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Sportradar Reports Strong First Quarter 2023 Results
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%.
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 % –
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.
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
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:
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
Latest News
Ines Ledo, BetBrothers: “Our Content Philosophy Is Built on Quality, Value, and Responsibility”

We sat down with Ines Ledo, Content Lead at BetBrothers.es, to discuss the core principles behind BetBrothers’ content strategy, and what it takes to create a trusted resource for the Spanish betting community.
Ines, please share with us how you first became involved in the sports betting industry, and what led you to your current role as Content Lead at BetBrothers.es?
I started more than five years ago as a content writer, focusing on online casinos and sports betting. From the beginning, I really enjoyed the industry, and over time, I started managing content and leading a team of writers in another top affiliate project in Spain. That experience gave me a wider understanding of how the industry works, and especially, how important content is in the iGaming world. Exceptional content is a force driving engagement and market differentiation.
Now, as a Content Lead at BetBrothers, my mission is to channel all that experience into an ambitious vision. Here, we are aiming to create the most trusted resource for the Spanish betting community. This means going beyond surface-level information and entertainment. Our content is built around three key pillars — quality, value, and responsibility. It is created to help our users enjoy sports betting as a safe and fun form of entertainment.
Can you tell us about your core content philosophy and how it differentiates BetBrothers.es from other affiliates in Spain?
Over the years, I’ve seen how content has become less personal. Today, many articles sound the same, like they’re made in a factory, without real experiences or useful information for the user.
At BetBrothers, we want to do the opposite. We believe in authentic content, written by real people who test betting sites and online casinos. They don’t just look around. They deposit, they play, they interact with customer support, they research the terms and conditions, and then they compare these experiences, sharing their personal perspectives.
We’re user-first, always. Our philosophy is to provide real value to the user with our content, with responsibility as a basis, as we aim to contribute to creating a safer and more enjoyable betting environment for our readers. That commitment to honesty, authenticity and responsible betting is what makes us different.
How do you balance creating evergreen content (like guides) with timely, event-driven betting tips, especially considering the dynamic Spanish sports calendar?
Balancing evergreen and timely content is indeed a basis of our strategy. We do it through good planning and efficient team management.
On one hand, we have stable content like operator reviews and how-to guides on betting strategies — this is the foundation of the project. Such content educates users, provides lasting value, and forms the backbone of our search engine presence.
On the other hand, we produce daily betting tips from our sports experts. These bring dynamic elements to our content and keep users engaged on a daily basis. Our experts have truckloads of experience, some of them are sports analysts with deep statistical knowledge of specific leagues. So for us it’s also an opportunity to showcase our analytical capabilities.
Both types of content are equally important: one provides lasting value, the other keeps the user connected and engaged day by day.
Many affiliates diversify traffic sources. Beyond organic search, what other marketing channels are you exploring for BetBrothers.es?
Organic traffic, born from deep and useful content we provide, is definitely very valuable both for us and our partners. It’s the validation of value we deliver to users searching for information. However, we are actively expanding our reach.
Social media is already a key element of our multi-channel strategy. It’s a great way to build presence, engage in meaningful conversations with the users, and develop a community around our products.
We believe video content will become more and more important in the future too. It allows for richer, more engaging storytelling, and helps us build deeper connections with our audience. Our philosophy is simple: meet users where they are, and connect with them beyond Google.
From your perspective, how has player behavior in the Spanish sports betting market evolved over the past few years, and how is BetBrothers.es adapting its content to meet these changing needs?
Today’s users are much more demanding, that’s for sure. They have more information, they compare everything available to them, and they look for real product value — both in the bookmakers and in the websites they visit. At BetBrothers.es, we thrive in this environment.
We don’t just repeat what everyone else says or does. Instead, we focus on creating useful content, replying to the questions readers may have, explaining complex features in a clear and easy way, test the products and give an opinion based on real experience.
Also, we put a big emphasis on responsible gambling by offering practical advice. We do that, as we believe this is an essential part of the value we should provide to the betting community.
Looking ahead, what are the key strategic priorities for BetBrothers.es in the next 12-18 months to continue its growth and strengthen its position in the Spanish market?
For the next 12-18 months, our goal is to find the perfect balance between three non-negotiable pillars: useful and high-quality content, a user experience adapted to today’s standards — especially on mobile — and a strong focus on safe and responsible gambling.
Our ultimate aim is for every BetBrothers visitor to instantly feel that they are at the most trusted sports betting hub in Spain. A place where they’ll find clear, honest and helpful information to make informed and enjoyable betting decisions.
The post Ines Ledo, BetBrothers: “Our Content Philosophy Is Built on Quality, Value, and Responsibility” appeared first on European Gaming Industry News.
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About 59% of Germans Aged 6-69 Play Video Games

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

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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