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SPORTRADAR REPORTS SECOND QUARTER 2024 FINANCIAL AND OPERATING RESULTS
Sportradar Group AG (NASDAQ: SRAD) (“Sportradar” or the “Company”), a leading global sports technology company focused on creating immersive experiences for sports fans and bettors, today announced financial results for its second quarter ended June 30, 2024.
Carsten Koerl, Chief Executive Officer of Sportradar, said: “Our strong second quarter results, including another quarter of record revenues are a testament to the operating momentum we are generating across our business and the clear execution against our strategies to drive outperformance versus the market. We delivered robust growth across our high-value product portfolio and strong client uptake, while continuing to strengthen our business by driving efficiencies and significant cash flow. I am pleased to once again raise our full year guidance as we continue to build long-term shareholder value through strong topline growth, a focus on delivering additional operating leverage and increasing cash flow generation.”
Second Quarter 2024 Financial Highlights
- Revenue was €278.4 million, up 29% year-over-year demonstrating continued momentum in the business.
- Betting Technology & Solutions revenues were €229.1 million, up 30% year-over-year, and Sports Content, Technology & Services revenues were €49.3 million, up 22% year-over-year.
- Delivered strong revenue growth globally with Rest of World up 22% and the U.S. up 59%.
- The current quarter generated a loss of (€1.5 million) compared to a de minimis profit for the same quarter last year.
- Adjusted EBITDA[i] was €48.8 million, up 22% year-over-year.
- Net cash generated from operating activities since the beginning of the year was €152.6 million, up 17% year-over-year.
- The Company’s customer Net Retention Rate[ii] was 117%, demonstrating the strength in cross selling and upselling to clients, and increasing sequentially.
- As of June 30, 2024, the Company had total liquidity of €542.2 million as compared to €483.7 million as of June 30, 2023, benefitting from strong cash flow generation in the first half of 2024.
- During the quarter, the company repurchased approximately 588,000 shares, for a total amount of $6.2 million. As of August 9, 2024, the Company has repurchased approximately 748,000 shares with a total value of $8.0 million.
- The Company further raised its full-year 2024 outlook and now expects to deliver 22% year-over-year growth in revenue and Adjusted EBITDA.
| Key Financial and Operating Metrics
|
Q2 | Q2 | Change | Change | ||||
| in €’000 (unaudited) | 2024 | 2023 | € | % | ||||
| Total Revenue | 278.4 | 216.4 | 62.0 | 29% | ||||
| Profit (loss) for the period from continuing operations | (1.5) | 0.0 | (1.6) | n/a | ||||
| Profit (loss) for the period from continuing operations as a percentage of revenue | (0.6%) | 0.0% | -57 bps | n/a | ||||
| Adjusted EBITDA | 48.8 | 40.1 | 8.7 | 22% | ||||
| Adjusted EBITDA Margin1 | 17.5% | 18.5% | -98 bps | n/a | ||||
| Net Retention Rate | 117% | 120% | -360 bps | n/a | ||||
| Supplemental Revenue Analysis | ||||||||
| Revenue Grouping | ||||||||
| Betting Technology & Solutions | 229.1 | 176.1 | 53.0 | 30% | ||||
| Sports Content, Technology & Services | 49.3 | 40.3 | 9.0 | 22% | ||||
| 278.4 | 216.4 | 62.0 | 29% | |||||
| Revenue Grouping as % of Total Revenue | ||||||||
| Betting Technology & Solutions | 82% | 81% | 1% | |||||
| Sports Content, Technology & Services | 18% | 19% | -1% | |||||
| Geographic | ||||||||
| Rest of World | 217.8 | 178.4 | 39.4 | 22% | ||||
| United States | 60.6 | 38.0 | 22.6 | 59% | ||||
| 278.4 | 216.4 | 62.0 | 29% | |||||
| Geographic as % of Total Revenue | ||||||||
| Rest of World | 78% | 82% | ||||||
| United States | 22% | 18% | ||||||
Recent Business Highlights
- Sportradar Managed Trading Services (MTS) customer pipeline had a strong first half of 2024. 46 new customers have signed up for MTS year-to-date, which will bring total customers to over 200 worldwide, expanding coverage in fast growing sports betting territories including Latin America & Africa.
- UEFA and Sportradar extend and expand partnership. The expanded agreement covers all UEFA Club and National team competitions, over 900 high-profile matches, a 33% increase from the previous relationship. The agreement also expands its existing, exclusive betting data rights and Integrity partnership to include non-exclusive right to distribute data to non-betting media.
- Sportradar launches audio and expands digital-out-of-home advertising channels to increase operators’ reach and brand awareness. Sportradar announced the launch of ad:s for audio and an enhanced digital-out-of-home offering, expanding the reach of the company’s leading marketing services to podcasts, streaming services, internet radio and over 600,000 digital outdoor screens across move than 100 countries.
