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Sportradar Announces Strong Third Quarter 2021 Financial Results

Sportradar Group AG , a leading global technology platform enabling next generation engagement in sports, and the number one provider of business-to-business solutions to the global sports betting industry, today announced financial results for its third quarter ended September 30, 2021.
Third Quarter 2021 Highlights
- Revenue in the third quarter of 2021 increased 30% compared to the third quarter of 2020 to âŹ136.8 million ($158.7 million)1, driven by robust growth across all geographies and business segments
- Continued strong performance in the U.S. market with U.S. revenue in the third quarter of 2021 increasing by 119% compared to the third quarter of 2020. For the nine months ended September 30, 2021 the U.S. revenue reached âŹ48.5 million ($56.3 million)1
- Adjusted EBITDA* in the third quarter of 2021 was up 21% compared to the third quarter of 2020 to âŹ20.9 million ($24.2 million)1
- Strong Dollar-Based Net Retention Rate* of 128% at the end of third quarter of 2021, underscoring the continued success of our cross-sell and upsell strategy
- Successfully extended our partnership through 2028 with FanDuel Group, a leader in the U.S. sports betting market, covering pre-match betting services, live betting services, and betting entertainment tools
- Completed successful listing on Nasdaq, raising âŹ546 million of primary net proceeds to fund continued growth in the business, providing the Company with âŹ878 million to continue to invest in global growth
- For the full-year 2021, we expect revenue to be in the range of âŹ553 to âŹ555 ($641 to $644)1 million and Adjusted EBITDA* in the range of âŹ99.5 to 101.5 ($115.4 to $117.7)1 million.
Â
Q3 |
Q3 |
Change |
||||
2021 |
2020 |
% |
||||
Revenue | âŹ136.8 | âŹ105.3 | +30% | |||
Adjusted EBITDA* | âŹ20.9 | âŹ17.3 | +21% | |||
Adjusted EBITDA margin* | 15% | 16% | -7% | |||
Dollar-Based Net Retention Rate* | 128% | 114% | +12% | |||
Adjusted Free Cash Flow* | âŹ32.9 | âŹ13.5 | +144% | |||
Cash Flow Conversion* | 158% | 78% | +102% |
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1 For the convenience of the reader, we have translated Euros amounts in the tables below at the noon buying rate of the Federal Reserve Bank of New York on September 30, 2021, which was âŹ1.00 to $1.16.
*Â Non-IFRS financial measure; see âNon-IFRS Financial Measures and Operating Metricsâ and accompanying tables for further explanations and reconciliations of non-IFRS measures to IFRS measures.
Carsten Koerl, Chief Executive Officer of Sportradar said: âOur strong results demonstrate the value we provide to our partners and customers around the world. We are the largest provider of sports intelligence in the world and the only profitable global sports technology platform of scale. Critically, we believe we are also the most innovative in developing technology solutions that enable our league customers, media and betting partners to use our ever-increasing data to attract and engage sports fans.â
Koerl continued, âWe plan to continue to make significant investments, particularly in the U.S. The U.S. represents the primary area of focus to execute on our strategic growth plans, as the U.S. region is currently only 7 percent of our group revenues, representing a significant potential business opportunity as more states legalize betting and the market expands from $1 billion in 2019 to an estimated $23 billion in the next 10 years. Our recent Nasdaq listing in the U.S. was a tremendous milestone for our team, and we look forward to building on our success in a multitude of areas in the years ahead.â
Financial Highlights for the Three Months Ended September 30, 2021
- Revenue in the third quarter of 2021 increased by 30% compared to the third quarter of 2020 to âŹ136.8 million
- Adjusted EBITDA* in the third quarter of 2021 increased by 21% compared to the third quarter of 2020 to âŹ20.9 million
- Adjusted EBITDA margin* remains strong at 15% in the third quarter of 2021, a slight decrease compared to the third quarter 2020 due to additional IPO costs of approximately âŹ5.7 million which were incurred in the third quarter of 2021. Eliminating the impact of IPO costs would result in an Adjusted EBITDA margin of 20%, illustrating our continuous ability to achieve operating leverage
- Dollar-Based Net Retention Rate*Â increased from 114% to 128% for the comparable twelve month period ending at September 30, 2020 and 2021 demonstrating continued execution of our upsell and cross-sell strategy and underscoring the quality of the products and services we provide our customers
- Adjusted Free Cash Flow* in the third quarter of 2021 increased by 144% to âŹ32.9 million which resulted in a Group Cashflow conversion of 158%
- Cash totaled âŹ768.4 million as of September 30, 2021. Total liquidity available for use at September 30, 2021, including undrawn credit facilities was âŹ878.4 million
- Total Debt at September 30, 2021 was âŹ436.7 million resulting in a net cash position of âŹ331.7 million
Segment Information
RoW Betting
- Segment revenue in the third quarter of 2021 increased by 24% compared to the third quarter of 2020 to âŹ78.6 million. This growth was driven primarily by uptake in our higher value-add offerings including Managed Betting Services and Live Odds Services, which increased by 63% and 20% respectively, as a result of new customers wins as well as increased turnover2 and volume.
