Latest News

Sportradar Reports Strong Growth and Increased Profitability and Cash Flow

Published

2 years ago

November 16, 2022

Reading Time: 6 minutes

Sportradar Group AG, the leading global technology company enabling next generation engagement in sports and provider of business-to-business solutions to the global sports betting industry, today announced financial results for its third quarter ended September 30, 2022.

Third Quarter 2022 Highlights

Revenue in the third quarter of 2022 increased 31% to €178.8 million ($175.2 million)¹ compared with the third quarter of 2021. 2022 year-to-date revenue grew 28% compared to the same nine months in 2021.
The RoW Betting segment, accounting for 56% of total revenue, grew 28% to €100.9 million ($98.9 million)¹, driven by strong performance from our Managed Betting Services (MBS).
U.S. segment revenue grew 61% to €31.6 million ($31.0 million)¹ compared to the third quarter of 2021, driven by strong market growth and positive adoption of in-play betting. The U.S. segment turned profitable for the first time since the Company’s initial public offering and generated a positive Adjusted EBITDA margin of 11%.
The Company’s Adjusted EBITDA² in the third quarter of 2022 increased 75% to €36.5 million ($35.8 million)¹ compared with the third quarter of 2021 as a result of strong revenue growth even with continuous investments in the Company’s growing business.
Adjusted EBITDA margin² was 20% in the third quarter of 2022, an increase of 500 bps compared to the quarter for the prior year period and 400 bps higher compared to the second quarter of 2022.
Adjusted Free Cash Flow² in the third quarter of 2022 increased to €33.9 million, compared to €32.9 million for the prior year period. The resulting Cash Flow Conversion² was 93% in the quarter.
During the quarter, the Company prepaid €200.0 million of its outstanding debt. As of September 30, 2022, total debt was €236.9 million, and cash and cash equivalents totaled €512.5 million.
The Company has raised its guidance for revenue and the lower end of its Adjusted EBITDA² range for the full year 2022.

Key Financial Measures	Q3	Q3	Change
In millions, in Euros	2022	2021	%

Revenue	178.8	136.8	31%
Adjusted EBITDA²	36.5	20.9	75%
Adjusted EBITDA margin²	20%	15%	–
Adjusted Free Cash Flow²	33.9	32.9	3%
Cash Flow Conversion²	93%	158%	–

¹ For the convenience of the reader, we have translated Euros amounts at the noon buying rate of the Federal Reserve Bank on September 30, 2022, which was €1.00 to $0.98.
² Non-IFRS financial measure; see “Non-IFRS Financial Measures and Operating Metrics” and accompanying tables for further explanations and reconciliations of non-IFRS measures to IFRS measures.

Carsten Koerl, Chief Executive Officer of Sportradar said: “Our strong performance in the third quarter exceeded our expectations across all key financial metrics. We consistently managed to grow revenue, profitability and cash flows despite adverse market conditions during the first three quarters of 2022. The Company exceeds expectations quarter-in and quarter-out, and as a result of our operational performance – in particular the U.S. and the betting rest-of-world business – as well as our organizational streamlining, we are able to raise our full year guidance for revenue and increase the lower end of our Adjusted EBITDA range.”

Prague Gaming & TECH Summit 2025 (25-26 March)

“We are proud of the continuous success of our U.S. operations. We managed to generate a U.S. profit for the first time in the third quarter, displaying solid operational leverage in the business model. Underpinning this success is the extension of our long-term partnership with FanDuel. This partnership is a testimony for our strategy, to expand our relationships and become an embedded technology provider for our customers, based on strategic long-term deals with our league partners.”

Ulrich Harmuth, Interim Chief Financial Officer added: “The financial results in the third quarter demonstrated that Sportradar consistently has managed to grow almost three times faster than the underlying betting market and our growing scale has led to margin expansion – as indicated by the U.S. segment turning profitable in the third quarter. As a result of this strong momentum and based on what we can see today, our 2023 preliminary expectations are for revenue to grow in the mid-20’s percent while expanding Adjusted EBITDA margin above 2022 levels.

Segment Information

RoW Betting

Segment revenue in the third quarter of 2022 increased by 28% to €100.9 million compared with the third quarter of 2021. This growth was driven primarily by increased sales of our higher value-add offerings including Managed Betting Services (MBS), which increased 84% to €38.2 million, and Live Odds Services, which increased 12% to €27.1 million. MBS growth was attributable to a record annualized turnover³ of €19.0 billion and the success of our strategy to move existing customers to higher value add products.
Segment Adjusted EBITDA² in the third quarter of 2022 increased 8% to €48.2 million compared with the third quarter of 2021. Segment Adjusted EBITDA margin² decreased to 48% from 57% in the third quarter of 2021 driven by inorganic investments into AI capabilities for our MBS business, expanding our sport rights portfolio, as well as temporary cost savings in sport rights and scouting from the prior year due to the COVID-19 pandemic.

