million compared with the second quarter of 2022 with growth across all segments.
The company’s customer net retention ratio (NRR) remained at 120% in the second quarter of 2023 compared with the first quarter of 2023, demonstrating the company’s strength in cross selling and upselling to its clients.
Total profit from continuing operations, which included an €8 million one-time loss on disposal of an equity investment, decreased €22.8 million compared with the same quarter last year. The primary driver for the decrease was a net negative impact from foreign exchange rates. The company’s adjusted EBITDA1 for the same period increased 46% to €40.1 million compared with the second 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 second quarter of 2023 was 0% compared with 13% for the same quarter last year. Adjusted EBITDA margin1 was 19% in the second quarter of 2023, an increase of almost 300 bps compared with 16% in the prior year period.
As of June 30, 2023, Sportradar had total liquidity of €484 million including cash and cash equivalents of €264 million and an undrawn credit facility of €220 million.

Key Financial Metrics
	Q2	Q2	Change
In millions, in Euros €	2023	2022	%
Revenue	216.4	177.2	22%
Profit for the period from continuing operations	0.03	22.8	(100%)
Profit for the period from continuing operations as a percentage of revenue	0%	13%	–
Adjusted EBITDA¹	40.1	27.6	46%
Adjusted EBITDA margin¹	19%	16%	–
Net Retention Rate¹	120%	118%	–

_________________________

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

Recent Company Highlights

Sportradar continued to deepen its relationships with United States operators including an expansion of its long-standing agreement with Caesars Entertainment, establishing the company as the official supplier of betting data from leagues including the NBA, MLB and NHL. The company’s recent signings demonstrate its commitment to delivering engaging experiences for its clients while effectively monetizing its league partnerships through the value-added creation of innovative products and solutions.

Sportradar was selected as the exclusive global betting partner by CONMEBOL, the governing body of ten national soccer associations in South America, to enhance the accessibility and engagement of South American football for a broader global audience.
Sportradar was appointed as the official technology partner by the Delhi Capitals. The new three-year partnership will provide innovative video technology to develop cricket talent. Sportradar continues to build relationships in emerging markets such as India with strong sports fan bases.
Sportradar organized its inaugural Elite Prep Basketball Tournament, the Sportradar Showdown, held in Las Vegas in July. The tournament brought together exceptional amateur basketball teams under the Under Amour Association, Adidas 3SSB and NBA Academy and showcased Sportradar’s Synergy technology, capturing extensive data throughout the tournament and offering valuable insights for the use of college coaches and NBA talent scouts.
The company won multiple awards in the second quarter. Sportradar was named Acquisition and Retention Partner of the Year by EGR North America, won the Live Betting and Gaming Product Award and the Sports Data Product Award from SBC North America, received the Live Streaming Supplier Award at the EGR B2B Awards and ORAKO Sportsbook solution was selected as Best Sports Betting Technology of the Year at the 2023 Sports Technology Awards.

Segment Information

RoW Betting

Segment revenue in the second quarter of 2023 increased by 20% to €114.1 million compared with the second quarter of 2022. This growth was driven primarily by increased sales of the company’s higher value-add offerings including MBS, which increased 25% to €41.1 million, as well as Live Odd and Live Data products that grew 19% year over year.

Segment Adjusted EBITDA1 in the second quarter of 2023 increased by 18% to €51 million compared with the second quarter of 2022. Segment adjusted EBITDA margin1 remained at 45% year over year.

RoW Audiovisual (AV)

Segment revenue in the second quarter of 2023 increased by 25% to €49.6 million compared with the second 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 second quarter of 2023 increased 26% to €16.4 million compared with the second quarter of 2022. Segment adjusted EBITDA margin1 remained at 33% year over year.

United States

Segment revenue in the second quarter of 2023 increased by 31% to €38 million compared with the second quarter of 2022. Results were primarily driven by growth of 105% collectively in betting and gaming and audiovisual products.

