Sportradar, sports betting industry tech company, has posted its Q1 financial results for 2023. The company has shown an increase in both revenue and EBITDA year-over-year.
Total revenue for Sportradar reached €207.6m ($227.3m), which represents an increase of 23.6% from Q1 of last year, showing steady growth across all quarters in 2022 up to this point.
Sportradar’s US segment in particular experienced revenue growth of 55% to €39.7m ($43.3m) compared to Q1 of last year. The report states this achievement was driven by higher sales of both the company’s betting products, as well as its ‘ad:s’ product.
Adjusted EBITDA rose 37% year-on-year to €36.7m; the US segment also generated positive adjusted EBITDA for the third quarter in a row, reaching €6.8m, compared to a Q1 loss of €6.4m in Q1 of 2022.
Total profit for Q1 of 2023 was €6.8m, however, down from €8.2m in 2022’s first quarter. Sportradar’s costs came from: personnel expenses rising by €25.2m, purchased services and licenses increasing by €11.6m and other operating costs rising by €1.7m.
Carsten Koerl, Sportradar CEO, said, “We started fiscal 2023 on solid footing, as we continued to deliver strong top-line growth. We are confident that our ongoing product innovation in AI and computer vision will enable us to remain a market leader and increase shareholder value for our investors.”
A few highlights from Sportradar’s first quarter have included: the company’s renewal of a partnership with Big Ten Network; the launch of its ad:s technology on Snapchat; and the selection of Sportradar as the winning bidder for global Association of Tennis Professionals data and streaming rights.
The company also announced the appointment of Gerard Griffin as its new CFO, effective from May 9.