- Segment Adjusted EBITDA* in the third quarter of 2021 increased by 36% compared to the third quarter of 2020 to âŹ44.7 million. The Segment Adjusted EBITDA margin* improved from 52% to 57% in the third quarter of 2021 driven by growth in higher margin products.
_____________________
2Â Turnover is the total amount of stakes placed and accepted in betting.
RoW AV
- Segment revenue increased in the third quarter of 2021 by 13% compared to the third quarter of 2020 to âŹ29.0 million. This growth was impacted by COVID related schedule changes in 2020, when more matches than usual were played in Q3 2020. Adjusting for schedule changes Q3 2021 growth was approximately 30%, driven by volume growth as we were able to sell more matches (such as Soccer and Baseball) as well as growth from additional, new content (such as Copa America, Horse Racing and eSports) being sold to existing and new customers.
- Segment Adjusted EBITDA* in the third quarter of 2021 increased by 220% compared to the third quarter of 2020 to âŹ9.6 million. The Segment Adjusted EBITDA margin* improved from 12% to 33% in the third quarter of 2021 driven by lower cost of some content.
United States
- Segment revenue in the third quarter of 2021 increased by 119% compared to the third quarter of 2020 to âŹ19.6 million. This result was driven by growth in our US Betting services and increased revenue from our customers as the underlying market and turnover grew. We also experienced strong adoption of our ad:s product, growth in US Media and a positive impact from the acquisition of Synergy Sports in the second quarter of 2021.
- Segment Adjusted EBITDA* in the third quarter of 2021 increased by 24% compared to the third quarter of 2020 to -âŹ(6.6) million. The Segment Adjusted EBITDA margin* improved from (-60%) to (-34%) in the third quarter of 2021 which reflects the scalability of this business and clear path to profitability while continuing to invest in the US market.
Costs and Expenses
- Personnel expenses in the third quarter of 2021 increased by âŹ20.0 million compared to the third quarter of 2020 to âŹ51.3 million resulting from additional hires in new business lines (2.849 FTE in the third quarter of 2021 vs 2.235 FTE in the third quarter of 2020), stock-based compensation, and reversal of temporary COVID 19 cost savings in the third quarter of 2021 compared to the third quarter of 2020.
- Other Operating expenses in the third quarter of 2021 increased by âŹ15.7 million compared to the third quarter of 2020 to âŹ25.2 million mainly driven by incurred costs for IPO, compliance costs relating to operating as a publicly listed company in the US and M&A costs.
- Total Sport rights costs in the third quarter of 2021 decreased by âŹ9.0 million compared to the third quarter of 2020 to âŹ28.7 million resulting from fewer major sporting events in the third quarter of 2021 compared to the third quarter of 2020.
- Adjusted EBITDA* in the third quarter of 2021 was negatively impacted by IPO costs of âŹ5.7 million. Eliminating this impact would result in an Adjusted EBITDA* of âŹ26.6 million.