- Sportradar launches industry-first social media video ads featuring live sports and betting data. Initially launched across Meta’s social media platforms, Sportradar’s proprietary technology creates and delivers tailored social media video advertisements, which update in real-time to reflect betting market movements, including live odds, as well as casino games and jackpot value, to aid customer retention and drive revenue.
Revenue
Total revenue for the current quarter was €278.4 million, up 29% year-over-year driven by growth across the portfolio, in particular Betting Technology & Solutions.
Betting Technology & Solutions
Betting Technology & Solutions revenues were €229.1 million, up 30% year-over-year primarily driven by:
- Streaming & Betting Engagement, up €26.2 million or 41% year-over-year, and Live Data and Odds up €18.6 million or 27% year-over-year, with both benefitting from existing and new customer uptake of our products and premium pricing, as well as from the strong U.S. market growth.
- Managed Betting Services, up €8.5 million or 21% year-over-year, primarily driven by strong growth in Managed Trading Services due to higher trading margins and increased betting activity from existing and new customers.
- As a percentage of total company revenues, Betting Technology & Solutions represented 82% of total company revenue in the current quarter as compared to 81% in the prior year quarter.
Sports Content, Technology & Solutions
Sports Content, Technology & Solutions revenues were €49.3 million, an increase of 22% year-over-year primarily driven by:
- Marketing and Media Services were €7.7 million, up 28% year-over-year, with strong growth in European and North America ad:s revenue as several sportsbooks launched marketing campaigns.
- Sports Performance was broadly flat year-over-year.
- As a percentage of total company revenues, Sports Content, Technology & Solutions represented 18% of total company revenue in the current quarter as compared to 19% in the prior year quarter.
Costs and Expenses
- Purchased services and licenses were €72.6 million, up €22.0 million or 44% year-over-year. Of the total purchased services and licenses, €28.9 million was expensed sport rights. Excluding expensed sport rights, purchased services were €43.7 million, up €10.5 million or 32% year-over-year driven primarily by the Company’s investments in its product portfolio.
- Personnel expenses were €89.1 million, up €4.7 million or 6% year-over-year and down approximately 700 bps as a percentage of revenue, as we continue to closely manage our resources and focus on delivering operating leverage.
- Other Operating expenses were €22.6 million, up €1.6 million or 8%, down approximately 160 basis points as a percentage of revenue, as we further leveraged our existing infrastructure.
- Total sport rights costs were €95.9 million, up €43.6 million or 83% year-over-year, driven by new rights, in particular our ATP and NBA partnership deals.
Share Repurchase Program
In March of this year the Board of Directors approved a $200 million share repurchase program and commenced purchases during the second quarter. As of August 9, 2024, the Company has repurchased approximately 748,000 shares under the plan for a total of $8.0 million.
Updated 2024 Annual Financial Outlook
Sportradar is further raising its fiscal 2024 outlook for revenue and Adjusted EBITDA as follows:
- Revenue of €1,070 million compared with prior outlook of €1,060 million, up 22% year-over-year and representing a 1-percentage point improvement in our full year growth rate outlook.
- Adjusted EBITDA of at least €204 million compared with prior outlook of €202 million, up 22% and representing a 1-percentage point improvement in our full year growth rate outlook.
- Adjusted EBITDA margin of approximately 19%.
Conference Call and Webcast Information
Sportradar will host a conference call to discuss the second quarter 2024 results today, August 13, 2024, at 8:30 a.m. Eastern Time. Those wishing to participate via webcast should access the earnings call through Sportradar’s Investor Relations website. An archived webcast with the accompanying slides will be available at the Company’s Investor Relations website for one year after the conclusion of the live event.
[i] Non-IFRS measure. See the sections captioned “Non-IFRS Financial Measures and Operating Metric” and “IFRS to Non-IFRS reconciliations” for more details.
[ii] Non-IFRS Operating Metric. See the section captioned “Non-IFRS Financial Measures and Operating Metric” for more details.
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Saroca Reimagines Leadership Development for the Gaming Industry
Saroca, a leader in professional development for the gaming industry, is proud to announce its Transformational Leadership Program, launching February 2025. Building on the success of the 2024 LeadHERship Program—a pioneering initiative for women in gaming—the new program expands its reach with two distinct cohorts: one exclusively for women and another open to all genders.
The Legacy of LeadHERship
The 2024 LeadHERship Program achieved an exceptional Net Promoter Score (NPS) of 90, with participants citing transformative growth. With participants like Clemence Dujardin citing it as a “game-changer”. Confidence in leadership abilities rose by 46%, resilience increased by 27%, and imposter syndrome diminished by 39%.
Participants praised the program’s focus on emotional resilience, feedback mastery, executive presence and communication all in a supportive community.
