Latest News
Sportradar Reports Third Quarter 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 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.
Latest News
Revenant XSpark Beat S8UL To Become Champions Of The Pokémon UNITE Winter Tournament, Qualify For Finals In Japan
Hosted by Skyesports, Revenant XSpark cruised through the competition to join GodLike Esports as the Indian representatives in the finals in Japan.
The Pokémon UNITE Winter Tournament 2025 – India, an open-for-all esports competition for the mobile game by The Pokémon Company and executed by Skyesports, has concluded. After an intense round of qualifiers, group stage, and playoffs, Revenant XSpark edged out S8UL Esports in the grand final to emerge as champions.
Revenant XSpark will now join GodLike Esports as the two Indian teams set to represent the region at the Pokémon UNITE Asia Champions League Finals in Japan, scheduled for March 29 and 30.
Revenant XSpark were in red-hot form throughout the Pokémon UNITE Winter Tournament India 2025. They won all three of their group-stage matches before a dominant run through the upper bracket in the playoffs.
During the playoffs, they defeated Elites and Global Esports, before facing off against S8UL in the upper bracket final, where they secured a 2-1 victory. S8UL managed to bounce back with a win in the lower bracket, setting up a much-anticipated rematch in the Grand Finals of the Pokémon UNITE Winter Tournament 2025 – India. However, their hopes of redemption fell short, as Revenant XSpark once again emerged victorious with another 2-1 triumph. The team also pocketed $3,000 of the $10,000 prize pool for placing first.
For Revenant XSpark, this victory marks redemption after a hugely disappointing loss in the Pokémon UNITE ACL India League Finals. The India League, which concluded on Jan. 26, 2025, was the top level of competitive Pokémon UNITE esports in the region, while the Winter Tournament provided an open platform for all players to participate.
Revenant XSpark was among the eight invited teams to the Pokémon UNITE ACL India League 2025. After dominating the group stage and securing a direct spot in the Grand Finals, their championship dreams were shattered as GodLike Esports staged a spectacular run – winning 7 back-to-back series – to claim the title.
The two teams will now carry India’s hopes at the Pokémon UNITE Asia Champions League 2025 Finals in Japan, where they will be among 16 top squads from across the region competing for glory.
The post Revenant XSpark Beat S8UL To Become Champions Of The Pokémon UNITE Winter Tournament, Qualify For Finals In Japan appeared first on European Gaming Industry News.
Latest News
Trailblazers recognised at ICE Barcelona as Landmark Award winners announced
The 2025 edition of the ICE Landmark Awards, the initiative which celebrates milestone achievements and successes in international gaming, took place on the middle day of ICE Barcelona. Presented on the show floor during the world’s biggest ever gathering of gambling industry professionals, the Landmark Awards recognised watershed events, milestone achievements and contributions from a cross-section of progressive organisations and individuals.
Explaining the background to the Awards, Stuart Hunter, Managing Director of Clarion Gaming said: “We felt that there was a place for a totally original Awards program which was accessible, open to everyone in the industry and which recognised a very significant milestone or achievement.
“The first edition of the Landmarks to be held in Barcelona represents a stellar line-up of winners all of whom have made a major contribution to the industry. I am delighted to confirm that the 2025 Landmark Award winners are: EvenBet Gaming (20th Anniversary); Win Systems Group(30th Anniversary); International Betting Integrity Association (20th Anniversary); Novomatic Group (45th Anniversary); Aristidis Tsikouras, CEO of GeWeTe (25-years of service with the MERKUR Group); Pieter Remmers, founder-chairman of Assissa G4 (35-years dedicated to responsible gambling); Tracy Cohen, director of marketing at TCSJOHNHUXLEY (30-years’ service to the industry) and Jan Jones Blackhurst, board member at Caesars Entertainment and CEO-in-residence at the International Gaming Institute, University of Nevada Las Vegas (Pioneering leadership in gaming, politics and philanthropy).
Reflecting on his Landmark, Pieter Remmers confirmed: “I’m very happy to receive this award. I’ve been in this business a very long time. When you look at my resumé, it seems like my career has been dedicated to responsible gambling, so it’s very gratifying to have my work recognised in this way.”
