Sportradar Reports Revenue Growth in Q1 2024

This growth was primarily driven by its Betting Technology & Solutions segment, which saw a 35% increase in revenue to $237 million, accounting for 82% of the total revenue.

Diverse Sector Performance

While Betting Technology & Solutions showed significant growth, the Sports Content, Technology & Solutions segment experienced a more modest increase of 5%, bringing in $51.1 million.

This sector represented 18% of the total group revenue. The geographical revenue distribution highlighted a 19% increase in the Rest of the World, contributing to 75% of the total revenue, whereas US revenue surged by 65%, now making up 25% of the total.

Profitability and Efficiency Challenges

Despite the top-line growth, Sportradar faced challenges at the bottom line, reporting a loss of $651,525 for the quarter, a downturn from a profit of $7.38 million in Q1 2023. The company attributed the shift primarily to increased sports rights costs despite improvements in operational efficiencies.

The adjusted EBITDA stood at $51.2 million, up 29% year-over-year, with an EBITDA margin of 18%, slightly improving from the previous year.

The total liquidity as of March 31, 2024, was reported at $536.7 million, up from $498.8 million in the first quarter of 2023.

Carsten Koerl, Chief Executive Officer of Sportradar, said: “Fiscal 2024 is off to a great start, building on the strong momentum and progress we made last year. This quarter, we saw broad-based strength across our product portfolio including strong client adoption of our ATP and NBA product offerings. In light of our strong business fundamentals, we are raising our full year outlook and are commencing purchases under our share repurchase program. I would also like to welcome to the leadership team Craig Felenstein as our Chief Financial Officer and Behshad Behzadi as our Chief Technology Officer and Chief AI Officer.”