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SPORTRADAR REPORTS SECOND QUARTER 2024 FINANCIAL AND OPERATING 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 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
- Sportradar Managed Trading Services (MTS) customer pipeline had a strong first half of 2024. 46 new customers have signed up for MTS year-to-date, which will bring total customers to over 200 worldwide, expanding coverage in fast growing sports betting territories including Latin America & Africa.
- UEFA and Sportradar extend and expand partnership. The expanded agreement covers all UEFA Club and National team competitions, over 900 high-profile matches, a 33% increase from the previous relationship. The agreement also expands its existing, exclusive betting data rights and Integrity partnership to include non-exclusive right to distribute data to non-betting media.
- Sportradar launches audio and expands digital-out-of-home advertising channels to increase operators’ reach and brand awareness. Sportradar announced the launch of ad:s for audio and an enhanced digital-out-of-home offering, expanding the reach of the company’s leading marketing services to podcasts, streaming services, internet radio and over 600,000 digital outdoor screens across move than 100 countries.
- Sportradar launches industry-first social media video ads featuring live sports and betting data. Initially launched across Meta’s social media platforms, Sportradar’s proprietary technology creates and delivers tailored social media video advertisements, which update in real-time to reflect betting market movements, including live odds, as well as casino games and jackpot value, to aid customer retention and drive revenue.
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.
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Nominations now open for Casino Guru Awards 2026: Celebrating fairness, responsibility, and innovation in iGaming
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Casino Guru is proud to announce that nominations are now open for the 4th annual Casino Guru Awards 2026, recognizing fairness, transparency, social responsibility, and innovation that push the iGaming industry forward.
After three successful editions, the Casino Guru Awards continue to honor organizations and individuals making a meaningful difference in online gambling. The 2026 edition will culminate in an exclusive live ceremony on May 25, 2026, at the stunning The Xara Lodge in Malta, held in partnership with NEXT.io during NEXT Valletta (May 27–28).
New Categories for 2026
Reflecting Casino Guru’s ongoing mission to promote integrity, innovation, and responsible growth, this year’s awards introduce four new categories:
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Honoring an exceptional female leader whose vision and influence have meaningfully shaped her company and the wider industry.
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Recognizing organizations that show outstanding early progress in promoting safer gambling practices.
Young Changemaker Award
Celebrating a professional under 30 whose forward-thinking ideas and ethical innovation have already made a visible impact in 2025, setting new standards for iGaming integrity and progress.
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Key Dates: Casino Guru Awards 2026 Timeline
- Nominations open: October 2025
- Nominations close: February 15, 2026
- Shortlisted nominees announced: March 1, 2026
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- Judges’ evaluations: April 30 – May 7, 2026
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A Celebration of Integrity and Innovation
The Casino Guru Awards 2026 Ceremony will once again bring together shortlisted nominees, esteemed judges, sponsors and media partners, and industry leaders for an unforgettable evening of recognition and connection.
This invite-only live event will celebrate not only the winners but also the spirit of collaboration and innovation driving positive change in iGaming. The evening at The Xara Lodge, surrounded by the charm of the Maltese countryside, will be followed by the NEXT Summit Valletta 2026 at the Mediterranean Conference Centre.
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The post Nominations now open for Casino Guru Awards 2026: Celebrating fairness, responsibility, and innovation in iGaming appeared first on European Gaming Industry News.
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REEVO has announced that its innovative portfolio of in-house games is now live with Microgame, one of Italy’s leading gaming service providers.
This partnership marks another significant milestone in REEVO’s expansion strategy, bringing its rapidly growing collection of original slot titles to Microgame’s extensive operator network. Known for its cutting-edge technology, immersive mechanics and distinctive themes, REEVO continues to redefine the online casino experience for players worldwide.
Italian operators and players will now gain access to some of REEVO’s most popular and engaging titles, including Bongo Safari, Her Genie Ways and Bullfighting Champion—games that blend striking visuals, fresh concepts and dynamic gameplay designed to captivate audiences.
Francesco Cuzzupoli, Gaming Product Director at Microgame, said: “With REEVO joining our portfolio, we strengthen Microgame’s ability to provide Italian operators with a diverse and high-quality offering. The vast selection of titles and the advanced architecture of REEVO’s platform represent an important competitive lever for us.”
Karl Grech, Head of Business Development at REEVO, said: “We’re delighted to officially go live with Microgame, a market leader in Italy with an impressive operator network. This collaboration is a powerful step forward in our mission to deliver exceptional content and aggregation solutions to operators globally. By combining REEVO’s innovative in-house games with Microgame’s deep local expertise, we’re confident players in Italy will enjoy a truly unique and next-level gaming experience.”