Jason Foley-Train, head of International Development at the International Betting Integrity Association added: “We’re delighted to receive this prestigious Landmark Award from Clarion Gaming. ICE is a cornerstone of the gaming industry, and it’s an honour to be recognised by an event with such a rich history and enduring impact.”
Since their introduction in 2019 over 50 individuals and organisations have been recognised with an ICE Landmark Award. Recipients have included the innovators, developers, entrepreneurs, pioneers and personalities who make the international gambling industry truly unique.
The post Trailblazers recognised at ICE Barcelona as Landmark Award winners announced appeared first on European Gaming Industry News.
Latest News
Fall in Love with Nature’s Greatest Romantics This Valentine’s Day at Springbok Casino and Claim 25 Free Spins
This February, South Africa’s favourite online casino SpringbokCasino.co.za is offering all players 25 FREE Spins on the mouth-watering Sweet 16 slot to help you celebrate a Valentine’s Day like no other.
Take inspiration from nature’s most romantic creatures and let their unique love lessons inspire your heart:
The bold protector Lioncupid shows us that love is bold, fearless, and unwavering.
The strong yet gentle Elecupid never forgets the special moments that matter most in love.
Rhinocupid stands as the steadfast protector of love. With his strong frame and calm presence, he reminds us that love’s true strength is found in its unwavering stability and quiet resilience.
The loyal Buffalocupid is the ultimate partner in the game of love. With his reliable nature and enduring strength, he teaches us that love flourishes through loyalty and teamwork.
The passionate Leopacupid infuses the art of love with mystery and intensity. With his sleek, spotted coat and piercing gaze, he reminds us that keeping the spark alive takes a blend of intrigue and fiery devotion.
UNLEASH WILD LOVE: BIG 5 LESSONS FOR VALENTINE’S DAY
“Each of these majestic animals has a special message to make your Valentine’s Day unforgettable. It’s the perfect way to spin your way to a lucky and love-filled Valentine’s Day. Don’t miss out —join us and discover how the wisdom of the Big 5 can add a bit of wild romance to your February 14th,” says Daniel Van Wyke, Springbok Casino Manager.
Love, nature, and big wins await at Springbok Casino.
FEBRUARY FREE SPINS
- Valid February 1-28, 2025
- 25 Free Spins for Sweet 16
- Coupon Code: WILDCUPID
The high-volatility Sweet 16 is an All Ways Pays game from Real Time Gaming, featuring a Grouped Wild on Reels 2, 3, 4, and 5. It introduces a unique mechanic where winning symbols morph after pays are awarded, with new symbols appearing in their place. These morphed symbols may trigger additional wins! The morphing continues with each win until no further winning combinations occur.
Springbok Casino provides customer service in English and Afrikaans, offering hundreds of slots and table games from Spin Logic, all played in rands. Games are playable on mobile devices or on your desktop as download or instant play.
The post Fall in Love with Nature’s Greatest Romantics This Valentine’s Day at Springbok Casino and Claim 25 Free Spins appeared first on European Gaming Industry News.
-
Latest News3 months ago
India’s top gamers Jonathan & TechnoGamerz to face off in eFootball showdown at DreamHack India 2024
-
Latest News3 months ago
The 2024 PUBG MOBILE Global Championship (PMGC) Grand Finals Arrive in London!
-
Latest News1 month ago
GamCare releases Annual Report following record breaking year of support on the National Gambling Helpline
-
Latest News2 months ago
Mortal cements his name as face of Indian gaming, wins ‘Content Creator of the Year’ at global Esports Awards 2024
-
Latest News2 months ago
Abios powers upcoming gaming media platform Apollo with in-play statistics for League of Legends
-
Latest News3 months ago
Mythpat, GamerFleet, Piyush Joshi Gaming: India’s popular Minecraft Players Gear Up for the Ultimate Battle in Creators Rumble
-
Latest News3 months ago
Booming Games Partners with Hollywoodbets to Launch Immersive Slots Games in South Africa
-
Latest News2 months ago
MelBet Appoints Bollywood Actress Sherlyn Chopra as its New Brand Ambassador
You must be logged in to post a comment Login