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SPORTRADAR REPORTS SECOND QUARTER 2024 FINANCIAL AND OPERATING 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 second quarter ended June 30, 2024.

Carsten Koerl, Chief Executive Officer of Sportradar, said: “Our strong second quarter results, including another quarter of record revenues are a testament to the operating momentum we are generating across our business and the clear execution against our strategies to drive outperformance versus the market. We delivered robust growth across our high-value product portfolio and strong client uptake, while continuing to strengthen our business by driving efficiencies and significant cash flow.  I am pleased to once again raise our full year guidance as we continue to build long-term shareholder value through strong topline growth, a focus on delivering additional operating leverage and increasing cash flow generation.”

 

Second Quarter 2024 Financial Highlights

  • Revenue was €278.4 million, up 29% year-over-year demonstrating continued momentum in the business.
  • Betting Technology & Solutions revenues were €229.1 million, up 30% year-over-year, and Sports Content, Technology & Services revenues were €49.3 million, up 22% year-over-year.
  • Delivered strong revenue growth globally with Rest of World up 22% and the U.S. up 59%.
  • The current quarter generated a loss of (€1.5 million) compared to a de minimis profit for the same quarter last year.
  • Adjusted EBITDA[i] was €48.8 million, up 22% year-over-year.
  • Net cash generated from operating activities since the beginning of the year was €152.6 million, up 17% year-over-year.
  • The Company’s customer Net Retention Rate[ii] was 117%, demonstrating the strength in cross selling and upselling to clients, and increasing sequentially.
  • As of June 30, 2024, the Company had total liquidity of €542.2 million as compared to €483.7 million as of June 30, 2023, benefitting from strong cash flow generation in the first half of 2024.
  • During the quarter, the company repurchased approximately 588,000 shares, for a total amount of $6.2 million. As of August 9, 2024, the Company has repurchased approximately 748,000 shares with a total value of $8.0 million.
  • The Company further raised its full-year 2024 outlook and now expects to deliver 22% year-over-year growth in revenue and Adjusted EBITDA.

 

Key Financial and Operating Metrics

 

Q2 Q2 Change   Change
in €’000 (unaudited) 2024 2023   %
Total Revenue 278.4 216.4 62.0   29%
Profit (loss) for the period from continuing operations (1.5) 0.0 (1.6)   n/a
Profit (loss) for the period from continuing operations as a percentage of revenue (0.6%) 0.0% -57 bps   n/a
 
Adjusted EBITDA 48.8 40.1 8.7   22%
Adjusted EBITDA Margin1 17.5% 18.5% -98 bps   n/a
Net Retention Rate 117% 120% -360 bps   n/a
 
Supplemental Revenue Analysis  
 
Revenue Grouping  
Betting Technology & Solutions 229.1 176.1 53.0   30%
Sports Content, Technology & Services 49.3 40.3 9.0   22%
278.4 216.4 62.0   29%
 
Revenue Grouping as % of Total Revenue  
Betting Technology & Solutions 82% 81%   1%
Sports Content, Technology & Services 18% 19%   -1%
 
Geographic  
Rest of World 217.8 178.4 39.4   22%
United States 60.6 38.0 22.6   59%
278.4 216.4 62.0   29%
Geographic as % of Total Revenue  
Rest of World 78% 82%  
United States 22% 18%  
 

Recent Business Highlights

 

Revenue

Total revenue for the current quarter was €278.4 million, up 29% year-over-year driven by growth across the portfolio, in particular Betting Technology & Solutions.

 

Betting Technology & Solutions

Betting Technology & Solutions revenues were €229.1 million, up 30% year-over-year primarily driven by:

  • Streaming & Betting Engagement, up €26.2 million or 41% year-over-year, and Live Data and Odds up €18.6 million or 27% year-over-year, with both benefitting from existing and new customer uptake of our products and premium pricing, as well as from the strong U.S. market growth.
  • Managed Betting Services, up €8.5 million or 21% year-over-year, primarily driven by strong growth in Managed Trading Services due to higher trading margins and increased betting activity from existing and new customers.
  • As a percentage of total company revenues, Betting Technology & Solutions represented 82% of total company revenue in the current quarter as compared to 81% in the prior year quarter.