Segment adjusted EBITDA1 in the second quarter of 2023 was €5.4 million compared with a loss of (€5.5) million in the second quarter of 2022, indicating the strong improvement in operational leverage in the United States business model despite continuous investment. Segment adjusted EBITDA margin1 improved to 14% from (19%), compared with the second quarter of 2022.

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

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

	Three Months Ended June 30, 2022
in €’000	RoW Betting		RoW Betting AV		United States		Total reportable segments		All other segments		Total
Segment revenue	95,513		39,741		29,066		164,320		12,869		177,189
Segment Adjusted EBITDA	43,324		13,053		(5,498	)	50,879		(4,899	)	45,980
Unallocated corporate expenses⁽¹⁾											(18,427	)
Adjusted EBITDA¹											27,553
Adjusted EBITDA margin¹	45	%	33	%	(19	%)	31	%	(38	%)	16	%

	Three Months Ended June 30, 2023
in €’000	RoW Betting		RoW Betting AV		United States		Total reportable segments		All other segments		Total
Segment revenue	114,149		49,569		37,959		201,677		14,757		216,434
Segment Adjusted EBITDA	51,041		16,418		5,441		72,900		(2,560	)	70,340
Unallocated corporate expenses⁽¹⁾											(30,238	)
Adjusted EBITDA¹											40,102
Adjusted EBITDA margin¹	45	%	33	%	14	%	36	%	(17	%)	19	%

	Six Months Ended June 30, 2022
in €’000	RoW Betting		RoW Betting AV		United States		Total reportable segments		All other segments		Total
Segment revenue	182,250		85,664		54,733		322,647		22,418		345,065
Segment Adjusted EBITDA	87,942		21,987		(11,920	)	98,009		(8,613	)	89,396
Unallocated corporate expenses⁽¹⁾											(35,142	)
Adjusted EBITDA¹											54,254
Adjusted EBITDA margin¹	48	%	26	%	(22	%)	30	%	(38	%)	16	%

	Six Months Ended June 30, 2023
in €’000	RoW Betting		RoW Betting AV		United States		Total reportable segments		All other segments		Total
Segment revenue	222,649		94,123		77,696		394,468		29,530		423,998
Segment Adjusted EBITDA	98,429		27,759		12,265		138,453		(5,707	)	132,746
Unallocated corporate expenses⁽¹⁾											(55,973	)
Adjusted EBITDA¹											76,773
Adjusted EBITDA margin¹	44	%	29	%	16	%	35	%	(19	%)	18	%

_________________________

Annual Financial Outlook

Sportradar reaffirmed its annual outlook range provided on March 15, 2023, for revenue and adjusted EBITDA1 for fiscal 2023 as follows:

Revenue in the range of €902.0 million to €920.0 million, representing growth of 24% to 26% over fiscal 2022.
Adjusted EBITDA1 in a range of €157.0 million to €167.0 million, representing 25% to 33% growth versus last year.
Adjusted EBITDA margin1 in the range of 17% to 18%.

Conference Call and Webcast Information

Sportradar will host a conference call to discuss the second quarter 2023 results today, August 9, 2023, at 8:00am 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.

Latest News

Atlaslive Shortlisted for “Best Sports Provider 2025” at SiGMA Eurasia Awards

Published

13 hours ago

February 7, 2025

George Miller

Reading Time: 2 minutes

Atlaslive, a global leader in iGaming solutions, has been shortlisted for the prestigious “Best Sports Provider 2025” award at the SiGMA Eurasia Awards 2025. This nomination recognizes Atlaslive’s commitment to innovation, technological excellence, and delivering top-tier sportsbook solutions that redefine the industry.

The AIBC Eurasia Awards celebrate pioneering projects and game-changing ideas that shape the future of iGaming. Being named a finalist is a testament to Atlaslive’s continuous drive to push the boundaries of what’s possible in the sports betting sector.

