Sportradar posts €424m in revenue for H1

August 9, 2023
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The company's second quarter results show improvement in revenue and EBITDA, but a decrease in profit.

Sportradar has experienced 23% revenue growth year-on-year, generating €424m ($465m) in H1 this year. During Q2 alone, Sportradar’s US segment revenue also increased 31% to €38m ($41.8m).

The company’s key priorities for the second half of the year include growing its core betting product, developing within LatAm and Asia, evaluating M&A opportunities, and expanding within the US by continuing to build partnerships.

During Q2, Sportradar strengthened its partnerships with both Major League Baseball and Big Ten Network, and recently the company expanded its partnership with Caesars Sportsbook and secured betting rights from soccer governing body, Conmebol, in July.

Carsten Koerl, Sportradar CEO, 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.”

Adjusted EBITDA for H1 was up 42% to €77m ($84.6m), while for Q2 it rose 46% to €40.1m ($44.3m). US adjusted EBITDA reached €5.4m ($5.9m), up from a near-equal loss in the second quarter of 2022.

Total profit from continuing operations, however, decreased from €22.8m ($25.1m) to €30,000 ($32,944.20). A one-time disposal of an equity asset, valued at €8m ($8.8m) played a large part in this result.

On March 15, Sportradar’s annual outlook figures were provided, and the company expects to generate revenue between €902m - €920m, improving 24% - 26% on the prior year. Adjusted EBITDA is also predicted to improve by 25% - 33% and reach between €157m - €167m.

In this report, Sportradar reaffirmed those figures.

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