Press Releases
Sportradar Reports Third Quarter 2023 Results
Sportradar Group AG (NASDAQ: SRAD) (“Sportradar” or the “Company”), a leading global sports technology company focused on creating immersive experiences for sports fans and bettors, today announced financial results for its third quarter ended September 30, 2023.
Carsten Koerl, Chief Executive Officer of Sportradar said: “As the leader in our industry, we aim to consistently deliver value to our clients, partners and shareholders. For 2023 we remain on track to deliver a strong growth year and are well positioned to maintain that momentum into 2024. This week we announced a reduction in our global workforce as part of a broader set of strategic initiatives that will enable us to further strengthen our client-centric organization and focus on the market opportunities ahead of us.”
Third Quarter 2023 Financial Highligh
- Revenue in the third quarter of 2023 increased 12% to €201.0 million compared with the third quarter of 2022 with growth across all segments.
- Total Profit from continuing operations for the third quarter of 2023 was €4.6 million compared with €12.8 million for the same quarter last year. The Company’s Adjusted EBITDA1 for the same period increased 38% to €50.5 million compared with the third quarter of 2022, primarily due to strong revenue growth and higher operating leverage.
- Total Profit from continuing operations, as a percentage of revenue, for the third quarter of 2023 was 2% compared with 7% for the same quarter last year. Adjusted EBITDA margin1 was 25% in the third quarter of 2023, an increase of 471 bps, compared with 20% in the prior year period.
- The Company’s customer Net Retention Rate1 (NRR) was 116% in the third quarter of 2023, demonstrating the Company’s strength in cross selling and upselling to its clients.
- As of September 30, 2023, Sportradar had total liquidity of €509.7 million including cash and cash equivalents of €289.7 million and an undrawn credit facility of €220.0 million.
Key Financial Metrics | |||
Q3 | Q3 | Change | |
In millions, in Euros€ | 2023 | 2022 | % |
Revenue | 201.0 | 178.8 | 12% |
Profit for the period from continuing operations | 4.6 | 12.8 | (64%) |
Profit for the period from continuing operations as a percentage of revenue | 2% | 7% | -483 bps |
Adjusted EBITDA1 | 50.5 | 36.5 | 38% |
Adjusted EBITDA margin1 | 25% | 20% | +471 bps |
Net Retention Rate1 | 116% | 118% | (2%) |
1 Non-IFRS financial measure or operating metric; see “Non-IFRS Financial Measures and Operating Metrics” and accompanying tables for further explanations and reconciliations of non-IFRS measures to IFRS measures.
Reduction in Global Workforce
This week, the Company announced a reduction in its global workforce as part of a broader set of strategic initiatives. This is expected to streamline its operating structure, improve product ROI and portfolio optimization. When completed, this should result in an approximate 10% reduction in 2023 labor cost run rates and contribute positively to future operating leverage.
Recent Company Highlights
- Sportradar and BetMGM extended their partnership for official NBA data. For the first time, Sportradar will provide BetMGM products and services that leverage NBA optical tracking data as a result of its exclusive partnership with the NBA. This will enable BetMGM to grow its prop markets, same-game parlays, as well as in-play betting market.
- Sportradar has been selected by the Taiwan Sports Lottery Company, Ltd. to power its Sports Lottery with a customized omnichannel sportsbook and player management solution. As part of a consortium, Sportradar will operate the Sports Lottery through 2033 using the company’s ORAKO end-to-end sportsbook and player account management system.
- NASCAR and Sportradar announced a four-year extension of their long-term media rights partnership, which now includes official betting data. This agreement will include live timing and scoring data and expanded betting content.
- Sportradar has been chosen by the Tennis Channel to power the launch of the network’s direct-to-consumer (DTC) streaming platform, which, for the first time, will include access to Tennis Channel’s marquee, 24/7 linear-channel alongside thousands of hours of live and on-demand matches and original programming.
- Sportradar received several industry recognitions, including Best Live Streaming Supplier at EGR B2B Awards 2023, Marketing & Services Provider of the Year at SBC Awards 2023 and Sports Betting Provider of the Year at Sigma Asia Awards 2023. Additionally, Sportradar was included on Business Insider’s “Leaders in AI 100” list.
Segment Information
RoW Betting
- Segment revenue in the third quarter of 2023 increased by 11% to €112.2 million compared with the third quarter of 2022. This growth was driven primarily by increased sales of the Company’s Live Odds and Live Data products, which grew 18% year over year.