Sports Content, Technology & Solutions

Sports Content, Technology & Solutions revenues were €49.3 million, an increase of 22% year-over-year primarily driven by:

  • Marketing and Media Services were €7.7 million, up 28% year-over-year, with strong growth in European and North America ad:s revenue as several sportsbooks launched marketing campaigns.
  • Sports Performance was broadly flat year-over-year.
  • As a percentage of total company revenues, Sports Content, Technology & Solutions represented 18% of total company revenue in the current quarter as compared to 19% in the prior year quarter.

 

Costs and Expenses

  • Purchased services and licenses were €72.6 million, up €22.0 million or 44% year-over-year. Of the total purchased services and licenses, €28.9 million was expensed sport rights. Excluding expensed sport rights, purchased services were €43.7 million, up €10.5 million or 32% year-over-year driven primarily by the Company’s investments in its product portfolio.
  • Personnel expenses were €89.1 million, up €4.7 million or 6% year-over-year and down approximately 700 bps as a percentage of revenue, as we continue to closely manage our resources and focus on delivering operating leverage.
  • Other Operating expenses were €22.6 million, up €1.6 million or 8%, down approximately 160 basis points as a percentage of revenue, as we further leveraged our existing infrastructure.
  • Total sport rights costs were €95.9 million, up €43.6 million or 83% year-over-year, driven by new rights, in particular our ATP and NBA partnership deals.

 

Share Repurchase Program

In March of this year the Board of Directors approved a $200 million share repurchase program and commenced purchases during the second quarter. As of August 9, 2024, the Company has repurchased approximately 748,000 shares under the plan for a total of $8.0 million.

 

Updated 2024 Annual Financial Outlook

Sportradar is further raising its fiscal 2024 outlook for revenue and Adjusted EBITDA as follows:

  • Revenue of €1,070 million compared with prior outlook of €1,060 million, up 22% year-over-year and representing a 1-percentage point improvement in our full year growth rate outlook.
  • Adjusted EBITDA of at least €204 million compared with prior outlook of €202 million, up 22% and representing a 1-percentage point improvement in our full year growth rate outlook.
  • Adjusted EBITDA margin of approximately 19%.

 

Conference Call and Webcast Information

Sportradar will host a conference call to discuss the second quarter 2024 results today, August 13, 2024, at 8:30 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.

[i] Non-IFRS measure. See the sections captioned “Non-IFRS Financial Measures and Operating Metric” and “IFRS to Non-IFRS reconciliations” for more details.

[ii] Non-IFRS Operating Metric. See the section captioned “Non-IFRS Financial Measures and Operating Metric” for more details.

The post SPORTRADAR REPORTS SECOND QUARTER 2024 FINANCIAL AND OPERATING RESULTS appeared first on European Gaming Industry News.

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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Team Vitality announce Clément “CyvOph” Millard and Ștefan “Sayonara” Mîtcu as new signings

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Today, Team Vitality is excited to announce the arrival of VALORANT players Clément “CyvOph” Millard and Ștefan “Sayonara” Mîtcu the club’s elite roster.

French player CyvOph will join the VALORANT roster from Mandatory with immediate effect, while Sayonara has been loaned to DVM in the French VRL – French Challengers League.

20-year-old Frenchman Clément “CyvOph” Millard has officially joined Team Vitality’s VALORANT roster. CyvOph, formerly of Mandatory, is one of France’s top up-and-coming talents, with a plethora of French tournament wins under his belt, including the VALORANT Open Tour France 2022: Stage 2.