RoW Audiovisual (AV)

Segment revenue in the third quarter of 2022 increased by 14% to €33.1 million compared with the third quarter of 2021. Growth was driven by cross-selling audiovisual content to existing data customers and expanding AV portfolio sales with existing AV customers.
Segment Adjusted EBITDA² in the third quarter of 2022 increased 32% to €12.6 million compared with the third quarter of 2021. Segment Adjusted EBITDA margin² increased to 38% from 33% compared with the third quarter of 2021 as a result of AV revenue growth.

United States

Segment revenue in the third quarter of 2022 increased by 61% to €31.6 million compared with the third quarter of 2021. This growth was driven by a strong increase of U.S. betting services, driven by cross-selling non-data products to betting operators as well as benefiting from our customers’ growth as a result of a development in the underlying market and new states legalizing betting.
Segment Adjusted EBITDA² in the third quarter of 2022 was €3.4 million compared with a loss of (€6.6) million in the third quarter of 2021, primarily driven by enhanced operating leverage as a result of the growing scale of our business despite continuous investments in the U.S. segment’s products and content portfolio. Segment Adjusted EBITDA margin² improved to 11% from (34%) compared with the third quarter of 2021.

² Non-IFRS financial measure; see “Non-IFRS Financial Measures and Operating Metrics” and accompanying tables for further explanations and reconciliations of non-IFRS measures to IFRS measures.
³ Turnover is the total amount of stakes placed and accepted in betting.

Costs and Expenses

Purchased services and licenses in the third quarter of 2022 increased by €18.1 million to €47.5 million compared with the third quarter of 2021, reflecting continuous investments in content creation and processing, higher event coverage and higher scouting costs. Of the total, approximately €13.7 million was expensed sports rights.
Personnel expenses in the third quarter of 2022 increased by €16.9 million to €68.3 million, an increase of 33% compared with the third quarter of 2021. Adjusted for inorganic hires, personnel cost grew 27% compared to the third quarter in 2021.
Other Operating expenses in the third quarter of 2022 decreased by €4.9 million to €20.3 million, as a result of our efforts to increase the effectiveness of our central services and due to one-time costs resulting from our initial public offering in September 2021.
Total sport rights costs in the third quarter of 2022 increased by €5.9 million to €34.6 million compared with the third quarter of 2021, primarily a result of costs associated with new acquired rights in 2022 for the ITF, UEFA and ATP.

Recent Business/Company Highlights

Sportradar and FanDuel sign long-term agreement for Official NBA data through the 2030-31 season. Providing FanDuel with a comprehensive portfolio of betting products and entertainment tools, Sportradar remains the preferred data and odds supplier to FanDuel through 2031. Using official NBA data, Sportradar and FanDuel will collaborate to enhance the sports betting experience with new offerings such as certain player tracking data to create props and same game parlays. Additionally, FanDuel will use Sportradar’s proprietary Live Channel Trading (LCT) product.
Sportradar reaffirms leadership position in cricket market with partnerships with Australian Premier Cricket competitions. Sportradar announced the renewal of partnership agreements with the top tier club cricket competitions in Tasmania, Queensland, and Western Australia. Currently, Sportradar is partners with every single state and territory cricket governing body in Australia. Extensions with these clubs enable Sportradar to remain the official streaming partner until mid-2025
Sportradar and International Golf Federation enter integrity partnership. Sportradar’s Integrity Services (SIS) unit signed a multi-year integrity partnership with the International Golf Federation (IGF). Under the terms of the initial two-year agreement, SIS will provide bet monitoring through its Universal Fraud Detection System (UFDS) for several IGF competitions. Sportradar Integrity Services have detected more than 7,300 suspicious matches during the past 17 years, with over 600 taking place in 2022 alone.
Tennis Data Innovations and Sportradar team up to expand official tennis data distribution. The partnership sees the launch of a “new secondary feed,” to enable the provision of betting-related services based on official ATP Tour and ATP Challenger Tour scores to a suite of global bookmakers. Of significance, the partnership sees the ATP change its data framework, allowing bookmakers to have uninterrupted access to official data, as scores to date have been delivered directly from the umpire’s chair.
Sportradar continues to evolve its organizational structure to set it up for continued success in achieving its strategic goals around growth, organizational effectiveness and efficiency. The Company is optimizing its organization by appointing global leaders for content creation, product development and commercial excellence – with the U.S. retaining a dedicated go-to-market approach. With this new structure, the Company will become faster in decision-making and execution, and will be more effective and efficient in serving global customers with a growing global product portfolio. The net effect will also be to significantly reduce the number of direct reports to the CEO.

Annual Financial Outlook
Sportradar has updated its outlook for revenue and Adjusted EBITDA for fiscal 2022 as follows:

Sportradar has raised its revenue outlook for fiscal 2022 to a range of €718.0 million to €723.0 million ($703.6 million to $708.5 million)¹, from its previous range of €695.0 million to €715.0 million representing prospective growth of 28% to 29% over fiscal 2021.
Outlook for Adjusted EBITDA² is narrowed to a range of €124.0 million to €127.0 million ($121.5 million to $124.5 million)¹ from the previous range of €123.0 million to €133.0 million, representing 22% to 24% growth versus last year.
Adjusted EBITDA margin² is expected to be in the range of 17% to 18%.⁴

Latest News

About 59% of Germans Aged 6-69 Play Video Games

Published

12 hours ago

May 14, 2025

Niji Narayan

about-59%-of-germans-aged-6-69-play-video-games

Reading Time: 2 minutes

About 59% of people aged 6 to 69 in Germany play video games. Overall, the number of players in the country has risen significantly in the last several years. Across all age groups, some 37.5 million Germans – more than ever before – play video games on consoles, PCs and smartphones. This represents an increase of around 9% in the number of players since 2020. These are the new figures released by game – the German Games Industry Association, based on data collected by YouGov.

