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Sportradar Reports Strong Growth and Increased Profitability and Cash Flow
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Sportradar Group AG, the leading global technology company enabling next generation engagement in sports and provider of business-to-business solutions to the global sports betting industry, today announced financial results for its third quarter ended September 30, 2022.
Third Quarter 2022 Highlights
- Revenue in the third quarter of 2022 increased 31% to €178.8 million ($175.2 million)1 compared with the third quarter of 2021. 2022 year-to-date revenue grew 28% compared to the same nine months in 2021.
- The RoW Betting segment, accounting for 56% of total revenue, grew 28% to €100.9 million ($98.9 million)1, driven by strong performance from our Managed Betting Services (MBS).
- U.S. segment revenue grew 61% to €31.6 million ($31.0 million)1 compared to the third quarter of 2021, driven by strong market growth and positive adoption of in-play betting. The U.S. segment turned profitable for the first time since the Company’s initial public offering and generated a positive Adjusted EBITDA margin of 11%.
- The Company’s Adjusted EBITDA2 in the third quarter of 2022 increased 75% to €36.5 million ($35.8 million)1 compared with the third quarter of 2021 as a result of strong revenue growth even with continuous investments in the Company’s growing business.
- Adjusted EBITDA margin2 was 20% in the third quarter of 2022, an increase of 500 bps compared to the quarter for the prior year period and 400 bps higher compared to the second quarter of 2022.
- Adjusted Free Cash Flow2 in the third quarter of 2022 increased to €33.9 million, compared to €32.9 million for the prior year period. The resulting Cash Flow Conversion2 was 93% in the quarter.
- During the quarter, the Company prepaid €200.0 million of its outstanding debt. As of September 30, 2022, total debt was €236.9 million, and cash and cash equivalents totaled €512.5 million.
- The Company has raised its guidance for revenue and the lower end of its Adjusted EBITDA2 range for the full year 2022.
Key Financial Measures | Q3 | Q3 | Change | |
In millions, in Euros | 2022 | 2021 | % | |
Revenue | 178.8 | 136.8 | 31% | |
Adjusted EBITDA2 | 36.5 | 20.9 | 75% | |
Adjusted EBITDA margin2 | 20% | 15% | – | |
Adjusted Free Cash Flow2 | 33.9 | 32.9 | 3% | |
Cash Flow Conversion2 | 93% | 158% | – |
1 For the convenience of the reader, we have translated Euros amounts at the noon buying rate of the Federal Reserve Bank on September 30, 2022, which was €1.00 to $0.98.
2 Non-IFRS financial measure; see “Non-IFRS Financial Measures and Operating Metrics” and accompanying tables for further explanations and reconciliations of non-IFRS measures to IFRS measures.
Carsten Koerl, Chief Executive Officer of Sportradar said: “Our strong performance in the third quarter exceeded our expectations across all key financial metrics. We consistently managed to grow revenue, profitability and cash flows despite adverse market conditions during the first three quarters of 2022. The Company exceeds expectations quarter-in and quarter-out, and as a result of our operational performance – in particular the U.S. and the betting rest-of-world business – as well as our organizational streamlining, we are able to raise our full year guidance for revenue and increase the lower end of our Adjusted EBITDA range.”
“We are proud of the continuous success of our U.S. operations. We managed to generate a U.S. profit for the first time in the third quarter, displaying solid operational leverage in the business model. Underpinning this success is the extension of our long-term partnership with FanDuel. This partnership is a testimony for our strategy, to expand our relationships and become an embedded technology provider for our customers, based on strategic long-term deals with our league partners.”
Ulrich Harmuth, Interim Chief Financial Officer added: “The financial results in the third quarter demonstrated that Sportradar consistently has managed to grow almost three times faster than the underlying betting market and our growing scale has led to margin expansion – as indicated by the U.S. segment turning profitable in the third quarter. As a result of this strong momentum and based on what we can see today, our 2023 preliminary expectations are for revenue to grow in the mid-20’s percent while expanding Adjusted EBITDA margin above 2022 levels.
