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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%.


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

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Exploring Online Casinos: A Deep Dive into Finnish, Latin American, and American Platforms



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The world of online gambling has undergone a seismic shift in recent years, with players from all corners of the globe flocking to digital platforms for their gaming needs. From Finland to Latin America to the United States, online casinos have become a staple of entertainment, offering an unparalleled array of games and experiences. In this comprehensive exploration, we’ll delve into the unique characteristics, trends, and player preferences that define online casinos in three distinct regions: Finland, Latin America, and the United States. By dissecting the intricacies of each market, we’ll gain a deeper understanding of the global landscape of online gambling.

Finnish Online Casinos

A Beacon of Innovation and Efficiency Nestled in the heart of Scandinavia, Finland boasts a reputation for technological prowess and innovation, and its online gambling industry is no exception. Finnish online casinos, affectionately known as “pikakasinot,” have garnered attention worldwide for their streamlined and efficient approach to gaming. At the forefront of this innovation is the concept of online casinos without registration, a concept that has revolutionized the way players access their favourite games.

At the heart of Finnish online casinos’ success lies the integration of Trustly’s Pay N Play service, a groundbreaking payment solution that eliminates the need for traditional registration processes. With Pay N Play, players can make instant deposits and withdrawals directly from their bank accounts, bypassing the cumbersome registration forms and identity verification procedures typically associated with online casinos.


But it’s not just the convenience of Pay N Play that has propelled Finnish online casinos to the forefront of the industry. These platforms also prioritize player security, holding licenses from reputable regulatory authorities such as the Malta Gaming Authority and the UK Gambling Commission. Advanced encryption technology ensures that players’ sensitive information remains safe and secure, giving them peace of mind as they enjoy their favourite games.

In terms of game selection, Finnish online casinos offer a diverse array of options to cater to every taste and preference. From classic slots and table games to live dealer experiences and progressive jackpots, there’s something for everyone at these innovative platforms. And with generous bonuses and promotions on offer, players are incentivized to keep coming back for more.

Latin American Online Casinos

Embracing Diversity and Accessibility in Latin America, the online gambling landscape is as diverse as the cultures that inhabit the region. From the bustling streets of Brazil to the scenic vistas of Argentina, players across Latin America have embraced the convenience and accessibility of online casinos in droves. And much like their Finnish counterparts, Latin American online casinos without registration have emerged as a popular choice among players seeking instant access to their favourite games.

Known locally as “casinos sin registro,” these platforms offer a simplified gaming experience that resonates with players across the region. With no registration required, players can dive straight into the action, making deposits and withdrawals with ease using a variety of local payment methods.

One of the key advantages of Latin American online casinos is their commitment to catering to local tastes and preferences. From culturally-inspired slots and traditional table games to live dealer experiences that capture the essence of Latin American hospitality, these platforms offer a diverse array of gaming options that resonate with players on a personal level.


But it’s not just the games themselves that set Latin American online casinos apart; it’s also the way they prioritize player security and trust. By partnering with reputable payment providers and implementing robust security measures, these platforms ensure that players can enjoy their gaming experience with peace of mind.

American Online Casinos

Navigating a Complex Regulatory Landscape in the United States, the online gambling landscape is as complex and varied as the country itself. With regulations varying from state to state, navigating the legal framework can be a daunting task for both players and operators alike. However, despite these challenges, online gambling has continued to gain traction in the US, with several states legalizing and regulating online casino gaming in recent years.

While traditional registration processes are still common in many parts of the country, there are signs of a gradual shift towards online casinos without registration as the industry evolves. Platforms such as Rush Games and DraftKings Casino have begun to gain traction, offering players a streamlined and hassle-free gaming experience.

In terms of game selection, American online casinos offer a wide range of options to cater to every taste and preference. From classic slots and table games to innovative new titles and exclusive partnerships with leading software providers, there’s no shortage of excitement to be found at these platforms.

But perhaps the biggest draw of American online casinos is their commitment to player safety and security. With stringent regulations in place to protect players’ interests and prevent underage gambling, players can rest assured that they’re in good hands when they play at a licensed and regulated online casino in the US.



As we’ve seen, the world of online gambling is a diverse and dynamic landscape, with each region bringing its own unique characteristics and player preferences to the table. From the streamlined efficiency of Finnish online casinos to the cultural richness of Latin American platforms to the complex regulatory landscape of the United States, there’s something for everyone in the world of online casinos.

