Sportradar, the sports technology company, has posted record revenue of €266 million ($287.9 million) in the first quarter of 2024.

The revenue figure was up 28%, or €58.3 million, year-over-year (YoY) from €207.6 million in 2023, with the company pointing to “broad-based strength” across its product portfolio.

The company announced its financial results for the three months up to March 31 today, and, despite the revenue rise, posted a Q1 loss of €600,000 after bringing in a profit of €6.8 million last year.

Of the revenue brought in, the betting technology, and solutions division accounted for €218.8 million, up 35% YoY, while sports content, technology, and solutions income was €47.1 million, up 5%. The two divisions made up 82% and 18% of total revenue, respectively.

Sportradar’s rest of the world business grew 19% to €200.4 million from €167.9 million in Q1 last year, and accounted for 75% of total revenue, while the US grew 65% from €39.7 million to €65.5 million and made up 25% of the total income.

Adjusted earnings before interest, taxation, depreciation, and amortization (EBITDA) for the current quarter was €47.2 million, up 29%, attributed to “strong revenue growth and operating efficiencies which offset higher sports rights costs.”

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The sports data intelligence and digital services provider has raised its full-year 2024 outlook and now expects to deliver at least 21% YoY growth in revenue to €1.06 billion and in adjusted EBITDA of at least €202 million compared with prior outlook of €200 million.

In the quarter, Sportradar announced key additions to its leadership team, naming Craig Felenstein as chief financial officer from June 1, and Behshad Behzadi, who joined the company on May 1 as chief technology officer and chief artificial intelligence officer.

Sportradar also extended its deal with the Chinese Men’s Professional Basketball League.

Carsten Koerl, Sportradar chief executive, said: “Fiscal 2024 is off to a great start, building on the strong momentum and progress we made last year. This quarter, we saw broad-based strength across our product portfolio including strong client adoption of our ATP and NBA product offerings.

“In light of our strong business fundamentals, we are raising our full-year outlook and are commencing purchases under our share repurchase program.”