Recent Business Highlights
- Issued and sold 19 million shares in connection with the closing of our IPO on Nasdaq raising âŹ546 million of primary net proceeds
- Signed integrity partnerships with leading sports leagues and federations such as cricketâs Tamil Nadu Premier League (TNPL), Badminton Europe and the Austrian Tennis Association
- Secured a multi-year exclusive official data and media rights deal with Ligue Nationale de Basket (LNB), Franceâs top basketball league
- Implemented full Computer Vision models for Grand Slam tennis events including Wimbledon and US open
- Combined newly developed AI tools with our Managed Trading Services, Sportradarâs holistic trading service for sportsbook operators, to more accurately detect potential betting related match-fixing
- Announced partnership extension with US market leader FanDuel Group through 2028
- Announced a five-year deal with US betting and iGaming operator, Ballyâs Interactive, to help support and grow sportsbook operations in the US
- Celebrated three wins at the EGR B2B Awards in the Best Customer Service and Live Streaming Supplier categories, as well as the recently acquired Fresh Eight being shortlisted for Best Marketing and PR Supplier
Financial Outlook
For the full-year 2021, the Company currently expects:
- Revenue in the range of âŹ553 million to âŹ555 million, representing growth of 36.6% to 37.1% for fiscal 2021
- Adjusted EBITDA* in the range of âŹ99.5 million to âŹ101.5 million, representing growth of 29.4% to 32.0% for fiscal 2021
Conference Call and Webcast Information
Sportradar will host a conference call to discuss the third quarter 2021 financial results on November 17, 2021 at 8:00 a.m. Eastern Time (âETâ). The conference call can be accessed live over the phone by dialing 1-877-423-9813, or for international callers 1-201-689-8573. A replay will be available from 11:00 a.m. ET on November 17, 2021 through November 24, 2021, by dialing 1-844-512-2921, or for international callers 1-412-317-6671. The replay passcode will be 13724560.
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AI in iGaming
Future-Ready iGaming: Denis Kosinsky, COO of NuxGame, Discusses AI, Innovation, and Scalable Growth

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Denis Kosinsky, Chief Operating Officer at NuxGame, joins us for an exclusive conversation ahead of HIPTHERâs European Gaming Congress 2025.
NuxGame, a leader in delivering powerful B2B iGaming solutions from turnkey casinos and sportsbooks to crypto gaming and modular aggregation, is a General Sponsor of this yearâs Congress. With expertise spanning AI personalization, blockchain integration, and real-time analytics, Denis will bring his insights to the EGC panel âLeveraging AI for Competitive Advantage.â
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Denis, as COO of NuxGame, you coordinate strategic growth and product innovation. What do you see as the most urgent priorities for iGaming operators today?
From our daily work with operators, we see personalization as one of the most urgent priorities in iGaming today. Players expect the same tailored experience they get from platforms like Netflix or Spotify, where everything feels made just for them the moment they log in. We work closely with our operators to make that possible. Whether itâs helping a slot-focused brand surface the right providers or enabling personalized campaigns by player behavior, our goal is to shorten the path from idea to go-live. With access to more than 16,500 games from over 130 providers, integrated loyalty and tier systems, and advanced analytics, operators can test, optimize, and launch personalized experiences quickly without heavy development cycles. This speed to market is critical. When operators can react fast and deliver relevant content at the right time, players stay engaged, retention grows, and brand loyalty follows naturally. Thatâs exactly where we focus on helping our partners move fast, personalize smarter, and scale sustainably.
NuxGame offers a multitude of solutions: casino, sportsbook, crypto integration, game aggregator. How do you make sure that your platform stays modular and scalable, and still manage to provide a stable experience for operators and players?
Our platform is built on a modular architecture that allows each business unit such as sportsbook, casino, payments, and back office to operate independently while remaining fully connected within a unified ecosystem. This structure ensures a stable and consistent experience for both players and operators, even when new features are introduced or updates are deployed. Each module can be developed, scaled, or maintained separately, which improves reliability and reduces the risk of system-wide issues. Through standardized APIs and controlled data flows, the business units collaborate efficiently while maintaining autonomy, ensuring high performance and a seamless experience across all platform components.
Youâll be joining the panel on AI in iGaming. How do you see artificial intelligence transforming the industry in the next few years â particularly in areas like player personalization, fraud detection, and operational efficiency?
AI is already reshaping iGaming in powerful ways. In fraud detection, it can uncover complex behavior patterns that traditional monitoring often misses, such as linked accounts or unusual bonus activity. These systems continuously learn from platform data, helping operators reduce losses and improve security. Predictive models are also becoming key in decision-making. They forecast player lifetime value, churn risk, and engagement potential, allowing operators to act early with targeted campaigns or retention offers. The same technology supports smarter CRM and marketing, helping teams focus on the players who matter most. Operationally, AI is improving efficiency through automated KYC verification, odds monitoring, and compliance checks. New AI agents now assist with platform configuration and content generation, enabling faster creation of campaigns, layouts, and recommendations. For players, AI brings true personalization. Instead of hundreds of random games, they see the few most relevant titles, offers, and providers. Operators who apply these capabilities effectively will build deeper engagement, trust, and long-term loyalty.
