Press Releases

Sportradar Reports Third Quarter 2023 Results

Published

7 months ago

November 2, 2023

sportradar-reports-third-quarter-2023-results

Reading Time: 5 minutes

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.

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Meridianbet Launches ‘Scan. Help.’ Humanitarian Initiative to Support Maternity Hospitals in Southeast Europe

Published

8 hours ago

May 17, 2024

Peter Tolan

meridianbet-launches-‘scan-help.’-humanitarian-initiative-to-support-maternity-hospitals-in-southeast-europe

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Meridianbet, a member of the Golden Matrix Group (NASDAQ: GMGI), in partnership with Meridianbet Foundation, Expanse Studios, and BC Crvena zvezda Meridianbet announces the launch of a significant humanitarian initiative, ‘Scan. Help.’, aimed at supporting maternity hospitals across Southeast Europe.

The rollout of this action to other market territories is expected in the remainder of 2024.

How It Works

For every scanned QR code and subsequent registration on the Meridian Foundation’s website, funds will be allocated towards equipping five maternity hospitals in Serbia. This innovative approach not only raises awareness but also actively involves the community in our CSR activities.

The initiative is currently ongoing with high media presence and is broadcasted during Southeast Europe’s regional basketball Finals series (ABA League). BC Red Star players wear jerseys featuring the QR code, with additional promotion through basketball arena ads, TV ads, and more, encouraging fans and supporters to participate.

A Unified Effort for Community Impact

The ‘Scan. Help.’ campaign is a collaborative effort involving Meridianbet, Meridianbet foundation, Expanse Studios, and basketball club Crvena zvezda Meridianbet, Southeast Europe’s leading basketball club, of which Meridianbet is the name sponsor. The initiative is designed to leverage our collective resources and influence to make a meaningful impact on local communities.

Multi-Stakeholder Support and Growing Participation

The ‘Scan. Help.’ campaign has received institutional support ad backing from the Ministry of Health, reinforcing the importance and legitimacy of this cause. Additionally, several companies have already expressed their desire to contribute, with provisions made for donations through the Meridian Foundation’s account. This broadening support network amplifies the initiative’s reach and potential impact.

This campaign exemplifies Meridianbet’s dedication to sustainable development and community well-being. In 2023 alone, the company has launched 225 CSR campaigns, reflecting the commitment to making a lasting impact.

The post Meridianbet Launches ‘Scan. Help.’ Humanitarian Initiative to Support Maternity Hospitals in Southeast Europe appeared first on European Gaming Industry News.

Press Releases

PopOk Gaming Unveils Exciting New Instant Game: “Dice”

Published

8 hours ago

May 17, 2024

Peter Tolan

popok-gaming-unveils-exciting-new-instant-game:-“dice”

Reading Time: < 1 minute

PopOK Gaming, a leading innovator in the gaming industry, is thrilled to announce the launch of its latest Instant game sensation: “Dice”.

“Dice” is a dynamic game that puts players’ instincts and strategies to the test. Participants can jump in at any moment and predict whether the resulting number will be higher or lower than their selected number. With every roll, the excitement mounts as players watch the green fields light up, indicating their path to victory.

It’s not just about luck – it’s about strategy too. Players have the opportunity to adjust their multiplier, choose their odds, and press start for a thrilling gaming experience.

Here’s how it goes down:

📈 Move the dice higher or lower on the screen.
🚀 Choose over or under.
⏳ Place your bet and hold on tight.
🎲 Launch the dice!
🏆 Win big, with potential rewards of up to x9600!

With its user-friendly interface and exciting gameplay, “Dice” promises to captivate players of all skill levels. Whether you’re a seasoned gamer or new to the world of Instant games, “Dice” offers endless opportunities for fun and excitement.

Join the action today and roll the dice for your chance to win big! Visit PopOK Gaming to start playing now.

The post PopOk Gaming Unveils Exciting New Instant Game: “Dice” appeared first on European Gaming Industry News.

eSports

SuperGaming Reveals Nationwide Grassroots Indus Battle Royale Esports Tournament Series With Rs. 5,50,000 Prize Pool

Published

15 hours ago

May 17, 2024

Adrienn Sarkany

supergaming-reveals-nationwide-grassroots-indus-battle-royale-esports-tournament-series-with-rs.-5,50,000-prize-pool

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Made-in-India battle royale Indus is hosting its first ever series of nationwide grassroots esports tournaments dubbed Indus Inferno. This is SuperGaming’s summer special of tournaments with prizes and bragging rights on the line — but most importantly: a chance for players to experience Indus at the highest skill level and be the best in India’s first new-generation battle royale.

Created by award-winning Pune-based developer SuperGaming, Indus is an Indo-Futuristic battle royale slated for mobile, PC, and consoles with pre-registrations live on Google Play for Android. Pre-registrations for the game have crossed 10 million already.

Indus Inferno kicked off with the Regional Scrims featuring a Rs. 50,000 prize pool this week. The scrims were met with immense excitement, with players hailing from multiple cities across India.

The Indus Inferno Finale scheduled to take place on 1st June will feature a lucrative prize pool of Rs. 5,00,000.

Player registration for the Open Qualifiers is now open and will end on 19th May. The Qualifiers are set to run from 20th May to 24th May. It is important to note that only the top 2,000 players from the Inferno in-game Leaderboard will be eligible to register for the qualifiers. The top 10 winning teams from the Open Qualifiers will earn coveted spots in the finale, joining the invited esports teams for an epic showdown.

The following teams have been invited for the Indus Inferno Finale:

Team Moggers
Team Redlock
Team Pushpa
Destruction of Game

In addition to this, teams of Indus content creators, community members, several esports organizations as well as winners of past playtests will be present for the tournament. There’s a total prize pool of Rs. 5,00,000 with the winners netting Rs. 2,50,000 and the runners-up, third-place, and fourth place getting Rs. 1,00,000, Rs. 75,000, and Rs. 50,000 respectively. The most valuable player will get Rs. 25,000.

More importantly, the finale will feature India’s top esports team owners so Indus’ best players can have face to face opportunities to be scouted for a career in esports playing Indus. These include:

Godlike Esports
Revenant Esports
Orangutan
Entity Gaming
Reckoning Esports
Carnival Gaming
Chemin Esports
True Rippers
Enigma Gaming
Team Tamilas
Marcos Gaming
TWOB

“With Indus Inferno and previous Indus esports tournaments that we’ve been running since last year such as the Indus Invitational and Indus Unchained, we want to lay the foundation for a sustainable esports ecosystem for our community and the nation at large,” says SuperGaming CEO and Co-Founder Roby John. “Having India’s best esports team owners at the finale is our small way of making that happen.”

SuperGaming is also going to have exclusive rewards, developer panels, and more, so head on over to the official Indus Discord server for all the details.

Players will be able to share their thoughts on various aspects of the game and impact the direction of how SuperGaming crafts its most ambitious title yet through this official esports tournament.

This is inline with how SuperGaming has crafted its biggest hits — MaskGun and Silly Royale. Popular multiplayer shooter MaskGun has amassed over 80 million players since its launch with a relentless focus on putting its players first leading to some of its biggest community members featuring in-game as well as celebrating India-specific events like Diwali.

The post SuperGaming Reveals Nationwide Grassroots Indus Battle Royale Esports Tournament Series With Rs. 5,50,000 Prize Pool appeared first on European Gaming Industry News.