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Sportradar Reports Strong First Quarter 2023 Results

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Sportradar Group AG, a leading global technology company focused on enabling next generation engagement in sports through providing business-to-business solutions to the global sports betting industry, today announced financial results for its first quarter ended March 31, 2023.

First Quarter 2023 Highlights

Revenue in the first quarter of 2023 increased 24% to €207.6 million ($226.2 million)1 compared with the first quarter of 2022.
The RoW Betting segment, accounting for 52% of total revenue, grew 25% to €108.5 million ($118.3 million)1, primarily driven by strong performance from Managed Betting Services (MBS) and Live Odds.
The U.S. segment revenue grew 55% to €39.7 million ($43.3 million)1 compared with the first quarter of 2022, driven by higher sales of betting products as well as the Company’s digital advertising (ad:s) product. The U.S. segment generated positive Adjusted EBITDA2 for the third consecutive quarter with an Adjusted EBITDA2 margin of 17%.
Total Profit for the first quarter of 2023 was €6.8 million compared with €8.2 million for the same quarter last year. The Company’s Adjusted EBITDA2 in the first quarter of 2023 increased 37% to €36.7 million ($40.0 million)1 compared with the first quarter of 2022, demonstrating operational leverage from higher revenue despite increased investment into Artificial Intelligence (AI) for liquidity trading, and Computer Vision technology.
Adjusted EBITDA margin2 was 18% in the first quarter of 2023, an increase of 176 bps compared with the prior year period.
Adjusted Free Cash Flow2 in the first quarter of 2023 was €12.4 million, compared with €12.9 million for the prior year period, as a result of improved working capital management offset by an unfavorable impact from foreign currency exchange rates. The resulting Cash Flow Conversion2 was 34% in the quarter.
The Company’s customer Net Retention Ratio (NRR) was 120% in the first quarter of 2023, an improvement over the NRR from the fourth quarter of 2022 of 119%.

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Carsten Koerl, Chief Executive Officer of Sportradar said: “We started fiscal 2023 on solid footing, as we continued to deliver strong top line growth, predominately by growing our value add products such as MBS and Live Odds in the Rest of World business, and strong, profitable growth in our U.S. segment. We are also demonstrating operational leverage as we continue to focus on cost discipline across the organization and invest prudently to grow our top line. We are confident that our ongoing product innovation in AI and computer vision will enable us to remain a market leader and increase shareholder value for our investors.”

Key Financial Measures
In millions, in Euros € Q1 Q1 Change
2023 2022 %

Revenue 207.6 167.9 24 %

Adjusted EBITDA2 36.7 26.7 37 %

Adjusted EBITDA margin2 18 % 16 % –

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Adjusted Free Cash Flow2 12.4 12.9 (4 %)

Cash Flow Conversion2 34 % 48 % –

Segment Information

RoW Betting

Segment revenue in the first quarter of 2023 increased by 25% to €108.5 million compared with the first quarter of 2022. This growth was driven primarily by increased sales of the Company’s higher value-add offerings including MBS, which increased 40% to €37.1 million as well as Live Odds services which increased 29% year over year.
Segment Adjusted EBITDA2 in the first quarter of 2023 increased by 6% to €47.4 million compared with the first quarter of 2022. Segment Adjusted EBITDA margin2 decreased to 44% from 51% in the first quarter of 2022 due to increased investment in AI technology for MTS and Computer Vision technology. These investments will enable the Company to further grow revenue and improve its Adjusted EBITDA margin over time.

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RoW Audiovisual (AV)

Segment revenue in the first quarter of 2023 decreased 3% to €44.6 million compared with the first quarter of 2022. Revenue was impacted by the expected completion of the Tennis Australia contract partially offset by growth in sales to new and existing customers.
Segment Adjusted EBITDA2 in the first quarter of 2023 increased 27% to €11.3 million compared with the first quarter of 2022. Segment Adjusted EBITDA margin2 improved to 25% in the first quarter of 2023 compared with 19% in the first quarter of 2022 due to savings associated with the completion of the Tennis Australia contract.

United States

Segment revenue in the first quarter of 2023 increased by 55% to €39.7 million ($43.3 million)1 compared with the first quarter of 2022. Results were driven by growth in core betting data products and the ad:s product.
Segment Adjusted EBITDA2 in the first quarter of 2023 was €6.8 million ($7.4 million)1 compared with a loss of (€6.4) million in the first quarter of 2022. This is the third consecutive quarter with positive Adjusted EBITDA2 indicating the strong operational leverage in the U.S. business model despite continuous investments. Segment Adjusted EBITDA margin23improved to 17% from (25%) compared with the first quarter of 2022.