Segment Information
RoW Betting
- Segment revenue in the third quarter of 2022 increased by 28% to €100.9 million compared with the third quarter of 2021. This growth was driven primarily by increased sales of our higher value-add offerings including Managed Betting Services (MBS), which increased 84% to €38.2 million, and Live Odds Services, which increased 12% to €27.1 million. MBS growth was attributable to a record annualized turnover3 of €19.0 billion and the success of our strategy to move existing customers to higher value add products.
- Segment Adjusted EBITDA2 in the third quarter of 2022 increased 8% to €48.2 million compared with the third quarter of 2021. Segment Adjusted EBITDA margin2 decreased to 48% from 57% in the third quarter of 2021 driven by inorganic investments into AI capabilities for our MBS business, expanding our sport rights portfolio, as well as temporary cost savings in sport rights and scouting from the prior year due to the COVID-19 pandemic.
RoW Audiovisual (AV)
- Segment revenue in the third quarter of 2022 increased by 14% to €33.1 million compared with the third quarter of 2021. Growth was driven by cross-selling audiovisual content to existing data customers and expanding AV portfolio sales with existing AV customers.
- Segment Adjusted EBITDA2 in the third quarter of 2022 increased 32% to €12.6 million compared with the third quarter of 2021. Segment Adjusted EBITDA margin2 increased to 38% from 33% compared with the third quarter of 2021 as a result of AV revenue growth.
United States
- Segment revenue in the third quarter of 2022 increased by 61% to €31.6 million compared with the third quarter of 2021. This growth was driven by a strong increase of U.S. betting services, driven by cross-selling non-data products to betting operators as well as benefiting from our customers’ growth as a result of a development in the underlying market and new states legalizing betting.
- Segment Adjusted EBITDA2 in the third quarter of 2022 was €3.4 million compared with a loss of (€6.6) million in the third quarter of 2021, primarily driven by enhanced operating leverage as a result of the growing scale of our business despite continuous investments in the U.S. segment’s products and content portfolio. Segment Adjusted EBITDA margin2 improved to 11% from (34%) compared with the third quarter of 2021.
2 Non-IFRS financial measure; see “Non-IFRS Financial Measures and Operating Metrics” and accompanying tables for further explanations and reconciliations of non-IFRS measures to IFRS measures.
3 Turnover is the total amount of stakes placed and accepted in betting.
Costs and Expenses
- Purchased services and licenses in the third quarter of 2022 increased by €18.1 million to €47.5 million compared with the third quarter of 2021, reflecting continuous investments in content creation and processing, higher event coverage and higher scouting costs. Of the total, approximately €13.7 million was expensed sports rights.
- Personnel expenses in the third quarter of 2022 increased by €16.9 million to €68.3 million, an increase of 33% compared with the third quarter of 2021. Adjusted for inorganic hires, personnel cost grew 27% compared to the third quarter in 2021.
- Other Operating expenses in the third quarter of 2022 decreased by €4.9 million to €20.3 million, as a result of our efforts to increase the effectiveness of our central services and due to one-time costs resulting from our initial public offering in September 2021.
- Total sport rights costs in the third quarter of 2022 increased by €5.9 million to €34.6 million compared with the third quarter of 2021, primarily a result of costs associated with new acquired rights in 2022 for the ITF, UEFA and ATP.
Recent Business/Company Highlights
- Sportradar and FanDuel sign long-term agreement for Official NBA data through the 2030-31 season. Providing FanDuel with a comprehensive portfolio of betting products and entertainment tools, Sportradar remains the preferred data and odds supplier to FanDuel through 2031. Using official NBA data, Sportradar and FanDuel will collaborate to enhance the sports betting experience with new offerings such as certain player tracking data to create props and same game parlays. Additionally, FanDuel will use Sportradar’s proprietary Live Channel Trading (LCT) product.
