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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.
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League of Legends Fans Flock to Munich for a Thrilling Edition of Red Bull League of Its Own 2025
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- Red Bull League of its Own 2025 saw Europe’s finest and global icons collide in a showcase of skill, creativity, and pure entertainment, marking another standout chapter for the one-of-a-kind tournament series
- Featuring some of the wildest matches ever played, highlights include G2 securing a huge 45-16 kills against T1 and Los Ratones facing off and beating T1 for the second year in a row
- MSI returned with its MSI Gaming Arena, joined by Sony INZONE as official headset partner and Herman Miller Gaming as official gaming chair partner
A new chapter in European esports history was written this weekend as Red Bull League of Its Own 2025 lit up Munich’s iconic SAP Garden, welcoming over 11,500 live attendees and countless online viewers for a full day of spectacle, strategy, and pure passion. The lineup read like a who’s who of League of Legends greatness – with reigning world champions T1 facing off against Europe’s most celebrated squads, including G2 Esports, Karmine Corp, NNO Old, and Los Ratones. Each team brought their signature flair, creative strategies, and unforgettable personalities, setting the tone for a day filled with unforgettable clashes.
Returning for its third edition, the one-of-a-kind event brought together these global legends and European fan favourites for a show built on daring play. For the first time, the stage was set in Munich’s state-of-the-art SAP Garden, transforming the city’s Olympic Park into a high-energy esports arena that buzzed with anticipation from the opening match to the closing moments. Fans were treated to a thrilling slate of best-of-one showdowns throughout the day, that kept the pace sharp and the competition unpredictable.
G2 Esports and NNO Old opened the event, with G2 coming out on top as attendees witnessed the team setting the tone for the day-long tournament with a huge KDA spike right off the bat. Match 2 saw Karmine Corp emerging victorious after a rigorous battle with Los Ratones, establishing themselves as one of Europe’s strongest. However, G2 pulled no stops showcasing why they are the leading European team in match 3, dominating the match against Karmine Corp and earning them the European title match.
Next came the clash of the titans which saw T1 facing off back-to-back against Europe’s best. G2 Esports vs T1 saw Steven “Hans Sama” Liv dropping 18 kills, resulting in G2 Esports slamming T1 with 45-16 kills in an unprecedented and shocking twist. T1 managed to scrape back after their previous loss, with Faker landing his signature outplays and bringing the team to victory against NNO Old. Then finally the showdown everyone was waiting for: the rematch between Los Ratones and T1. The battle was relentless and the most dominating, lightning-paced showmatches of the day, with 81 kills seen in 28 minutes. T1 countered with their signature flair but Los Ratones proved their might once more, driving T1’s base and closing the show in an absolute tailspin. Each match pushed competitors to their limits, celebrating the creativity and spontaneity that make Red Bull League of Its Own, unlike any other tournament in the scene.
Dynamic host Sjokz led the charge, guiding fans through every twist and turn of the event with trademark charisma and energy. The atmosphere inside SAP Garden was electric – a seamless blend of top-tier esports production, immersive visuals, and a fan community united in their love for the game. Whether watching from the front row or on stream, viewers experienced the full force of Red Bull’s commitment to pushing competitive gaming beyond the ordinary.
By the end of the day, Red Bull League of Its Own 2025 had once again proven why it stands as one of the most unique and beloved events in the League of Legends calendar. With moments that had fans holding their breath, the event captured the true spirit of modern esports – bold, unpredictable, and endlessly entertaining. From cheering for their favorite pros to discovering new matchups and witnessing once-in-a-lifetime plays, fans left Munich with memories to last long after the lights went down, with anticipation already building for what the next edition of Red Bull League of Its Own will bring.
The post League of Legends Fans Flock to Munich for a Thrilling Edition of Red Bull League of Its Own 2025 appeared first on European Gaming Industry News.
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Sapyns, a Barcelona-based business event organizer with over thirty years of experience, has expanded its already impressive service offering ahead of ICE and iGB Live! 2026.
Following a highly successful year, during which Sapyns organized various ICE-related events on behalf of Gaming in Europe, Gambling Insider, Mindway AI, Continent 8, Commit, Crucial Compliance, and Eurocoin/Novomatic, the event organizer now offers an even greater range in customization options and creative entertainment solutions for your company event.
If you are looking to entertain your business relations during or around ICE week 2026 (February 18-21), Sapyns may have the solution for you.