Costs and Expenses

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Purchased services and licenses in the first quarter of 2023 increased by €11.6 million to €48.4 million compared with the first quarter of 2022, reflecting continuous investments in content creation, greater event coverage and higher scouting costs. Of the total purchased services and licenses, approximately €14.0 million were expensed sports rights.
Personnel expenses in the first quarter of 2023 increased by €25.2 million to €77.5 million compared with the first quarter of 2022. The increase was primarily as a result of increased investment for growth which was driven by higher headcount associated with investments in AI and Computer Vision, increased share based compensation, and inflationary adjustments for labor costs.
Other operating expenses in the first quarter of 2023 increased by €1.7 million to €21.2 million, compared with the first quarter of 2022, primarily as a result of higher software license costs, higher audit fees and implementation costs for a new financial management system.
Total sports rights costs in the first quarter of 2023 decreased by €2.8 million to €51.2 million compared with the first quarter of 2022, primarily due to savings from the expected completion of the Tennis Australia contract.

Recent Company Highlights

SportradarSportradar renewed its partnership with the Big Ten Network extends partnership with the Big 10 Conference to broaden its footprint in the U.S. college space by powering its OTT platform B1G+ through the 2024-2025 college athletics season. Sportradar is providing its technology and data-driven OTT solutions to manage B1G+’s OTT web, mobile and connected TV apps, UX/UI design and third party integration.
Sportradar announced the integration of its ad:s technology into Snapchat, creating a new channel for betting operators to engage and acquire customers using the Company’s paid social media advertising service. Using Snapchat’s advanced age and location targeting capabilities to ensure only legally qualified audiences are reached, betting operators have a potential to reach Snapchat’s 350 million daily active users and over 750 million monthly active users.
Sportradar was selected as the successful bidder for the global Association of Tennis Professionals (ATP) data and streaming rights starting in 2024 as a result of the Company’s commitment to product innovation. Sportradar offers the broadest reach to tennis fans globally and has been a supplier of official ATP Tour and Challenger Tour secondary data feeds since 2022.
Sportradar published its first Sustainability Report highlighting its commitment to sustaining its business, communities and environment. The report is based on Sportradar’s five key sustainability priorities, sustainability, people, oversight, respect and technology-led (SPORT), which are aligned with the standards and framework of the Sustainability Accounting Standards Board (SASB).
Sportradar Integrity Services released its second Annual Report on Betting Corruption and Match-Fixing in 2022, revealing the Company had identified 1,212 suspicious matches across 12 sports in 92 countries, an increase of 34% year over year. The overall data confirmed that 99.5% of sporting events are free from match-fixing, with no single sport having a suspicious match ratio of greater than 1%.
Sportradar named technology executive Gerard Griffin as Chief Financial Officer effective May 9, 2023. Mr Griffin previously served as CFO of Zynga Inc., a global leader in interactive entertainment, and will be responsible for Sportradar’s accounting, finance and investor relations functions. Mr. Griffin brings more than 25 years of leadership experience in financial and operational management within the gaming, media and technology sectors.

Annual Financial Outlook

Sportradar reaffirmed its annual outlook provided on March 15, 2023, for revenue and Adjusted EBITDA2 for fiscal 2023 as follows:

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Sportradar expects its revenue for fiscal 2023 to be in the range of €902.0 million to €920.0 million ($983.2 million to $1002.8 million)1, representing growth of 24% to 26% over fiscal 2022.
Adjusted EBITDA2 is expected to be in a range of €157.0 million to €167.0 million ($171.1 million to $182.0 million)1, representing 25% to 33% growth versus last year.
Adjusted EBITDA margin2 is expected to be in the range of 17% to 18%.4

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Team Heretics integrates Chiliz directly onto its platform, transforms engagement and loyalty

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Team Heretics transforms engagement and loyalty by integrating Chiliz infrastructure directly onto its platform

  • Team Heretics first partnered with Chiliz to launch a $TH Fan Token on Socios.com in May 2020

  • The Spanish esports giant is now advancing its Web3 foothold, by launching a Chiliz Chain powered digital asset wallet in its official store and a loyalty programme powered by Chiliz’s Web3 infrastructure

Team Heretics, the renowned esports club, makes a twofold strategic move towards the future of fan engagement: it becomes the first team in its sector to natively integrate a blockchain wallet into its official store, and alongside this, unveils the launch of a new and ambitious loyalty programme. Chiliz, the leading provider of blockchain solutions for the sports and entertainment industry, powers both developments.

The integration of the blockchain wallet into Team Heretics’ e-commerce platform is a major technical advancement, enabling fans to connect their wallets securely and directly, while managing ownership of their $TH Fan Tokens. This functionality is the cornerstone upon which Team Heretics will build innovative and personalised digital and real-world experiences for those supporters who hold this asset.

