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Sportradar Reports Fourth Quarter and Full Year 2023 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 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.

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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Swintt games go live in Italy after receiving ADM certification

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Rapidly-expanding software provider enters its 13th regulated market following Italian regulator’s approval of Elysium Studios – Driven by Swintt titles

Having previously outlined its intentions to enter more regulated markets throughout 2025, sought-after software provider Swintt has announced that it has now officially been greenlit by Italy’s Agencia delle Dogane e dei Monopoli (ADM) to offer its slots in the country.

The new certification has initially been granted for Elysium Studios – Driven by Swintt titles, and though further approval is planned for both SwinttPremium and SwinttSelect releases in the not-too-distant future, the provider has already put pen to paper with two of Italy’s leading operators.

Launched in 2024 following Swintt’s acquisition of Elysium Studios, Elysium Studios – Driven by Swintt is a cutting-edge collection of releases that incorporates elements of social, mobile and casino gaming to deliver a more engaging experience that’s custom-made for the modern player.

Featuring inventive themes, innovative features and intuitive, mobile-first game mechanics, some of the biggest hits to come from the collaboration to date include the quirky, folk lore-inspired I Hate Fairytales and the swashbuckling skull and bones epic, Pirate Pledge Hold & Win.

Given both titles boast a cast of characters that includes everything from punk rock princesses to salty sea dogs and a huge selection of rewarding bonus rounds, the two games and many more from the Elysium Studios line-up are certain to prove a popular addition among Italian audiences.

With Swintt’s successful acquisition of ADM certification now paving the way for the provider to enter its 13th regulated market, the decision will significantly expand the company’s European footprint and enable it to form further partnerships with Italian operators in the months to come.

David Mann, Chief Executive Officer at Swintt, said: “At Swintt, our focus has always been on ensuring that our content gets put in front of players in as many regulated markets as possible – and acquiring ADM approval to offer our games in Italy is another significant step on this journey.

“As an established iGaming market with a huge emerging player base, we feel our Elysium Studios – Driven by Swintt line-up can make a big impact in the region and we look forward to being able to roll out our other core line-ups very soon.”

The post Swintt games go live in Italy after receiving ADM certification appeared first on European Gaming Industry News.

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Week 45/2025 slot games releases

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Here are this weeks latest slots releases compiled by European Gaming

Relax Gaming is diving to the ocean floor for Treasure Tumble Dream Drop, an 8×8 cluster-pays adventure in the hit Tumble series starring fearless explorer Scarlett Spinz. Momentum is everything as position multipliers build, cluster wins cascade and a suite of blocker-busting power-ups keeps the action flowing, with a maximum win potential of 10,000x.

Get ready for a fresh, fruity adventure with Amusnet’s newest slot – 20 Bulky Fruits Buy Bonus! This colourful game brings classic fruit symbols to life across 20 paylines, offering plenty of ways to hit winning combinations and enjoy nonstop excitement. The Buy Bonus feature lets you jump straight into the action, unlocking bonus rounds whenever you want for instant thrills.

TaDa Gaming, has added to its renowned TriLuck series with a classic Chinese themed slot game, 3 Lucky Baozhu. Offering multiple ways to win, 1000x max and 97% RTP, this gorgeously colourful game sparkles and crackles with fortune and good luck. The five reels, three rows, 50 fixed paylines grid holds traditional symbols including Caishen god of wealth, lucky red envelopes, lanterns and musical instruments.

Spinomenal has released Demi Gods VII Ultra Mode as part of its hugely successful Demi Gods Series. This is a 5×4 reel 50 lines video slot that takes players on an epic journey through the realm of the immortals, where financial fate rests with the gods. A powerful, surging soundtrack amplifies the gameplay and makes for a thunderous reels experience.

Endorphina has released its newest Halloween title, 3 Witch Pots. The slot features 5 reels, 4 rows, and 40 fixed paylines. This Halloween addition to the Endorphina slots portfolio takes players on a mystical journey to help a skillful witch’s lair.

Witness the downfall of John, a man of order, a devoted father, a loyal husband and a pillar of routine. Nolimit City’s latest release, Disorder, unearths the twisted origin story of Mental and Mental II. This highly anticipated slot falls under the extreme themed category of Nolimit City slots such as Serial and Disturbed.

BGaming invites players to saddle up and head to the Wild West in the brand-new Wild Wick online slot. The game is the latest to be developed in collaboration with Strmlytics, a leader in live-streaming data analytics. Wild Wick introduces players to a charismatic bounty hunter inspired by classic Western Heroes from Clint Eastwood’s Man with No Name and Terence Hill’s Lucky Luke to the animated cowboys of the Soviet cartoon Treasure Island.

Stakelogic is closing out spooky season in style with Soul Slayer, a gripping slot experience where every spin becomes a battle for survival. Set in a world consumed by demonic forces, Soul Slayer challenges players to embrace their inner warrior and strike back with precision, fury, and Wild-filled rewards.

Red Rake Gaming presents Get the Coins!, a slot that combines gold coins with Major, Minor, and Grand prizes in a dynamic, fast-paced experience. This release offers rapid gameplay and an exclusive Mini-Game that delivers unique reward opportunities in every session. With its 3×3 reel format, each spin can generate coins and trigger the “Get the Coins!” Mini-Game with collectible coins whenever at least one coin appears on each reel.