- Sportradar reaffirms leadership position in cricket market with partnerships with Australian Premier Cricket competitions. Sportradar announced the renewal of partnership agreements with the top tier club cricket competitions in Tasmania, Queensland, and Western Australia. Currently, Sportradar is partners with every single state and territory cricket governing body in Australia. Extensions with these clubs enable Sportradar to remain the official streaming partner until mid-2025
- Sportradar and International Golf Federation enter integrity partnership. Sportradar’s Integrity Services (SIS) unit signed a multi-year integrity partnership with the International Golf Federation (IGF). Under the terms of the initial two-year agreement, SIS will provide bet monitoring through its Universal Fraud Detection System (UFDS) for several IGF competitions. Sportradar Integrity Services have detected more than 7,300 suspicious matches during the past 17 years, with over 600 taking place in 2022 alone.
- Tennis Data Innovations and Sportradar team up to expand official tennis data distribution. The partnership sees the launch of a “new secondary feed,” to enable the provision of betting-related services based on official ATP Tour and ATP Challenger Tour scores to a suite of global bookmakers. Of significance, the partnership sees the ATP change its data framework, allowing bookmakers to have uninterrupted access to official data, as scores to date have been delivered directly from the umpire’s chair.
- Sportradar continues to evolve its organizational structure to set it up for continued success in achieving its strategic goals around growth, organizational effectiveness and efficiency. The Company is optimizing its organization by appointing global leaders for content creation, product development and commercial excellence – with the U.S. retaining a dedicated go-to-market approach. With this new structure, the Company will become faster in decision-making and execution, and will be more effective and efficient in serving global customers with a growing global product portfolio. The net effect will also be to significantly reduce the number of direct reports to the CEO.
Annual Financial Outlook
Sportradar has updated its outlook for revenue and Adjusted EBITDA for fiscal 2022 as follows:
- Sportradar has raised its revenue outlook for fiscal 2022 to a range of €718.0 million to €723.0 million ($703.6 million to $708.5 million)1, from its previous range of €695.0 million to €715.0 million representing prospective growth of 28% to 29% over fiscal 2021.
- Outlook for Adjusted EBITDA2 is narrowed to a range of €124.0 million to €127.0 million ($121.5 million to $124.5 million)1 from the previous range of €123.0 million to €133.0 million, representing 22% to 24% growth versus last year.
- Adjusted EBITDA margin2 is expected to be in the range of 17% to 18%.4
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Tusk Casino Celebrates Trace’s R2.3 Million Jackpot Victory
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The post Tusk Casino Celebrates Trace’s R2.3 Million Jackpot Victory appeared first on European Gaming Industry News.
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Week 36/2024 slot games releases
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Here are this weeks latest slots releases compiled by European Gaming
From golden reels to big money pots and pearls, Swintt’s Big Max games have always pushed the boundaries in terms of what’s possible from a Premium slot – and this month the popular series is back with a major bang in the brand-new release, Big Max Door. Featuring an extra-large 5×4 reel set and 20 fixed paylines, the slot uses the same mix of fruit symbols, BAR logos and lucky red sevens that have become such a hallmark of Big Max games, only this time around a new mystery reveal feature adds an exciting element to base game play.
Relax Gaming, the iGaming aggregator and supplier of unique content, has transported its portfolio of tumbling titles to the Ice Age in The Tumbles. This immersive 6×6 prehistoric-themed slot sees players in with a chance of winning up to 5,000x their stake via lucrative multipliers and a free spins feature. The base game sees snow and ice cover the surfaces, but sunnier surroundings soon appear for the free spins round, with the ice giving way to grasslands, hills, and rivers.
The new release from MGA Games, a leading provider of casino games for over 20 years, will take players on a journey to the beach of their dreams, immersing them in the beauty of Cancun from the comfort of their own home. Tropical Beach themed reels are filled with fresh fruit and toucans and transport players to a corner of paradise filled with prizes and fun in the sun.