Whether you are looking to host a high-end intimate dinner or a large-scale corporate party, Sapyns will be able to find the perfect location and setting. Optional services include branding, event staffing, live music, DJs, flamenco performers, and other creative solutions.
Why Sapyns?
- Sapyns is a Barcelona-based event agency with long-standing local connections and know-how.
- Sapyns offers a wide range of events and options, including dinners, receptions, networking drinks, and other parties. Whether you aim to entertain fifty or one thousand guests, Sapyns has the solution for you.
- Sapyns is the agency behind the well-known Gaming in Europe events (Gaming in Holland, Gaming in Germany, Gaming in Spain).
- Sapyns co-founder Willem van Oort is a thirty-year event veteran who has successfully organized hundreds of large and small events across Europe.
Additional information & contact
If you would like more information, please visit our website or email us directly:
The post Sapyns delivers company events at ICE & iGB Live! appeared first on European Gaming Industry News.
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Logifuture-powered Bet9ja releases Moses Itauma mini-series ahead of Jermaine Franklin fight
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Logifuture-powered Bet9ja releases Moses Itauma mini-series ahead of Jermaine Franklin fight
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Nigeria’s leading sportsbook to provide fans with exclusive behind-the-scenes access
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Logifuture-powered Bet9ja announced sponsorship deal with Itauma in August
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Bet9ja social media followers grew by more than 10% to 3.1m since Itauma partnership
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Unbeaten Itauma due to fight Franklin in Manchester in January
Bet9ja, Nigeria’s leading sportsbook, powered by Logifuture, has launched a series of videos, giving boxing fans exclusive access to brand ambassador Moses Itauma as he prepares for his next fight.
Itauma, an unbeaten British Heavyweight of Nigerian descent, became an ambassador for Logifuture-powered Bet9ja in August this year.
Since then, Bet9ja has been given unprecedented access to Itauma’s camp, including his preparation for his victory over Dillian White, which took his professional record to 13 wins, with 11 by knockout.
Bet9ja x Moses Itauma: The Homecoming is being released in four parts, with the first available on Bet9ja’s YouTube channel today.
Watch: Moses Itauma Homecoming Episode 1 will premiere on YouTube at 10am GMT on Monday, December 1: https://www.youtube.com/shorts/Y9Lx9MLlnnA
The series features footage from Itauma’s visit to Lagos, Nigeria in October – a trip supported by Logifuture and Bet9ja.
Arriving on a Bet9ja-branded private jet, Itauma was greeted by fans at Lagos airport, before attending the Bet9ja sponsored Chaos In The Ring boxing event in the city.
The following day saw Itauma join a sparring session with promising boxers at a local boxing gym before attending a Bet9ja retail outlet and hosting a party with notable guests from Nigerian music, arts and politics.
The number of followers across Bet9ja’s social channels have grown more than 10% since the partnership with Itauma was officially announced and now stands at more than 3.1 million.
Itauma is now back in camp preparing to face American opponent Jermain Franklin in Manchester on January 24.
Itauma said: “It was an immensely proud moment to return to the place of my father’s birth and the reception I received from everyone in Lagos was truly humbling.
“I am extremely proud of my heritage and I cannot say enough thanks to everyone for such a warm welcome and messages of support that I will take with me into my next fight in January.”
Bet9ja is powered by Logifuture, a leading provider of iGaming products and services, including Simulate, Zoom Soccer and Swipe Games.
Logifuture CMO Ben Cove said: “We are thrilled to be able to give fans unprecedented access to Moses through the Bet9ja x Moses Itauma: The Homecoming series and contribute to the excitement as he prepares for his next challenge against Jermaine Franklin.
“When we partnered with Moses, we knew we were backing an extraordinary talent destined to make his mark on world boxing. But beyond his ability in the ring, his connection to Nigeria and his pride in that heritage make him a perfect fit for Bet9ja.
“Moses embodies the energy, resilience and ambition that define Nigerian sport and culture. Seeing him return to Lagos and receive such a heartfelt welcome from fans shows exactly why this partnership matters – to him, to Bet9ja and to the millions who follow his journey.
“We’re proud to stand beside Moses as he continues to inspire and build his legacy, both in the ring and across the wider sporting community.”
The post Logifuture-powered Bet9ja releases Moses Itauma mini-series ahead of Jermaine Franklin fight appeared first on European Gaming Industry News.
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