Gamification and blockchain are big parts of the NuxGame strategy. Could you share how these technologies are boosting engagement and retention for your clients?
Gamification and blockchain are redefining how operators drive engagement and retention, and at NuxGame we focus on turning every interaction into a reason for players to stay active. Our Achievements system rewards players for meaningful actions such as first deposits, login streaks, or consistent gameplay, while event-based notifications deliver these rewards at the right moment to sustain excitement. We extend engagement even further with loyalty programs, leaderboards, and platform chat that connects players directly within the gaming environment. Players can celebrate live wins, share achievements, and compete in real time, creating a social layer that strengthens the overall experience. Another popular feature is Spin Wheel, where operators can offer customized rewards ranging from free spins to bonus credits or unique prizes. It adds instant gratification and keeps players returning for another chance to win. Blockchain technology completes this ecosystem by powering fast, secure Web3 wallet onboarding and transparent crypto transactions, building player confidence from the very first interaction. Together, these features create a seamless, rewarding, and community-driven experience that keeps players engaged and operators growing.
With over 16,500+ games from 130+ providers on your platform, content aggregation is obviously your strength. How do you build partnerships that keep your portfolio diverse, compliant, and competitive?
Our goal at NuxGame is to provide operators with the same experience they would have if they integrated directly with each individual game provider, while delivering a much higher level of efficiency, automation, and control. What makes us different is not only the scale of our portfolio, with more than 16,500 games from over 130 providers, but the quality and depth of data we deliver for every game. We go beyond simple content aggregation by sending complete and enriched game metadata through our API. This includes detailed information such as bonus exposure, available provider promotions, tournament participation, and automated big-win checks. Most providers do not share this level of data, which makes it a key advantage for our partners. By providing it through the API, we eliminate a large amount of manual work for operators, simplify campaign management, and allow instant personalization and reporting. It is not just about having a large and diverse game portfolio. It is about giving operators the tools and real-time data they need to create dynamic, localized player experiences and make smarter business decisions. This is the foundation of our approach at NuxGame and what defines us as a true technology partner rather than just an aggregator.
NuxGame has been a pioneer in cryptocurrency integration. How do you balance the opportunities of Web3 with the obstacles of regulation, security, and user adoption in gaming?
Crypto and Web3 offer huge opportunities for iGaming, but success depends on security, compliance, and user experience. At NuxGame, we built our crypto solution to feel familiar to users of leading exchange platforms, with seamless wallet connections, real-time balances, and instant transactions. The system supports BTC, ETH, USDT, and other major assets, with Web3 wallet integration and direct crypto purchases for fast onboarding. For operators, it delivers built-in fraud prevention, risk monitoring, and compliance-ready reporting. This combination of trust, speed, and intuitive UX makes crypto adoption easy for players and expansion safe for operators.
So whatâs next for NuxGame? Are there particular markets or partnerships youâre most excited about as you continue to expand?
We are putting a strong focus on the US market, particularly on enabling operators to launch faster within the sweepstakes model. This segment is growing rapidly but comes with complex regulatory and technical requirements. NuxGame is fully prepared for it with dual-currency logic, built-in compliance automation, and a complete payment orchestration layer that eliminates the typical setup delays operators face. Our platform provides a ready-made, legally tested foundation, so clients can go live without spending months on integrations or legal reviews. Combined with affiliate management, engagement tools, and modular scalability, operators can focus on growth rather than setup. The sweepstakes model is a major opportunity in the US, and our goal is to make NuxGame the go-to solution for fast, compliant, and profitable entry into that market.
Thank you, Denis, for sharing your vision and perspective on how technology is shaping the future of iGaming. Weâre excited to hear more from you live on stage at the European Gaming Congress 2025!
Join us at the European Gaming Congress 2025 | 30â31 October | Warsaw
Secure your spot, connect with NuxGame, and discover how leading innovators are redefining the industry.
The post Future-Ready iGaming: Denis Kosinsky, COO of NuxGame, Discusses AI, Innovation, and Scalable Growth appeared first on European Gaming Industry News.