The new release from MGA Games immerses players in a world of riches and excitement under the sea. Brightly coloured fish and coral backdrops provide the scenery for this exciting journey that offers plenty of opportunities to win as the reels spin with themed symbols such as sharks, octopus and chests full of coins. The game features the Wild figure, the best ally in this treasure hunt, and the Scatter figure, which will lead the player to a Free Spins screen full of surprises. In addition, Golden Ocean Megaways offers the possibility to buy Free Spins to increase the chances of winning.
Play’n GO invites players into their hall of mirrors to seek the fabled Mirror Joker and their reflective powers. Players will step foot into this reflective realm alongside the mischievous Mirror Joker with the aim of securing some big wins. Fans of other Joker titles, including games like Fire Joker (2016), Chronos Joker (2019), and Joker Flip (2024) are sure to love this new addition to the iconic series. Mirror Joker ventures into the dazzling world of mirrors where not all is as it seems while some rewards are even more than they first appear.
Spinomenal has added Majestic Spirit to its stable of stunning slots. Majestic Spirit is part of Spinomenal’s Wildlife Series that features a 5×3 design set against a backdrop of sweeping valleys and rugged mountains. Players embark on a ride across this wilderness hunting for special symbols to unlock big returns. A Black Stallion symbol represents the Wild and substitutes for any symbol except double symbols, free spins, and bonus symbols. Five Wild symbols on a winning line will pay x200.
Hölle Games has released “Book of Holla: Bonus Spin”, a new entry in the Holla die Waldfee franchise. This 5×3, 10 payline slot revisits the fairy in her magical forest home while unleashing the power of Book Spins and Bonus Spins! During Book Spins, as well as the usual special expanding symbol, the game adds a progressive collection bar.
The post Week 36/2024 slot games releases appeared first on European Gaming Industry News.
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Atlaslive Celebrates Multiple Nominations for EIGE 2024, Including Best Marketing Campaign
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Atlaslive, a B2B software provider delivering high-quality solutions for the iGaming industry, has been shortlisted in all four of its nominated categories for the upcoming European iGaming Excellence (EIGE) Awards 2024. This recognition underscores Atlaslive’s commitment to innovation, excellence, and leadership in the iGaming industry.
The nominations include:
- Best Marketing Campaign: Our rebranding campaign has been recognized for its strategic approach and impact, reflecting Atlaslive’s dynamic evolution and our continuous efforts to connect more deeply with our partners.
- Best eSports Betting Provider: This nomination highlights our cutting-edge eSports offerings, which are designed to meet the growing demand for immersive and reliable eSports betting experiences.
- Innovation in iGaming Technology: At Atlaslive, we thrive on challenges and excel in high-pressure, high-traffic moments. Our peak performance technology, which ensures seamless operations even during the most demanding periods, has earned us a spot in this category.
- Best iGaming Supplier: Being recognized as one of the leading suppliers in the iGaming industry is a testament to our comprehensive and scalable solutions, which continue to set new standards for reliability and excellence.
The final vote for the EIGE 2024 Awards will take place during the European Gaming Congress, held on October 15-16, 2024, in Warsaw. Atlaslive is proud to attend as an industry leader, contributing its expertise in two key panel discussions:
- The Future of Esports: Opportunities and Challenges – October 15
- Optimizing Sportsbook Operations for Enhanced Performance – October 16
Atlaslive’s CEO, Maxim Slobodyanyuk, commented, “Our success is built on a foundation of relentless innovation and a deep understanding of the iGaming landscape. Every solution we develop is designed with our partners’ growth and success in mind, ensuring they have the tools they need to thrive in a competitive market. These nominations validate our strategic direction and the trust our partners place in us. We’re not just reacting to industry trends; we’re actively shaping the future of iGaming. By staying ahead of technological advancements and continuously refining our offerings, we aim to lead the industry in delivering exceptional value. Our vision is clear: to be the go-to partner for businesses seeking not only cutting-edge technology but also a collaborative and forward-thinking approach to long-term success.”
Join Atlaslive as the company shares insights and shapes the future of iGaming.
The post Atlaslive Celebrates Multiple Nominations for EIGE 2024, Including Best Marketing Campaign appeared first on European Gaming Industry News.
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