“CyvOph is an extremely motivated player that has shown great potential when working with the team.” says Daniel “Faded” Hwang, Head coach of Team Vitality’s VALORANT team. “His natural connection with the team and willingness to grow makes him the perfect fit.”

In addition to the signing of CyvOph, Team Vitality has also signed Moldovan prodigy Ștefan “Sayonara” Mîtcu on a pre-contract. Sayonara joins from DVM, and has been loaned back to the French organisation to further his development in the VALORANT scene. Regarded as one of Europe’s top prospects, Sayonara was named Stage MVP during the VALORANT Challengers 2025 France: Revolution Stage 1 semi-final earlier this year. He has also featured for Fnatic in numerous off-season tournaments, such as Red Bull Home Ground and the Riot Games ONE PRO INVITATIONAL 2024.

With the additions of CyvOph and Sayonara, Team Vitality has strengthened its position as one of Europe’s top VALORANT teams, following their VCT 2025: EMEA Kickoff win, and top-four finish at VALORANT Masters: Bangkok. The team will consist of Saif “Sayf” Jibraeel, Kimmie “Kicks” Laasner, Felipe “Less” de Loyola Basso, Nikita “Derke” Sirmitev, and Clément “CyvOph” Millard.

“We’re thrilled about the new additions to our VALORANT roster,” says Fabien “Neo” Divide, President of Team Vitality. “Securing one of France’s top talents in CyvOph reinforces our identity as one of the world’s leading organizations and with Sayonara joining, our roster is stronger than ever. Their skill, dedication, and synergy with the team put us in a great position for the challenges ahead. We can’t wait to see them in action and for our fans to support us on this journey.”

With CyvOph’s addition to the team, Nikita “trexx” Cherednichenko will move to the inactive roster.

The new-look roster will be first seen at the VCT 2025: EMEA Stage 1 – Group Stage, beginning on March 26, 2025.

 

The post Team Vitality announce Clément “CyvOph” Millard and Ștefan “Sayonara” Mîtcu as new signings appeared first on European Gaming Industry News.

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‘Nudge Me I’m Irish’: AGS Premieres Gold Nudge™ and Diamond Nudge™ at Graton Casino This St. Patrick’s Day

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AGS celebrated the world premiere of its first mechanical nudge games—Gold Nudge™ and Diamond Nudge™—on St. Patrick’s Day at Graton Resort & Casino in Rohnert Park, California. The event marked the debut of these exciting new titles, exclusive to AGS’ Revel™ slot cabinet, the company’s first mechanical stepper product.

The evening kicked off with a festive ribbon-cutting ceremony, where invited players enjoyed an exclusive first spin on the new games. To make the premiere even more memorable, a playful leprechaun roamed the casino floor, spreading St. Patrick’s Day cheer and handing out themed swag. The night culminated with a thrilling raffle drawing, where one lucky winner walked away with a Gold Nudge-logoed whiskey barrel to commemorate the event.

“The world premiere of Gold Nudge and Diamond Nudge at Graton Resort & Casino underscores our commitment to delivering cutting-edge entertainment,” said Brian Green, Chief Operating Officer of Graton Casino. “This groundbreaking slot machine sets a new benchmark in gaming, offering our guests an exceptional and exclusive experience.”

Gold Nudge and Diamond Nudge highlight AGS’ ability to adapt popular video game mechanics—such as nudges and wild multipliers—into a stepper format. These games feature up to 11 possible nudges, double and triple wild multipliers in Gold Nudge and watermark multipliers on bars and sevens on Diamond Nudge, and a 3-tier progressive jackpot to offer big wins.

These titles also showcase AGS’ ongoing success across multiple game formats. The company has made waves with its 3-reel products, excelling not only in mechanical stepper, but also in video slots and online real-money games. AGS has earned top spots on recent Eilers & Krejcik Gaming (EKG) performance reports for its 3-reel games across both land-based and online platforms, underscoring the widespread appeal and success of their game library.