- Segment Adjusted EBITDA1 in the third quarter of 2023 increased by 16% to €56.1 million compared with the third quarter of 2022. Segment Adjusted EBITDA margin1 improved to 50% from 48%, compared with the third quarter of 2022.
RoW Audiovisual (AV)
- Segment revenue in the third quarter of 2023 increased by 15% to €38.0 million compared with the third quarter of 2022. Revenue growth was driven by the new CONMEBOL deal and growth in sales to new and existing customers.
- Segment Adjusted EBITDA1 in the third quarter of 2023 increased by 5% to €13.3 million compared with the third quarter of 2022. Segment Adjusted EBITDA margin1 decreased to 35% from 38% compared with the third quarter of 2022.
United States
- Segment revenue in the third quarter of 2023 increased by 11% to €35.1 million compared with the third quarter of 2022. Results were primarily driven by growth of 19% collectively in betting and gaming, and audiovisual products.
- Segment Adjusted EBITDA1 in the third quarter of 2023 was €8.2 million compared with €3.4 million in the third quarter of 2022, indicating the strong improvement in operational leverage in the U.S. business model despite continuous investments. Segment Adjusted EBITDA margin12improved to 23% from 11%, compared with the third quarter of 2022.
The tables below show the information related to each reportable segment for the three and nine month periods ended September 30, 2023, and 2022.
Three Months Ended September 30, 2023 | ||||||||||||
in €’000 | RoW Betting | RoW Betting AV | United States | Total reportable segments | All other segments | Total | ||||||
Segment revenue | 112,167 | 38,031 | 35,077 | 185,275 | 15,762 | 201,037 | ||||||
Segment Adjusted EBITDA | 56,096 | 13,296 | 8,160 | 77,552 | (2,578 | ) | 74,974 | |||||
Unallocated corporate expenses2 | (24,488 | ) | ||||||||||
Adjusted EBITDA1 | 50,486 | |||||||||||
Adjusted EBITDA margin1 | 50 | % | 35 | % | 23 | % | 42 | % | (16 | %) | 25 | % |
Three Months Ended September 30, 2022 | ||||||||||||
in €’000 | RoW Betting | RoW Betting AV | United States | Total reportable segments | All other segments | Total | ||||||
Segment revenue | 100,919 | 33,090 | 31,556 | 165,565 | 13,270 | 178,835 | ||||||
Segment Adjusted EBITDA | 48,215 | 12,624 | 3,446 | 64,285 | (3,854 | ) | 60,431 | |||||
Unallocated corporate expenses2 | (23,947 | ) | ||||||||||
Adjusted EBITDA1 | 36,484 | |||||||||||
Adjusted EBITDA margin1 | 48 | % | 38 | % | 11 | % | 39 | % | (29 | %) | 20 | % |
Nine Months Ended September 30, 2023 | ||||||||||||
in €’000 | RoW Betting | RoW Betting AV | United States | Total reportable segments | All other segments | Total | ||||||
Segment revenue | 334,816 | 132,154 | 112,773 | 579,743 | 45,292 | 625,035 | ||||||
Segment Adjusted EBITDA | 154,525 | 41,055 | 20,425 | 216,005 | (8,285 | ) | 207,720 | |||||
Unallocated corporate expenses2 | (80,461 | ) | ||||||||||
Adjusted EBITDA1 | 127,259 | |||||||||||
Adjusted EBITDA margin1 | 46 | % | 31 | % | 18 | % | 37 | % | (18 | %) | 20 | % |
2 Unallocated corporate expenses primarily consist of salaries and wages for management, legal, human resources, finance, office, technology and other costs not allocated to the segments.
Nine Months Ended September 30, 2022 | ||||||||||||
in €’000 | RoW Betting | RoW Betting AV | United States | Total reportable segments | All other segments | Total | ||||||
Segment revenue | 283,169 | 118,754 | 86,289 | 488,212 | 35,688 | 523,900 | ||||||
Segment Adjusted EBITDA | 136,157 | 34,611 | (8,474 | ) | 162,294 | (12,467 | ) | 149,827 | ||||
Unallocated corporate expenses2 | (59,089 | ) | ||||||||||
Adjusted EBITDA1 | 90,738 | |||||||||||
Adjusted EBITDA margin1 | 48 | % | 29 | % | (10 | %) | 33 | % | (35 | %) | 17 | % |
2023 Annual Financial Outlook
Sportradar is providing an updated annual outlook for revenue and Adjusted EBITDA1 for fiscal 2023 as follows:
- Revenue in the range of €870 million to €880 million, representing year-on-year growth between 19% and 21%.