The post REEVO Goes Live with Microgame, Expanding Its Reach in Italy appeared first on European Gaming Industry News.
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The show is about to begin… so find your seats, sit back and enjoy The Freak Show Revelation! B.T Parnum has gathered the freakiest freaks and created a program that is meant to shock the people! This is the second release from Sneaky Slots since the launch of Nip Tuck last month, with Gopnik and Gods Go Pew Pew up next!
Reel Area
The Freak Show unfolds across a 3-3-3-3-3 reel setup with a couple of sneaky Host tricks above the reel. Each linked to a Host symbol that can land anywhere on the reels. When a Host Symbol lands, the corresponding feature above the reel activates:
- Host Multiplier: Awards a random Multiplier 5x, 10x, 25x and 50x.
- The Generous Host: The Host will expand to cover the entire reel and acts like a wild.
- Host Cash: Instant cash prize will be awarded and the Host will add a random multiplier between 2x and 10x.
xBomb®
Well, well, well… look what decided to make an surprise appearance! It’s one of Nolimit City’s iconic xMechanic, xBomb®, making its first ever appearance in another provider’s game!
In Freak Show Revelation, xBomb® explodes removing all adjacent symbols and increases the Multiplier for the next collapse.
Pick Your Bonus!
The beauty of this show is that get to choose between Heaven and Hell. Land 3 Bonus Symbols and choose between either the Heaven Spins or Hell Respins. Landing 4 Bonus Symbols will unlock the choice for the Super Variants of each bonus.
Heaven Spins
So, you think you have a good cocnscious. When selecting the Heaven Spins, you get 10 free spins. During this feature the Host activation increase in frequency. A single Bonus Symbol will activate Super Heaven Spins and will award +3 Spins.
Super Heaven Spins
The difference between Heaven and Super Heaven Spins is that the Host is guaranteed to land at least once in each spin.
Hell Respins
Maybe you’re feeling a little mischievous. When selecting the Hell Respins Bonus, you are award 3 respins where the only symbols that can land are; Multipliers between 1x-10x, Blank, Bonus and the Host.
When a multiplier lands on the reels, it’s value will be added to the current multiplier on top of the relevant reel.
Whenever the Host lands on any reel, he will double the value of the multiplier above that reel.
Landing a Multiplier or the Host will always award +1 respin. At the end of the feature all Multipliers will be added up and added to the bet.
Landing a single Bonus Symbol will upgrade Hell Respins to Super Hell Respins and award +2 respins. Super Hell Respins will also keep the collected Multipliers above the reels.
Super Hell Spins
The difference between Hell and Super Hell Respins is that in Super Hell Spins you start with 4 free respins . During Super Hell Spins whenever the Host lands it will triple the value of the Multipliers above that reel. Landing at least 1 Multiplier Symbol or Host will award +1 respin.
Sneaky Buy
Do you want the best seat in the house? The Sneaky Buy feature lets you jump straight into the action:
- The Host – Guaranteed to land at least 1 Host symbol
- Bonus – Guaranteed to land 3 Bonus Symbols and pick either Heaven Spins or Hell Respins
- Super Bonus – Guaranteed to land 4 Bonus Symbols and pick either Super Heaven Spins or Super Hell Respins
Sneaky Boost
Sneaky Boost makes for an unforgettable performance in Freak Show Revelation.
Sneaky Boost is activated for 2 times the base bet, where there is an increased chance of triggering the Bonus rounds. Landing 1 or 2 active Sneaky Symbols in a spin trigger a normal bonus feature.
Super Sneaky Boost can be activated for 5 times the base bet for an increased chance of triggering the Super Bonus feature. Landing 1 Super Sneaky symbol will trigger a normal Bonus and landing 2 Super Sneaky symbols will trigger a Super Bonus.
The Stats
Max Win: 13,000x
Volatility: Extremely Volatile
Ivelina Balova, Product Owner at Sneaky Slots, said: “We’ve gotten great reception after our first release and now we’re looking to capitalise off that momentum. Freak Show Revelation has been in the works for a while, we have even changed the name a few times, but the Host? He has always been the star of the show. Sit back, enjoy the spectacle and keep an eye out for those easter eggs!”
‘Freak Show Revelation’ will be available to all Sneaky Slots partners on October 29th, 2025.
The post Sneaky Slots reveals a bunch of freaks in its second release, Freak Show Revelation appeared first on European Gaming Industry News.
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