Jeff Letlat COO SpinOro
KingMidas Games and SpinOro Announce Strategic Partnership to Expand Global Reach

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KingMidas Games, a leading iGaming provider, has announced a strategic partnership with SpinOro, a trusted and innovative content aggregator and game provider. The collaboration will see SpinOro take up KingMidas Gamesâ portfolio of high-quality and cutting-edge titles, and distribute them to operators across Europe, Latin America, and other key markets worldwide.
Through this partnership, operators connected to SpinOroâs aggregation platform will gain access to KingMidas Gamesâ diverse catalogue of immersive experiences, ranging from next-gen titles and exclusive IP-driven content to classic and feature-rich slot offerings. The integration is expected to go live in late 2025.
âThis partnership with SpinOro reflects our shared ambition to connect global operators with premium and differentiated gaming experiences,â commented Sean Auret, Global Head at KingMidas Games. âSpinOroâs reputation for trust, reliability, and innovation makes them an ideal partner as we continue expanding our presence across key markets. Together, weâre creating opportunities for operators to deliver content that speaks to local audiences while maintaining global appeal.â
Jeff Letlat, COO, SpinOro, added: âKingMidas Gamesâ reputation for bold ideas and next-generation creativity complements our own commitment to bringing operators a portfolio that feels both innovative and commercially impactful. By adding their unique style and forward-thinking titles, weâre not only enriching the variety available to our partners but also ensuring players gain access to experiences designed for the digital-native generation. Itâs exactly the kind of collaboration that keeps our platform fresh, diverse, and future-ready.â
The collaboration highlights both companiesâ dedication to quality, innovation, and growth in an increasingly competitive iGaming landscape. By combining KingMidas Gamesâ creative game development with SpinOroâs extensive distribution network and technical expertise, the partnership aims to bring players around the world closer to the next generation of entertainment experiences.
The post KingMidas Games and SpinOro Announce Strategic Partnership to Expand Global Reach appeared first on European Gaming Industry News.
Digital Footprints
Digital Footprints Pays-it-Forward with ÂŁ50,000 Accelerator Fund to Fuel iGaming Startups

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To mark its 15th anniversary, Digital Footprints is proud to announce the Digital Footprints Accelerator Fund, a bold new initiative offering ÂŁ50,000 in marketing resources to a deserving iGaming startup. The programme embraces a âpay it forwardâ philosophy, investing in the next generation of ambitious brands in iGaming and helping them scale with best-in-class marketing support.
Fueling Growth in iGaming Innovation
As an agency that has driven growth for operators, affiliates, and suppliers across competitive markets, Digital Footprints now turns its resources toward nurturing future challengers. The Accelerator Fund is open to iGaming startups less than two years old (pre-launch or early growth stage) that operate responsibly and with compliance at their core. The winning entrant will receive a bespoke digital marketing package valued at ÂŁ50,000. Services may include:
- SEO and content strategy
- Social media & influencer campaigns
- Creative branding and design
- Analytics & performance dashboarding
- Sponsorship sourcing & activation
- UX & conversion optimisation with compliance in mind
Additional benefits include exposure through Digital Footprintsâ channels, press coverage, and advisory support from industry specialists.Â
Key Dates
- Applications open: 13 October
- Deadline to apply: 10 November
- Shortlist announced: 24 November
- Pitch date: 1 December
- Winner announced: 8 January
âWe believe that success should create opportunity,â said Sharon McFarlane, Managing Director of Digital Footprints. âAfter 15 years in the digital and iGaming space, we recognise that we definitely had help along the way from an amazing community, and this fund is our chance to pay that forward. Itâs our chance to create our own community to fuel innovation, champion responsible growth, and give a deserving startup a genuine launchpad. We canât wait to see who steps forward.â
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About Digital Footprints
Digital Footprints is a specialist iGaming digital agency, partnering with operators, affiliates, and suppliers to deliver strategic, compliant, and performance-driven marketing solutions. Over the past decade and a half, the award-winning agency has built an enviable track record in web development, SEO, branding, content, and audience growth across regulated markets.
For more information about eligibility or to apply for the Accelerator Fund, please visit:Â https://www.digital-footprints.co.uk/df-accelerator-fund/
The post Digital Footprints Pays-it-Forward with ÂŁ50,000 Accelerator Fund to Fuel iGaming Startups appeared first on European Gaming Industry News.
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