- Adjusted EBITDA1 in the range of €162 million to €167 million, representing year-on-year growth between 29% and 33%.
- Adjusted EBITDA margin1 in the range of 18.4% to 19.2%.
Conference Call and Webcast Information
Sportradar will host a conference call to discuss the third quarter 2023 results today, November 1, 2023, at 8:00 a.m. Eastern Time. Those wishing to participate via webcast should access the earnings call through Sportradar’s Investor Relations website. An archived webcast with the accompanying slides will be available at the Company’s Investor Relations website for one year after the conclusion of the live event.
Press Releases
WIN ONE OF 30 PACKAGES TO CHRIS MONEYMAKER’S 2025 POKER TOUR, COURTESY OF ACR POKER
ACR Pro Chris Moneymaker headlined an unforgettable 2024 land-based poker tour, drawing fans to premier destinations like Aruba, Las Vegas, and Florida. Now, ACR Poker is going all-in for this incredible tour in 2025, offering 30 exclusive packages ($75,000 total value) to a destination of each winner’s choice.
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Players can win their Moneymaker Tour package by competing in the Beast Tournament Mega Satellites on Sunday, December 8th and 15th at 6:05pm ET, with each event guaranteeing 15 packages. The buy-in for the Mega Satellites is $95, or players can qualify for free by climbing the ranks on the Beast weekly leaderboard.
Each winner will receive a package worth $2,500, which includes a $1,500 buy-in towards a 2025 Main Event of their choosing, such as the Moneymaker Tour Aruba stop scheduled for September of next year. They will also get $1,000 towards airfare, hotel and spending money, paid directly into their ACR Poker account.
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The post WIN ONE OF 30 PACKAGES TO CHRIS MONEYMAKER’S 2025 POKER TOUR, COURTESY OF ACR POKER appeared first on European Gaming Industry News.
Press Releases
Renowned British creator ‘AngryGinge’ signed as Red Bull Player
Today, Morgan ‘AngryGinge’ Burtwistle was announced as the newest Red Bull Player, following a special live stream from Red Bull Racing HQ earlier today.
Widely known for his online gaming content as one the UK’s biggest streamers, with 4.7 million followers across his social media channels, AngryGinge is a pioneer in football gaming culture, collaborating with global stars such as Wayne Rooney, Luke Littler, and Aitch previously.
The rise of football video games is transforming the traditional football scene, seamlessly weaving into the fabric of football culture and uniting fans across generations through a shared passion for the game.
AngryGinge has been essential to the cultural shift where 87% of gamers report that sports video games drive their interest in attending real-world matches, and 83% of sports gamers agree that sports video games are a good way to enhance the enjoyment of real-life sports content.
AngryGinge joins an elite roster of Red Bull talent, including reigning Formula 1 World Champion Max Verstappen, Brazilian footballing icon Neymar, and current Liverpool FC midfielder Dominik Szoboszlai.
I wanted to share more details on AngryGinge’s signing as a Red Bull Player in case it’s of interest to your readers:
- Earlier today, streamer Morgan ‘AngryGinge’ Burtwistle was signed as the UK’s most recent Red Bull Player.
- The announcement happened during a special livestream featuring exclusive content, including a behind-the-scenes look at Red Bull Racing’s Formula 1 Headquarters, and the prestigious Red Bull cap handed over by Red Bull Athlete and BMX star, Matt Jones.
- His signing as a Red Bull Player reflects the growing popularity and influence of content creators, who are becoming household names alongside mainstream celebrities. In a recent Adidas campaign, he appeared with actor Barry Keoghan and England footballer Luke Shaw.
- AngryGinge will join an impressive roster of British Red Bull Players, Rocket League professional player Joseph ‘noly’ Kidd, and Call of Duty: Warzone professional player Liam ‘Jukeyz’ James.
- Following his signing as a Red Bull Player, AngryGinge said: “I’m buzzing to be joining as a Red Bull Player. Obviously it’s a massive brand, but it really does things differently to deliver amazing stuff with some of the biggest creators around the world. Can’t wait for the new content opportunities and events with the rest of the Red Bull team”
The post Renowned British creator ‘AngryGinge’ signed as Red Bull Player appeared first on European Gaming Industry News.
