Sportradar posts Q3 12% revenue increase to $211.9m
All segments have shown growth, with the US segment revenue rising 11% to $37m.
Sportradar has reported its financial results for Q3 of 2023, generating $211.9m, up 12% year-on-year. The sports data company has also stated that it achieved growth across all segments.
CEO Carsten Koerl said, “We aim to consistently deliver value to our clients, partners and shareholders. For 2023 we remain on track to deliver a strong growth year and are well positioned to maintain that momentum into 2024.”
During Q3 this year, Sportradar was awarded a license in Kentucky and a gaming supplier certificate in Kansas, as well as securing betting rights from the South American Football Confederation (Conmebol), expanding a partnership with Ceasars Sportsbook, extending a media rights partnership with NASCAR, becoming an associate partner of a WNBA All-Star game event space and becoming US Soccer’s betting partner.
For H1 of this year, Sportradar revenue reached $447.1m; it is still possible that the company could match or exceed this result by the end of H2. The fourth quarter was the highest revenue-generating quarter for the company last year at $228.2m, but that would have had something to do with the soccer World Cup.
Its United States segment revenue in Q3 rose 11% to $37m, which Sportradar attributes to a 19% growth in both its betting and gaming and audiovisual products. The RoW (rest of world) Betting Segment shot up 119% to $117.9m, while the RoW Audiovisual segment also rose 15% to $40m.
Total profit from continuing operations, however, only reached $4.9m, as opposed to the $13.5m in profit seen by Q3 last year. Adjusted EBITDA rose 38% to €50.5m due to not only revenue growth, but also operating leverage.
Koerl added, “This week we announced a reduction in our global workforce as part of a broader set of strategic initiatives that will enable us to further strengthen our client-centric organization and focus on the market opportunities ahead of us.”
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