Sportradar reports strong start of 2024 in Q1 earnings call

Sportradar reports strong start of 2024 in Q1 earnings call

Sportradar reports strong start of 2024 in Q1 earnings call
Sportradar has posted its first-quarter results, with the company highlighting several important milestones, including a total revenue of €266m and gains in adjusted EBITDA. The outlook for both the revenue and adjusted EBITDA for 2024 has improved, along with a share repurchase program and new appointments to the company’s C-suite. Among the important developments were Sportradar CTO and CAIO Behshad Behzadi and the company’s new CFO, Craig Feinstein. Sportradar Chief Executive Officer Carsten Koerl has welcomed the opportunity to see a great start to the year and said that the company was determined to build on the momentum of the previous year. “This quarter, we saw broad-based strength across our product portfolio including strong client adoption of our ATP and NBA product offerings,” Koerl noted. He similarly spoke highly of the appointment to the leadership team of both Behzadi and Felenstein, celebrating those events as an important step up to the executive team. The reported €266m revenue was up 28% year-over-year, and the company further broke down its revenue to Betting Technology & Solutions which generated €218.8m, up 35% year-over-year, and Sports Content, Technology & Solutions which hit €47.1m, a 5% year-over-year increase. In the meantime, Sportradar also offered revenue breakdown by geography. Restof World accounted for 75% of the company’s results whereas the United States brought in the other 25%, but the company is only getting started in the burgeoning sports betting market in the United States. Sportradar also boasted a particularly strong customer Net Retention Rate which reached 116% in the first quarter of 2024. In terms of total liquidity, Sportradar finished the quarter on March 31, 2024, with €494.6m, up from last year’s €459.6m. Among the noteworthy events for the company were the signing of the Chinese Men’s Professional Basketball League and a partnership with UTR Sports for the UTR Pro Tennis tour. Sportradar also signed a multi-year strategic partnership with Oddin.gg, consolidating the company’s presence in the esports betting vertical through the tie-up with what is largely regarded as one of the best B2B betting solutions providers in the segment, elevating Sportradar’s standing in competitive video gaming. Not least, Sportradar also made the Fast Company’s 2024 list of the Most Innovative Companies in sports. All in all, Sportradar had a particularly strong quarter to report, with more good news expected to come in the second quarter as well. Image credit: Unsplash.com

16 MAY 2024

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