Atlaslive’s exclusive, in-house-developed Sportsbook is a standout in the industry, designed to offer a seamless and highly customizable experience for operators. Built on a foundation of scalability, flexibility, and cutting-edge live technology, the solution enables rapid growth and market adaptability. Key features include:

Seamless API integration for effortless platform connectivity
Advanced customization to meet operator-specific needs
A powerful bonus engine to drive player engagement
Real-time data analytics for strategic decision-making
State-of-the-art risk management ensuring optimized margins
Innovative Bet Builder feature for enhanced user interaction

With these capabilities, Atlaslive empowers operators to stay ahead in an evolving global market, driving engagement, boosting retention, and maximizing growth opportunities.

Lidiia Vakulenko, COO of Atlaslive, expressed her excitement about the recognition: “Being shortlisted for ‘Best Sports Provider 2025’ validates the hard work and dedication of our team in developing one of the most advanced sportsbook solutions in the industry. Our innovation, unique features, and technical excellence continue to set us apart, and we remain committed to pushing the boundaries of what’s possible in sports betting technology.”

Atlaslive continues to innovate, offering operators unparalleled technology and seamless integration to enhance their business success. This recognition by SiGMA Eurasia underscores the company’s mission to revolutionize the iGaming industry with state-of-the-art sportsbook solutions.

About Atlaslive

Atlaslive, formerly known as Atlas-IAC, underwent a rebranding campaign in May 2024. It is a B2B software development company that specializes in creating a multifunctional and automated platform to optimize the workflow of sports betting and casino operators. Key components of the Atlaslive Platform include Sportsbook, Casino, Risk Management and Anti-Fraud Tools, CRM, Bonus Engine, Business Analytics, Payment Systems, and Retail Module. Follow the company on LinkedIn to stay updated with the latest news in iGaming technology.

The post Atlaslive Shortlisted for “Best Sports Provider 2025” at SiGMA Eurasia Awards appeared first on European Gaming Industry News.

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Week 6/2025 slot games releases

Published

13 hours ago

February 7, 2025

George Miller

Reading Time: 4 minutes

Here are this weeks latest slots releases compiled by European Gaming

Tom Horn Gaming brings another exciting slot game to players with Book of Darius, a high-volatility adventure set in the deserts of Persia. This title expands the iGaming software supplier’s strong ‘Book of portfolio, with each game offering a new take on this player-favourite mechanic. Book of Darius delivers well-balanced bonus features, including Free Spins, a Special Expanding Wild symbol, and the Stake Booster, which make up for an engaging gameplay experience with high win potential.

Spinomenal is providing some much needed warmth this season with the release of Majestic Wild Buffalo Winter Wonderland – part of the Wildlife series. Expansive grasslands have been transformed into a winter tundra glistening with snow. While playing this cool slot, players will be joined by wolves, black bears, eagles and mountain cats – all acting as the Medium symbols. During the main game, the majestic Buffalo Wild counts as any symbol apart from double symbols, free spins and bonus.

Play’n GO takes players on a cosmic collision course with Invading Vegas Revenge on Mars, the highly anticipated sequel to Invading Vegas. This intergalactic slot promises high-octane entertainment as Earth’s favourite city collides with Martian mayhem. Invading Vegas Revenge on Mars reimagines the chaos of its predecessor, introducing a Martian twist to Sin City’s neon chaos in the form of the alien’s very own version of Vegas on Mars.

Relax Gaming, the iGaming aggregator and supplier of unique content, has combined fear with fluff as mythical creatures and farmyard favourites go head-to-head in brand-new release Giants and Sheep. This ginormous 5×4 slot can see players net up to a maximum of 10,000x through three different wild features, giant symbols and a lucrative Free Spins bonus. At any time during gameplay, one of three wild features can occur.

Amusnet has released its latest video slot, 40 Extra Crown. The game features a classical yet modern royal theme and offers thrilling gameplay, state-of-the-art graphics and exhilarating sound effects. 40 Extra Crown is based on Amusnet’s all-time favourite Extra Crown, so it will undoubtedly impress all lovers of timeless classics combined with a fresh and glamorous layout.

ELA Games is proud to announce its latest release, It’s Shark Time! 2. This game is a thrilling development to the It’s Shark Time! series, which includes the original and a holiday-themed version. Now, players can enjoy new exciting features and more chances to win. The game follows the familiar 5×3 slot format with 20 paylines, however, the graphics have been enhanced with improvements to the underwater creatures, making a more lively and exciting atmosphere.

