Sportradar Group AG, a provider of business-to-business solutions to the global sports betting industry, on Wednesday reported financial results for its third quarter, a three-month period ending September 30.
According to the company, revenue in the third quarter of 2021 increased 30% compared to Q3 2020 to €136.8m ($158.7m per the exchange rate on September 30).
Sportradar said the rise in revenue was driven by robust growth across all geographies and business segments.
The company said it enjoyed continued strong performance in the United States market, with US revenue in Q3 2021 increasing by 119% compared to the third quarter of 2020.
For the nine months ending September 30, 2021, Sportradar’s US revenue reached €48.5 million ($56.3m).
Adjusted EBITDA in the recently concluded quarter was up 21% compared to the third quarter of 2020 to €20.9m ($24.2m).
Company officials said Sportradar successfully extended its partnership with FanDuel Group through 2028. The deal will include covering pre-match betting services, live betting services, and betting entertainment tools
Sportradar noted it completed the process of listing on Nasdaq during the quarter, and it raised €546m of primary net proceeds to fund continued growth in the business, which it said provides the company with €878m to continue to invest in global growth.
For full year 2021, Sportradar said it expects revenue to be in the range of €553 to €555m ($641m to $644m), and adjusted EBITDA in the range of €99.5m to 101.5m ($115.4m to $117.7m).
“Our strong results demonstrate the value we provide to our partners and customers around the world,” Carsten Koerl, CEO of Sportradar, said in a statement. “We are the largest provider of sports intelligence in the world and the only profitable global sports technology platform of scale.”
Koerl added the company plans to continue to make “significant” investments, particularly in the United States.
“The US represents the primary area of focus to execute on our strategic growth plans, as the US region is currently only 7% of our group revenue, representing a significant potential business opportunity as more states legalize betting and the market expands from $1 billion in 2019 to an estimated $23 billion in the next 10 years. Our recent Nasdaq listing in the US was a tremendous milestone for our team, and we look forward to building on our success in a multitude of areas in the years ahead.”