The development among players over 60 is especially dynamic, with this group having grown from 6.4 to 7.7 million in just 12 months. The growth in the proportion of older gamers is partly due to the fact that many gamers have been playing games for decades. On the other hand, more and more older people are discovering the joy of video games. Thus the trend of recent years continues, with the average age of German players also surpassing 39 for the first time – rising from 38.2 in 2023 to 39.5 in 2024. In total, 8 in 10 players in Germany (79%) are over 18 years old. With regard to the gender of players in Germany, the distribution has remained balanced in the last several years, at around 48% women and 52% men.

“Games fascinate millions of people in Germany – young and old, women and men. The majority of Germans have been playing games for a long time and the number is increasing. The steadily rising average age of gamers is also exciting: we are fast approaching the age of 40. This makes clear what still surprises many people: whether they are 17 or 70, games inspire people of all ages and the proportion of older players is growing particularly strongly,” said Felix Falk, Managing Director of game – The German Games Industry Association.

After attaining unprecedented heights in recent years, the German games market saw a dip in its growth trajectory in 2024. Last year, sales revenue from games, gaming hardware and online gaming services in Germany totalled 9.4 billion euros – a 6% drop from the year before. This downturn was especially pronounced in purchases of games for PCs, consoles and smartphones (−17%, to 921 million euros), as well as in hardware purchases (−10%, to 2.9 billion euros). Running counter to the overall market trend, revenue from online gaming services saw a double-digit increase, rising 12% from the level of 2023, to 965 million euros.

The post About 59% of Germans Aged 6-69 Play Video Games appeared first on European Gaming Industry News.

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TaDa Gaming Celebrates GiftCode’s Successful First Year Since Launch

Published

1 day ago

May 13, 2025

Niji Narayan

Reading Time: < 1 minute

TaDa Gaming celebrates GiftCode’s successful first year since launch. Applicable to both slots and TaDa’s unique fishing-shooting games, GiftCode offers immediate rewards which can be effortlessly tailored and adapted to any operator requirement or marketing campaign.

Hitting its first anniversary, a minimum of 1,000,000 GiftCodes are now issued monthly through 300+ streamers with 100% take up. This strong creator eco-system enables codes to be delivered across media and platforms with tournaments, introductory rewards and churned player campaigns leading the way for operator success through powerful marketing alongside player rewards.

An uplift of Daily Active Users by a minimum of 18% and a 15% increase in engagement and player acquisition levels has confirmed that GiftCode is the simple and highly effective gamification tool the industry was lacking.

The 2024 initial test run in Brazil saw 100 streamers receive 500,000 GiftCode links. An instant redemption rate of 95+% and new player sign up increasing by more than 30,000 per month confirmed TaDa’s research and development and gave operators confidence to incorporate GiftCode to their offering.

Now, with the addition of personalised codes for player segmentation, regionally specific influencer packs and multi-brand and aggregator deployment, few other gamification tools can offer such consistently high impact and measurable results, meaning this is a very happy anniversary for TaDa.

Sean Liu, Director of Product Management at TaDa Gaming, said: “GiftCode’s inherent simplicity is the key to its success. It does what it is supposed to do and does it fantastically well for both operators and players. Our new enhancements make GiftCode even more engaging, securing its future as our go-to gamification tool.”

The post TaDa Gaming Celebrates GiftCode’s Successful First Year Since Launch appeared first on European Gaming Industry News.

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South Africa is Leading the Call for Responsible Gambling in African Countries

Published

2 days ago

May 12, 2025

Zoltan Tundik

South Africa is once again positioning itself as a leader in ethical gambling practices, with the upcoming Responsible Gambling Summit 2025 set to take place on 13–14 November 2025 at Emperors Palace in Kempton Park, Gauteng. This landmark event will gather international experts, regulators, and industry professionals to address the most pressing challenges in responsible gambling across Africa.

Hosted by the South African Responsible Gambling Foundation (SARGF) in collaboration with major regulatory bodies such as the National Gambling Board, Eastern Cape Gambling Board, and Western Cape Gambling and Racing Board, the summit aims to drive forward an evidence-based, solutions-focused agenda that ensures gambling growth does not come at the cost of public well-being.

As South Africa continues to see rising participation in both land-based and gambling online, the summit is timely. It will tackle issues ranging from technological safeguards and public health integration, to policy harmonisation and vulnerable population protection.

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South Africa’s leadership in responsible gambling sets a high standard not just for the continent, but for the global industry. By playing at casinos that are transparent, regulated, and committed to safety — such as those featured on SouthAfricanCasinos.co.za — players can enjoy the entertainment of gambling while staying in control.