By exploring the intricacies of each market, we’ve gained valuable insights into the global landscape of online gambling and the factors that drive its continued growth and success. Whether you’re a casual player looking for some entertainment or a seasoned gambler seeking your next big win, online casinos offer an unparalleled gaming experience that’s sure to satisfy even the most discerning of tastes.

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Rank Group announced as first live customer of DoTrust Complete



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Department of Trust (, the award-winning provider of financial risk assessments for safer gambling, has launched DoTrust Complete – the first dedicated platform offering end-to-end frictionless and enhanced financial risk checks to support all stages of the player journey.

The company also announced Rank Group plc, one of the UK’s largest online and land-based gaming operators, as the first live customer of the new service.

Gambling operators in the UK until now have had to rely on multiple providers to conduct financial risk, affordability, AML and other compliance and safer gambling assessments on their customers. This has led to complexity, cost and a poor player experience as well as significant regulatory penalties for poor execution. The challenge is set to increase following the UK government’s review of the Gambling Act which is likely to require more frequent vulnerability checks on players even at lower levels of spend which will require frictionless and accurate assessments.


With DoTrust Complete, operators can run all necessary checks in a single platform, including frictionless income and vulnerability tests using the best available public and proprietary data, much of which has not been deployed in the gambling industry before. Operators can even design their own risk methodology and gain full auditability of decisions to ensure proportionality and meet regulatory requirements.

Commenting on the new platform launch, Michael Byrne, DoTrust Chief Operating Officer, said: “We are delighted to officially launch Complete ahead of the expected change in regulation this year. Operators now have a reliable, comprehensive and industry-first service they can rely on to meet all current and future requirements. Complete reduces friction for customers and increases certainty and efficiency for operators.”

Liam Smith, Director of Customer Operations for Rank Interactive, commented: “Rank has always been at the forefront of consumer protection and are constantly seeking ways to improve our player experience within a safe environment. DoTrust Complete is the first tool we have found that has been specifically developed for gambling operators. The efficiency and degree of control which Complete gives is impressive and we are excited to leverage these capabilities in building our business.”

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Red Bull ‘Raise Your Game’ returns: UK gamers offered once-in-a-lifetime exclusive training sessions with pro gamers!



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Following last year’s success, Red Bull Raise Your Game is set to return with another nationwide competition offering gamers across the UK a chance to win a once-in-a-lifetime experience training with some of the world’s best professional gamers.

From today, aspiring UK gaming stars and fans can apply to win an invitation to the Red Bull Gaming Sphere in Shoreditch, London’s best gaming and esports venue, to train and raise their game with a Red Bull Player of their choice.

The workshop will promise winners an unparalleled opportunity to play with the pros and will include an array of training activities led by leading professionals, who can help elevate their in-game performance.


Some of the world’s elite pro’s, including UK’s best Call of Duty: Warzone player Liam ‘Jukeyz’ James, and recently signed and renowned Rocket League pro Joseph ‘Noly’ Kidd, will choose their favourite entries and host an exclusive gaming experience for the lucky winners.

Red Bull Raise Your Game is continuing its commitment to nurturing and supporting emerging UK pro gaming talent. Please see more details on Red Bull Raise Your Game below and a link to the assets here.

  • To apply, ambitious UK gamers can immerse themselves in a virtual Red Bull Gaming Sphere and share their gaming goals including how they want to improve in their favourite game, whether it’s Call of Duty or Rocket League.
  • From today, entrants over the age of 18 can visit to participate in Red Bull Raise Your Game. Entries close at 23:59 on 1st April 2024.
  • Entrants will have the option to choose Liam ‘Jukeyz’ James, widely regarded as one of the best Call of Duty: Warzone players in the world, or Joseph ‘Noly’ Kidd, Red Bull’s newest Player and one of the biggest names in Rocket League esports and more
  • The pro players will each choose their favourite three entrants to join them at the Red Bull Gaming Sphere in London for a once-in-a-lifetime exclusive experience to raise their in-game skills and achieve their gaming goals.
  • The first 500 entrants will be able to redeem a free four-pack of Red Bull to help them raise their game from home. The deadline for entry is 23:59 GMT on 1st April 2024. Winners will be selected by 30th April 2024.
  • For full terms and conditions, please visit the website.
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