Valentine’s Day is just around the corner, love is in the air, and Booming Games take full responsibility – thanks to the timely release of smokin’ hot slot Burning Love. The popular games provider has been busy searching for the perfect match for players, and this fiery 5×3 game ticks all the boxes. A fresh and exciting twist on the old favourite Burning Classics, this romantic revival retains all its allure despite its mesmerising makeover.

TaDa Gaming is continuing its ‘classic with a twist’ approach to slots in new release Fruity Wheel. With five reels, three rows and 243 ways to win, this innovative take on a classic fruit delivers Lucky 7s, watermelons and oranges all in a row, while the Royals ensure engagement through frequent win potential. The mix of traditional features and innovative elements puts Fruity Wheel in a league of its own. With Diamond Wilds, a Lucky Wheel giving generous Multipliers and Expanding Wilds in the Free Game, players will be entranced from the first spin.

The post Week 6/2025 slot games releases appeared first on European Gaming Industry News.

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Bombay Group Enters a New Era with Kevin McGowen taking the lead as CEO

Published

15 hours ago

February 7, 2025

George Miller

Reading Time: 2 minutes

Bombay Group, renowned for its innovative approach to luxury gaming and hospitality, is set to embark on an exciting new chapter by appointing Kevin McGowen as the new CEO.

“Time has arrived to welcome all suitable discerning players from across the globe to experience our unparalleled gaming offerings,” said Mr McGowen as he sees Bombay Group as a global leader in redefining the gaming experience that combines cutting-edge technology, cashless systems, and private, exclusive environments to reshape the traditional casino industry. “I’m hugely impressed by the Bombay team’s dedication to elevating standards in the high-end gaming industry from a product and compliance perspective. One of my goals for the near future is to engage even broader global experience in the team,” added the new CEO.

The company’s interim CEO, Anita Brinke, has set the stage for Bombay Group’s next phase of growth as the final preparations for the opening of the unique venue are concluded, and the organisation is well-prepared for its ambitious goals. “The ultimate goal of my work of recent years has been to realise the unique vision of a destination that is totally worth a separate journey regardless of how much one has experienced in life. Only a few weeks remain until the opening of The Burman and in combination with the Bombay Club they will complete the redefining of modern high quality entertainment. Now is a good time to pass the baton so that Kevin can give our crown jewel the final shine,” said Brinke assuredly.

Kevin McGowen, a Chief Executive has over 30 years of experience in gaming, hospitality and relationship marketing. Most recently, he served as CEO of Les Ambassadeurs, a prestigious private members’ casino in Mayfair, London. Kevin’s career spans across major global gaming jurisdictions and client feeder markets, including Las Vegas, The Bahamas, London, the Far East, and the Middle East. Kevin’s extensive experience in both land-based and online gaming will play a pivotal role in realising the Group’s ambitious vision.

The Group is also pleased to announce Dajana Tiitsaar as Chief Operating Officer. Dajana’s strong operational background and extensive knowledge of local market dynamics will play a critical role in ensuring seamless daily operations. Dajana joined Bombay Group from Enefit, an Estonian based energy company where she last held the country manager position, she also has over a dozen years of experience in tourism, hospitality and marketing. Her appointment underscores Bombay Group’s commitment to operational efficiency and long-term success.

In August 2024, Bombay Group proudly opened the Bombay Club, alongside world-class restaurant, bars, and lounges in Tallinn. Looking ahead to March 2025, Bombay is set to open its highly anticipated hotel, The Burman, in Tallinn’s historic Old Town. Dating back to 1850, The Burman is among the city’s historic gems. The hotel will open with two additional restaurants, a bakery, and a spa, further enhancing and enriching the character of Tallinn’s historic Hanseatic town. This addition will complete the full buildout of the project, cementing Bombay Group’s commitment of delivering premium world-class experiences in gaming and hospitality.

The post Bombay Group Enters a New Era with Kevin McGowen taking the lead as CEO appeared first on European Gaming Industry News.