Spinmatic announced the launch of Elemental Fusion, a revolutionary title that fuses the mechanics of Video Slots with the engaging features of Plinko games. This innovative product release highlights Spinmatic’s commitment to developing unique and compelling gaming experiences for the igaming market.

Amusnet has released 20 Golden Coins: Reel Fishing, a next-generation video slot that combines the charm of the game classics with the thrill of modernity. This 5-reel, 20-payline release brings the joy of fishing to life with vibrant visuals, engaging features and a soundtrack that fully immerses players in a sunny day by the water.

Evoplay has launched Sky Sentinels, a new slot that lets players decide their fate under the Egyptian sky. Every spin offers a choice between the Sun and the Moon. The radiant Sun guides wins from right to left, while the mysterious Moon moves them from left to right, each creating a unique way to play and win.

Million Games has announced the launch of Gatsby Gold, a 5×3, 243-ways video slot that combines the elegance of 1920s art deco with dynamic modern gameplay. The game offers 243 ways to win, a 96.3% RTP, and a maximum payout of 8,100x the bet, making it as rewarding as it is stylish.

 

SlotMatrix has launched Tiki Baka Boom Boom, a tropical explosion of fun and fiery rewards where the Tiki gods rule the reels. Set on a volcanic island paradise, Tiki Baka Boom Boom delivers a blazing blend of visuals, high-energy mechanics, and big win potential, offering prizes up to 10,000x a player’s bet.

Evoplay has launched Young Deer Song, a festive high-volatility slot that takes players deep into a mystical forest where nature’s creatures lead the way to great rewards. As the moon rises over the treetops, the reels come alive in this Christmas themed title with the fox, owl, raccoon, and wolf, each carrying their own charm and fortune.

Take to the skies and soar like an eagle, then swoop in and grab big wins by spinning the reels of Thunder Eagle Hold and Win Extreme from Booming Games. This action-packed, feature-filled slot is a wild adventure with a chance to win up to 10,000x. Thunder Eagle Hold and Win Extreme is a 5×3, 25-fixed payline slot.

Squid Gold X2 by 18Peaches invites players to dive deep into a world of mystery, magic and forgotten riches. Set within a sacred castle filled with ancient relics and hidden chambers, every spin feels like a step deeper into the unknown. The legendary golden squid is said to guard untold fortunes, and only the bravest adventurers will uncover its secrets.

With Swintt having already opened the way to a world of wonder in the original Lucky Fortune Door, this month the award-winning software provider is back in action again with Lucky Fortune Door Wild – an exciting reboot that gives players even more ways to win! Like its SwinttPremium predecessor, Lucky Fortune Door Wild is a five-reel slot that can be played with either five or ten paylines.

 

The post Week 45/2025 slot games releases appeared first on European Gaming Industry News.

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Quantum continues expansion streak with two director-level new hires

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One of betting and gaming’s best-known customer acquisition and comparison businesses, Quantum, has announced the next steps in its ambitious growth plan by welcoming two new director-level appointees.

Joining the business are Dimitris Papamichael as commercial director and Luke Watkin as marketing director – both in newly created roles. They come in alongside a full C-suite and a full team of new tech hires that continues a recruitment drive which began in 2023 – and reflects Quantum’s rapid and consistent growth throughout the last five years.

Papamichael will be responsible for all revenue-generating activities across the business in a pivotal leadership role. He’ll shape Quantum’s commercial strategy as the company diversifies into new verticals while maintaining its strong position in the iGaming sector. He’ll also lead an expanding team of commercial and sales managers.

Watkin will lead the development and execution of the marketing strategy across all business verticals. As marketing director, he’ll be instrumental in shaping Quantum’s marketing vision, building scalable systems, and delivering commercial impact as it expands into new markets. Watkin will build and mentor a high-performing marketing team and is also tasked with driving further recruitment.

Speaking of the appointments and new strategic direction, CMO James McCarthy said: “It’s a pleasure to welcome Dimitris and Luke to Quantum during what is undoubtedly a really fascinating time in our growth. From cementing our relationship with some of iGaming’s biggest names to helping us expand into exciting new sectors, both of our new Directors will be integral to the continued success of the business.”

Papamichael said: “I’m thrilled to be joining Quantum at such an exciting stage of its incredible growth journey. The company has already achieved so much, and there’s huge potential ahead as we expand into new markets and sectors. I can’t wait to work with the exceptionally talented team here to seize the many opportunities ahead and drive the next phase of growth.”

Watkin said: “I am delighted to join a business with such a proven track record of excellence in its core markets, as well as highly ambitious plans for strategic expansion into new markets and territories. I am looking forward to contributing towards building on the exceptional progress the team has made to date, and accelerating that growth in the years ahead.”

This people news comes hot on the heels of the company’s exciting rebrand news of last week, moving toward the “quantum” in QiH Group” as well as redefining the business’ purpose and strategic direction.

The post Quantum continues expansion streak with two director-level new hires appeared first on European Gaming Industry News.

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