Sportradar announced its results for the quarter ending March 31, 2022 and growth remains strong for the European B2B supplier of technology solutions for the sports betting industry.
Among the highlights of the first quarter was a year-over-year growth in revenue of 31% to €167.9m ($186.4m). Adjusted EBITDA was down by 5% to €26.7m. This decline is ascribed to the higher cost of being a public company as well as temporary Covid-spurred cost-cutting measures.
Adjusted free cash flow managed to increase by 100% to €12.9m. All told, cash and cash equivalents amounted to €715.5m by the end of the quarter.
Growth in the US market was impressive. On a year-over-year level, revenue grew by 124% to €25.7m. This growth, the report explained was mostly drive by the sale of Sportradar’s products to accommodate the rapid growth of sports betting in the US.
The company also welcomed is debut in Ontario. Altogether, Sportradar now has 36 licenses to operate in North America, including in states, territories and among tribes.
Group CEO Carsten Koerl commented on this strong growth: “Our fiscal 2022 is off to a fast start, with core, high-margin betting products driving growth around the world.”
Koerl noted the macro changes that are afoot as a result of legalization: “Our US business continues its tremendous growth story as more states legalize and sports betting becomes live, mainstream entertainment. As the market leader, our technology and data-driven insights continue to transform the converging media, entertainment and sports industries and fuel our consistent and long-term profitable growth story.”