Gaming
Summoners War X AppGallery Meetup 2024: Exclusive Insights with SWC Europe Cup Champions NEF, ISMOO and STARTIIK
Summoners War, a popular mobile role-playing game, has captivated millions with its turn-based monster battles. Boasting over 220 million total downloads across platforms, Summoners War has cultivated a loyal and passionate fanbase.
To celebrate this dedicated community, the Summoners War X AppGallery Meetup 2024 in Hamburg on 30th November invites fans to engage in exciting activities and connect with the community, with top players NEF and ISMOO headlining this sold-out event. We caught up with NEF, ISMOO and STARTIIK, the top three winners of the SWC 2024 Europe Cup, to dive into their strategies, the influence of AppGallery, and the upcoming meetup.
What key strategies helped you win the Europe Cup and advance to the World Finals’ Semi-Finals match?
NEF: A lot of preparation involved strategizing with my friends and anticipating my opponents’ moves. Additionally, having favourable RNG in critical moments played a crucial role in my success.
What was your turning point in Summoners War that influenced you to start competing professionally?
NEF: Throughout my Summoners War journey, I have met so many incredible people who have really helped shape my experience and push me to grow. Watching ISMOO’s energetic performance on the big stage, gave me the motivation to chase my own dreams and got me to where I am today!
How does it feel to be part of the Summoners War X AppGallery Meetup 2024 and what are your thoughts on AppGallery’s Summoners War campaigns and offline events?
NEF: I am thrilled to be a part of meetup! Being involved in this vibrant community has been such a rewarding experience. I appreciate the variety of Summoners War campaigns that AppGallery offers, catering to all kinds of gamers, regardless of budget. Attending Gamescom last year was a phenomenal experience. The energy was electrifying, and it was amazing connecting with fellow gamers who share the same passion!
What key lessons from your past World Finals experiences have contributed to your success in reaching the World Finals’ Semi-Finals again?
ISMOO: Competing in past World Finals has been a crucial step towards my success in the Semi-Finals. It has taught me to stay composed and avoid costly misplays, even when the stakes are high. I have also learned to better analyse and adapt to opponents’ strategies, enabling me to make smarter decisions and perform more consistently under stress.
Reflecting on your 8-year journey, what key moments shaped your path in Summoners War?
ISMOO: One of the highlights was meeting all my in-game friends from Summoners War, including NEF, that I had only interacted with online. It was incredible to finally meet them in person and getting to know each other better!
Another unforgettable moment was competing in SWC World Finals 2022 in Korea. It was my first time traveling to Asia, and playing live on stage was such an exhilarating and surreal experience.
How does it feel to be part of the Summoners War X AppGallery Meetup 2024 and what are your thoughts on AppGallery’s Summoners War campaigns and offline events?
ISMOO: It feels amazing to be part of this meetup. Reconnecting with the community and meeting so many new people has been a blast! Incredibly grateful for the multiple events that AppGallery has hosted and invited me – It is truly an honour and excited for future events!
What key lessons helped you win second-place at the Europe Cup and advance to the World Finals’ Quarter-Finals match?
STARTIIK: I spent a year focusing on mastering drafts and learning which monsters counter certain meta picks. My Europe Cup preparation involved studying my opponents and analysing their playstyles. However, the World Finals demanded a completely different approach. Preparing for LADRILLO-OS was manageable while LEST’s unpredictability made it more challenging.
As a first-time Europe Cup player, what elements of your gameplay surprise opponents, and does their underestimation give you an edge?
STARTIIK: As a first-timer competitor on stage, many opponents underestimated me despite having experienced my strengths in previous matches. The real challenge lies in proving yourself as a worthy competitor who can handle pressure and deliver consistent results. My fast-paced cleaving strategy has always been my focus but the addition of Lora to my roster this year has strengthened my second-turn gameplay, allowing me to explore new strategies.
How has your AppGallery experience been, and how do its Summoners War campaigns and cashback benefits enhance your gameplay?
STARTIIK: My experience with AppGallery has been great! Installing it on my Android device was a breeze, and navigating the app is intuitive and straightforward. The enticing campaigns and cashback deals have been a great bonus, enabling me to grab some excellent discounts on in-game packs.
The post Summoners War X AppGallery Meetup 2024: Exclusive Insights with SWC Europe Cup Champions NEF, ISMOO and STARTIIK appeared first on European Gaming Industry News.
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