Building on this technological foundation, Team Heretics is developing an innovative and dynamic loyalty programme. This programme will utilise the club’s Fan Tokens as the primary vehicle to unlock membership tiers, exclusive rewards, early access to products, special discounts, and new ways to participate and interact with the club. The objective is to go beyond traditional utility and create an ecosystem where fan loyalty and commitment are continuously recognised and rewarded within Heretics’ own universe.

“Together with Chiliz, we’ve been working on finding ways to empower our community by exploring the emerging areas of technology. With this new program, in 2025, we’re taking a leap forward in how we connect with and value our community compared to what we’ve done with Chiliz in the past — evolving the experience so that being a token holder truly grants access to exclusive experiences and a say in certain day-to-day decisions at Team Heretics. We want our fans to feel that being active in the community comes with rewards, and with Chiliz, we’ll keep working on that better than ever,” said Alejandro Marcos, CMO of Team Heretics.

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What does this mean for the future of sport?

This twofold announcement underscores Chiliz’s and Team Heretics’ vision for the potential of Web3 in sport and entertainment. Having already dived into this type of engagement by letting their community choose elements such as their Superliga name or the design of their official flag with their Fan Tokens, the wallet integration is now the gateway to deeper engagement, while the loyalty programme is the strategy that capitalises on that connection.

“This integration is much more than a new feature; it’s the manifestation of our vision at Chiliz for the future of fan engagement in Web3,” states Alexandre Dreyfus, CEO of Chiliz. “We are demonstrating how blockchain technology enables clubs, like Team Heretics, to build versatile, multidisciplinary, and direct experiences with their communities, using their own channels.”

The Web3 Advantage: Beyond the traditional model

Fundamentally, Chiliz’s Web3 infrastructure provides the necessary flexibility, security, and autonomy for Fan Tokens to act as genuine digital assets, whose utility can be integrated and exploited to their full potential by each club. This takes fan engagement to a new level of personalisation and control, managed directly by the club, helping them to take the reins of their fan experience and build their own ecosystems.

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This initiative with Team Heretics is a clear example of hyper-personalisation, adapting Chiliz’s infrastructure to the club’s specific language and objectives. This sets a precedent that, in the near future, other clubs might follow regardless of whether or not they are digital natives.

An autonomous ecosystem for greater loyalty

With these advancements, Team Heretics and Chiliz – as a pioneering company with collaborations with teams of the calibre of FC Barcelona, Paris Saint-Germain, Atlético de Madrid, Manchester City, Juventus, and Inter Milan, among others – propose a model where blockchain technology serves as a catalyst for a closer, more participatory relationship between the club and its fans.

The foundations are being laid for a future where supporters are not mere spectators, but active participants in the life and development of the club, through loyalty programmes that truly understand and reward their passion.

The post Team Heretics integrates Chiliz directly onto its platform, transforms engagement and loyalty appeared first on European Gaming Industry News.

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Xanada Investments Reveals Strategic Backing of Sweepium, Targeting the U.S. Sweepstakes Landscape

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Xanada Investments Reveals Strategic Backing of Sweepium, Targeting the U.S. Sweepstakes Landscape
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Xanada Investments, a leading ideological investment fund focused on the iGaming sector, has officially revealed its early-stage investment in Sweepium, a breakthrough B2B platform and game aggregator redefining how sweepstakes casino brands launch, operate, and scale in the U.S. market.

The decision to invest in Sweepium was driven by a clear alignment of vision: a bold team building real sweepstakes infrastructure for an underserved and fast-growing segment, while providing a serious competitive advantage to existing platforms.

Purpose-built for the complexities of the U.S. regulatory landscape, Sweepium delivers a fully integrated, turnkey platform that includes a bank-approved payment architecture, CRM, customer support, content management, game aggregation, and promotional tools. Its standout capability — its bank-approved payment system — the first of its kind in the U.S. sweepstakes sector — enabling operators to process transactions with institutional-grade compliance and reliability.

Over the past year, Xanada’s support extended far beyond capital. Acting as strategic advisors and active mentors, the fund worked closely with the Sweepium team to strengthen their operational and go-to-market strategy to accelerate brand onboarding and commercial traction.

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Today, Sweepium is live with multiple operators, supports integrations with over 50 game providers, and enables new clients to launch in just 8–10 weeks from contract to first processed payment — a speed and standard unmatched in the space.

