Sportradar, the sports technology company, secured a year-on-year (YoY) revenue increase of 22% in the second quarter (Q2) of 2023, generating €216.4 million ($238.4 million).
The company yesterday (August 9) announced its results for the three months up to June 30, and, despite the revenue rise, Q2 profit decreased by €22.8 million compared with the same quarter last year. This was attributed to a net negative impact from foreign exchange rates.
Of the revenue brought in, its Rest of the World Betting segment accounted for €114.1 million during the three months, a rise of 20%, with the Rest of the World Betting Audiovisual segment then bringing in €49.6 million (up 25%) and the US segment providing €38 million (up 31%).
The Rest of World Betting revenue rise was driven by increased sales of the company’s higher value-add offerings including its Managed Betting Services, which increased 25% to €41.1 million, as well as its Live Odds and Live Data products which grew 19% YoY.
Adjusted earnings before interest, taxation, depreciation, and amortization (EBITDA) increased 46% to €40.1 million.
During the quarterly period, the sports data intelligence and digital services provider expanded its long-standing agreement with Caesar’s Entertainment, to supply betting data from US sports leagues including basketball’s NBA, baseball’s MLB, and ice hockey’s NHL.
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Sportradar was also selected as the exclusive global betting partner by South American soccer’s governing body Conmebol and appointed as the official technology partner by the Delhi Capitals, the Indian Premier League cricket franchise, under a three-year agreement.
Carsten Koerl, Sportradar chief executive, said: “We are very proud of our strong performance during the first half of 2023 and remain on track to achieve the highest annual revenue in the company’s history.
“We hold a pivotal position in the global sports ecosystem and believe our talent, technology, and diverse product offering positions us for strong future growth as we continue to execute against our strategic initiatives.”
For Q1, Sportradar posted revenue of €207.6 million, an increase of 24%. However, the firm's Q1 profit of €6.8 million fell short of the €8.2 million brought in during the equivalent 2022 period.
In mid-March, Sportradar announced its annual financial outlook for 2023 – it expects revenue to be between €902 million and €920 million.
Adjusted EBITDA, meanwhile, is forecast to be between €157 million and €167 million, and the adjusted EBITDA margin is in the range of 17% to 18%.