Sportradar achieves profitability milestone in Q3
Its US operations played a large part, generating annual revenue growth of 61%.
Sportradar Group has published its third-quarter financial and business results for the period ending September 30, 2022. The company reached a milestone during Q3 by posting a profit, for the first time, in its US operations.
The company reported significant growth year-over-year for the third quarter. Its US segment revenue reached $31m in Q3, reflecting a 61% boost when compared to last year’s corresponding quarter. Sportradar attributed the surge to “strong market growth and positive adoption of in-play betting.”
Adjusted EBITDA in the US market climbed to 11% during the third quarter.
Interim Chief Financial Officer Ulrich Harmuth commented on growing profitability in the US: “The financial results in the third quarter demonstrated that Sportradar consistently has managed to grow almost three times faster than the underlying betting market and our growing scale has led to margin expansion – as indicated by the US segment turning profitable in the third quarter.”
Sportradar CEO Carsten Koerl spoke about the company’s ongoing partnership with FanDuel and elaborated on a strong quarterly finish in its US operations.
He said: “We are proud of the continuous success of our US operations. We managed to generate a US profit for the first time in the third quarter, displaying solid operational leverage in the business model. Underpinning this success is the extension of our long-term partnership with FanDuel.
“This partnership is a testimony to our strategy, to expand our relationships and become an embedded technology provider for our customers, based on strategic long-term deals with our league partners.”
Sportradar is a global sports technology company that services sports betting operators, sports federations, news media and consumer platforms.
Its Sportradar Integrity Services subsidiary supplies sports integrity solutions to more than 150 sports federations, leagues, law enforcement and state authorities.
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