“From day one, Sweepium showed both clarity of vision and precision in execution,” said Vladimir Malakchi, CEO & Managing Partner at Xanada Investments. “Our decision to invest was driven not only by the unique positioning of the platform but by the team’s operational discipline and long-term thinking. Over the past year, we’ve worked closely with Sweepium to evolve their business infrastructure, guide strategic decisions, and help unlock market growth — and the results speak for themselves.”

Daniel Mitton, Founder & CEO of Sweepium, commented: “Partnering with Xanada Investments brought more than capital — it brought strategy, structure, and scale. Their team helped us align operations with long-term growth goals, navigate licensing, and open doors commercially. With Xanada’s support, we’ve accelerated our market readiness and laid the groundwork for sustainable expansion.”

As Sweepium enters its next phase of growth, the company is focused on expanding its partner base, deepening product capabilities, and continuing to lead in compliance-first innovation within the U.S. sweepstakes space.

 

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About Xanada Investments

Xanada Investments is an ideological investment fund targeting PreSeed, Seed, and Series A funding rounds for innovative projects and leaders in the iGaming industry. With a focus on long-term success, Xanada is committed to providing not only capital but also strategic guidance and support to help businesses scale quickly and efficiently.

About Sweepium

Sweepium is a B2B platform and game aggregator enabling the launch of sweepstakes casino brands under a white-label model. The company supports over 80 game providers, offers full operational setup, and is the first provider of bank-approved white-label payments for sweepstakes in the U.S. market.

The post Xanada Investments Reveals Strategic Backing of Sweepium, Targeting the U.S. Sweepstakes Landscape appeared first on European Gaming Industry News.

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Hop on the Wealth Bus: N1 Partners heading to iGB Live London 2025

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N1 Partners is gearing up for iGB Live London 2025, and will bring something visitors won’t want to miss. On July 2–3 at ExCeL London, guests will find N1 Partners at Booth J50 — where a black-and-red stand designed to resemble an elegant bus stop welcomes guests beneath the slogan: Hop on the Wealth Bus.

The stand is designed to be more than just a place to visit — it’s a lively lounge where you can grab a drink, chat with the team, and explore real ways to scale your affiliate profits against the backdrop of a bus stop-style design.

N1 Puzzle Promo: Your road to the helicopter prize

N1 Partners is tying the Wealth Bus theme into its N1 PUZZLE Promo — the campaign that’s literally driving our partners toward a brand-new Robinson R22 Beta II helicopter.

Here’s how it works:

  • 1 puzzle piece for every 10 FTDs from SEO traffic
  • 1 puzzle piece for every 40 FTDs from PPC and ASO
  • 1 puzzle piece for every 100 FTDs from FB and other channels (social media, SMS, Email, UAC, In-App)

The more puzzle pieces you collect, the closer you get to taking home the helicopter. And since London is one of the key stops on this journey, N1 Partners will showcase exactly how affiliate traffic can help drive progress toward the prize.

Of course, it’s not just about the final prize. N1 Partners is already running two mini-lotteries (April–July and Sept–Nov) packed with luxury prizes — and everyone wins something. Whether you’re driving PPC, SEO, or social traffic, you can turn volume and speed into puzzle pieces and prizes.

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What’s on board at Booth J50

The stand will offer plenty of engaging activities for visitors:

  1. Bar — visitors can grab a drink and connect with the N1 Partners team.
  2. Puzzle Collection merch drop — every item gives you +1 puzzle piece in the promo. Plus, each merch owner enters a special giveaway: a custom hoodie, an iPhone 17 Pro Max, and a branded case.
  3. Plinko-style game — everyone wins! Grab a guaranteed prize right at the booth.
  4. Meet the N1 Partners team — the team will be on hand to answer questions and show how to boost your current promo results and earnings.

Why meet N1 Partners in London

N1 Partners has been driving affiliate success for over 7 years, with 12+ licensed casino and betting brands and top deals across Tier‑1 markets.

Here’s what the program offers:

  • CPA up to €650
  • RevShare up to 45% + NNCO
  • Hybrid deals
  • No shave, no delays, guaranteed payouts

At Booth J50, N1 Partners will be ready to talk about real business — no fluff. If you run SEO, PPC, FB, or any other traffic, we’ll show you how to turn it into bigger profits with our offers.

N1 Partners stands for reliability, honesty, and speed — and we’re always open to new partners who are ready to scale.

Let’s meet in London!

Attendees can visit N1 Partners at Booth J50 during iGB Live London on July 2–3.

Hop on the Wealth Bus, grab exclusive merch (get an extra Puzzle Piece with it) — and discover how to boost your affiliate marketing performance with N1 Partners.

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The post Hop on the Wealth Bus: N1 Partners heading to iGB Live London 2025 appeared first on European Gaming Industry News.

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