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Sportradar Reports Fourth Quarter and Full Year 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 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.

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Meridianbet Expands B2B Operations into Nigeria, Entering a Regulated $2 Billion Betting Market
Meridianbet, a subsidiary of Golden Matrix Group, Inc., has officially launched its B2B operations in Nigeria, one of the largest and fastest-growing betting markets in Africa. The company’s entry into Nigeria further strengthens its 20-year presence in Africa, leveraging its proven track record in regulated markets to deliver world-class gaming products.
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Zoran Milosevic, CEO of Meridianbet, commented: “Our expansion into Nigeria marks a significant step in our long-term strategy to deepen our presence in Africa’s most dynamic gaming markets. With a highly engaged player base and strong industry growth, Nigeria presents a major opportunity for our B2B model. We are committed to bringing our cutting-edge technology, AI-powered betting solutions, and localized expertise to drive long-term success for our partners in the region.”
FY 2024 Revenue Growth & Investor Outlook
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Key Market Potential & Strategic Expansion
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The post Meridianbet Expands B2B Operations into Nigeria, Entering a Regulated $2 Billion Betting Market appeared first on European Gaming Industry News.
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Week 11/2025 slot games releases
Here are this weeks latest slots releases compiled by European Gaming
PG Soft has launched its swashbuckling new 3-reel, 3-row video slot, Mr Treasure’s Fortune. PG Soft’s perilous high-seas expedition blends the nostalgia of classic arcade machines with modern gameplay as players search for the legendary Black Fang Pirates’ hidden fortune.
ELA Games presents its newest development, Noble Crown. This title, with its high-quality graphics, enticing animations and contribution to a balanced portfolio, is a testament to the studio’s design and development philosophy. This 5×3 slot includes iconic symbols commonly seen in classic pub games, such as crowns, diamonds and lucky sevens.
Evoplay has launched Emerald Brewer, a festive slot that captures the spirit of St. Patrick’s Day with vibrant visuals, rewarding features, and a taste of Irish luck. Played on a 5×4 reel layout, the game introduces Wild symbols, which substitute for all regular symbols except Green Pot, Coin, and Bonus symbols.
Swintt, is helping players satisfy their cravings for sugar, spice and all things nice in Candyman – a sweet new Premium release where tumbling reels and multiplier free spins pave the way to candy-coated wins of up to 5,000x. Played out across an expanded 6×5 reel matrix, Candyman does away with conventional lines in favour of a scatter mechanic were collecting eight or more matching symbols guarantees a prize regardless of where they land, with new icons falling from above to potentially create further wins.
Make Slots Great Again! Nolimit City breaks the norm once more in its latest release Home of the Brave. A slot that isn’t afraid to take a jab! No agendas here, just a whole lot of chaotic fun, spicy mechanics and unpredictable gameplay. Unlike typical slots, which are composed of a couple of rows and reels, Home of the Brave includes a Conveyor Belt positioned above the top row and 2 Hot Sauce Reels on either side of the reel area.
Thunderkick has released The Golden Pot & Pints, the latest introduction to its diverse festive-themed portfolio centred around the iconic Irish holiday, St. Patrick’s Day. Set in an Irish tavern, four lucky leprechauns reside on the reels of this 7×7 cluster pays slot, accompanied by tankards, top hats, and shamrocks.
Amusnet has unveiled the latest addition to its Live Casino portfolio, Extra Crown Deluxe Live. The company’s first-ever live slot game seamlessly blends tradition and innovation into an exciting mix of standard slot games and live-streamed action available 24/7.
Million Games is thrilled to announce the launch of Vault Rush, the latest high-volatility online slot developed in collaboration with YUGO Workshop under the Million Stars partner program. This 5×3 reel slot pays homage to the golden era of classic slots, featuring familiar symbols like 7s, Bars, bells, and fruits.
Play’n GO introduces Trinity Impact, a vibrant new slot that combines adventure, magic, and teamwork in a quest to save the mystical realm of Lumina. Immerse yourself in the enchanting world of Trinity Impact, where players join three friends on a heroic journey to protect Lumina, a land of magical wonders and ancient Crystal relics.
Push Gaming has launched the sequel to its 2024 Arctic-themed hit with the release of Big Bite Push Ways. The title will debut the provider’s new mechanic, Push Ways. This mechanic features nudging Hot Zones, which splits any symbol within the overlay into two. This increases the number of available ways to 262,144 and drives engagement.
Amusnet has released a new game for those who enjoy classic slot games with a dice twist. The latest addition to the company’s Online Casino, 100 Golden Coins Dice Edition, comes to life in March to provide a fun gaming experience to all dice lovers. This 5-reel, 100-fixed-payline game combines the classic slot game and dice symbols in entertaining gameplay.
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Blueprint Gaming™ has upped the ante in its latest instalment to the iconic Cash Strike™ series. With the eye-catching win boost feature offering electric collect wins boosted by multipliers, Cash Strike Win Boost increases the player’s chances of returns up to a striking 50,000x. A familiar feast of classic fruit symbols adorns the 3×3, 125 ways to win slot alongside an array of blazing golden coins, heightening the excitement with enlarged opportunities for wins during base play.
Playson, the renowned digital entertainment supplier, is taking casino gameplay into an electric new dimension in its latest release, Charge the Clovers: Hit the Bonus™, as bonus play leads with unique Super Charge and Multi features. Golden clovers, making a welcome return to the 3×3 grid, take the form of bonus symbols alongside boost icons, featuring swirling blue tornados which radiate vibrant energy and boost the chance of eye-catching payouts for players.
Every fisherman has a story to tell. Booming Games brings these stories to life with the brand-new Fish Tales games series! The first game tells a story of a mythical bass, so large it can fit the entire reel! See if this is just a myth or indeed, there is such a creature roaming the deep and reel yourself in some monster wins! Fish Tales Monster Bass is a 5×3, 20-line slot with a boatload of features. Start to net wins with the Fishin’ Time cash collection.
The post Week 11/2025 slot games releases appeared first on European Gaming Industry News.
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ELA Games Enters the Danish Market Through New Strategic Collaboration With RoyalCasino
ELA Games, a supplier of innovative games in the iGaming industry, has partnered with RoyalCasino to enter the Danish market.
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The post ELA Games Enters the Danish Market Through New Strategic Collaboration With RoyalCasino appeared first on European Gaming Industry News.
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