Diamond Nudge will also be showcased at the Indian Gaming Association (IGA) tradeshow at the end of the month, where AGS will continue to showcase its innovative gaming solutions to an even wider audience.

 

The post ‘Nudge Me I’m Irish’: AGS Premieres Gold Nudge™ and Diamond Nudge™ at Graton Casino This St. Patrick’s Day appeared first on European Gaming Industry News.

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Vixio Selected As “Best RegTech Platform” in 2025 FinTech Breakthrough Awards Program

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Prestigious Annual Awards Program Recognizes Outstanding Financial Technology Products And Companies Around the World

Vixio, a leading provider of regulatory intelligence solutions, today announced that it has been named “Best RegTech Platform”  in the FinTech Breakthrough Awards program conducted by FinTech Breakthrough, an independent market intelligence organisation that recognises the top companies, technologies and products in the global FinTech market today.

The Vixio platform delivers actionable compliance intelligence to over 180 jurisdictions worldwide, focusing on payments and gambling. The fully interactive platform comes with self-service tools for complete control over the information flow. Its filters and search engines, monitors and alerts, and self-service tools empower users to tailor information to their needs.

Vixo’s AI-enhanced technology enables customers to integrate data, information and insights seamlessly into their daily workflows. Dashboards and customisable watchlists enable real-time tracking of regulatory developments in target jurisdictions or for certain business lines. Additionally, the recently added VIQ AI Search utilises state-of-the-art LLM Claude 3.5 Sonnet, allowing users to interrogate the data on the platform for specific insights.

At the core of Vixio’s solution is an expert team of analysts and researchers. These experts regularly spend time with lawmakers, regulators and industry participants to understand regulatory issues, and then deliver timely expert insights to help clients navigate the ever-evolving regulatory landscape.

“Compliance teams can no longer rely on manual research to stay ahead of the curve—that’s why they partner with Vixio. The payments and gambling space are two highly regulated industries, making it critical to adhere to licensing obligations, adapt to changing regulations – especially between jurisdictions and product types, and identify growth opportunities,” said Steve Johansson, Managing Director, FinTech Breakthrough. “The Vixio platform combines their expertise with advanced technology to prioritise relevant intelligence, helping compliance teams cut through the noise. We’re proud to name them 2025’s ‘Best RegTech Platform!’”

The FinTech Breakthrough Awards is the premier awards program founded to recognise the FinTech innovators, leaders and visionaries from around the world in a range of categories, including Digital Banking, Personal Finance, Cryptocurrencies, Lending, Payments, Investments, RegTech, InsurTech and many more.

“We’ve designed our platform to save our clients significant time, and ensure users can identify areas of compliance that may become areas of risk or vulnerability to their business if left unaddressed. By harnessing advanced technology, we’re essentially removing time-consuming and resource-heavy manual searches and lowering costs,” said Mike Woolfrey, CEO, Vixio. “We’re overwhelmed with gratitude to accept this award from FinTech Breakthrough. Going into the next 12 months, In response to client feedback, we plan to expand coverage to new verticals and jurisdictions while continuing to enhance platform functionality.”  

Additionally, Vixio’s new Horizon Scanning feature is supported with data to project market outcomes. It provides users with links to the original legislative texts and references so users and external legal counsel can analyse and interpret the regulations themselves. Vixio’s intuitive interface and search menus help compliance analysts explore growth opportunities proactively with a clear understanding of the regulations in given jurisdictions for each product and service. Additional bespoke tools and functionality allow users to integrate data seamlessly into their daily workflow and to export intelligence for reporting.

To learn more about simplifying compliance management with Vixio’s award-winning regulatory intelligence solutions, visit vixio.com.

The post Vixio Selected As “Best RegTech Platform” in 2025 FinTech Breakthrough Awards Program appeared first on European Gaming Industry News.

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