Leadership Development: A Game-Changer for Gaming
In a rapidly evolving and diversifying industry, strong leadership is essential. Saroca’s programs go beyond skill-building to foster resilience, trust, and inclusivity—key traits for thriving in the global gaming market.
“We believe leadership is not about hierarchy—it’s about transformation,” said Emily Leeb, CEO of Saroca. “The Transformational Leadership Program reflects our commitment to cultivating leaders who will shape the future of gaming.”
Transformational Leadership Program Highlights
The program builds on the proven curriculum of its predecessor, featuring:
- Two Cohorts: A women-only cohort and a new all-gender cohort to enrich perspectives.
- Eight Modules: Covering topics such as emotional intelligence, self-advocacy, and radical candor.
- Community and Growth Tracking: Strengthening connections and measuring individual progress.
Registration Now Open
The Transformational Leadership Program begins in February 2025, with limited spots available. Scholarships are also offered to ensure accessibility. For more information, visit Saroca’s website or contact [email protected].
About Saroca
Saroca is a leader in leadership development for the gaming industry, committed to empowering professionals through inclusive, high-impact programs that drive personal and professional growth.
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Here are this weeks latest slots releases compiled by European Gaming
Introducing Magawa vs Mines, the debut game from Slammer Studios – a fresh new player in the industry. With the launch of this vibrant 7×7 slot, the studio is kicking things off in style. Inspired by the legendary Magawa, a rat whose life-saving landmine detection skills have earned worldwide acclaim, this game pays tribute to this incredible hero. With Magawa vs Mines, players get to honour the courage of an extraordinary rat, reliving his daring missions through high-energy gameplay.
Spinomenal has added Zeus Unchained Hold & Hit to its marvellous Mythology series. Zeus Unchained Hold & Hit presents a grid framework of 5×3 and is set at 25 fixed lines. Once the action is underway, players join Zeus, the ancient Greek god of sky and thunder for a battle on the reels. A powerful soundtrack heightens the anticipation as players look for Wild symbols on screen.
Betsoft Gaming brings players to the heights of Mount Olympus with Coins of Zeus – Hold & WinTM, an engaging video slot with a 3×3 grid and 5 paylines set in a stunning Ancient Greek theme. From immersive visuals to thrilling gameplay features, Coins of Zeus – Hold & WinTM brings mythology to life, delivering divine entertainment and win potential.
BGaming is helping players hunt for ancient treasures in its latest release Catdiana. Boasting two purr-fect bonus games, the gameplay is further enhanced through cat-themed scatters, coveted coins and high-value gem symbols. The 5×3 reel action unfolds deep within a mystical cat temple where Catdiana goes on the prowl, performing as a wild to guide players to hidden treasures and big wins.
Tom Horn Gaming, a leading igaming software supplier, has unveiled its latest game, Wild Snowfakes, just in time for the winter season. A winter-themed slot transports players to a serene snowy wonderland filled with excitement and rewards. This medium-to-high variance game is played across a 5×3 gaming grid, populated with frosty fruit symbols and snowflakes, which act as wilds.
Evoplay, the award-winning game development studio, has revealed its latest immersive slot, Dolce Dreams, offering a sweet twist on the classic Italian café culture, with the experience designed for high engagement and substantial win potential. Set against the backdrop of a charming streetside cafe, Dolce Dreams features stacked Wilds in the form of waffle ice creams, which substitute for other symbols to maximise winning combinations.
Relax Gaming is taking players on an exhilarating snowy adventure with the launch of Winter Champions, a sports-themed slot that propels players through the mountain tops in pursuit of golden victories. At the heart of Winter Champions is the innovative Sliding Respins mechanic, ensuring the reels remain active as long as winning combinations continue to land, adding a layer of non-stop excitement to the gameplay.
Nolimit City is serving up a twisted carnival treat in Munchies. Step into the fair grounds as Nolimit’s latest Labs game released following the release of Outsourced: Slash Game. As a Labs title, expect a fresh and experimental spin on the classic Nolimit style. In the heart of the carnival tents lies a curious attraction: Fluffers—a cute, cuddly, but oh-so-smelly creature that’s causing quite the commotion among visitors. Some may say it’s the attraction of the year!
Thunderkick has unveiled Split Happens, the latest addition to its product portfolio that combines a quirky bowling theme with Walking Wilds and respins to provide a unique and compelling gaming experience. The action takes place across a classic 5×3 grid, where winning combinations can be formed both ways to help unlock 3,000x maximum wins.
Amusnet has released its latest video slot, 10 Bulky Fruits. It is not an ordinary fruit slot but a dazzling, energetic and exciting game. This is a 5-reel, 10-fixed paylines video slot that offers vivid gameplay, epic sound effects and a variety of features. Keep an eye out for the Clover Wild Symbol and its great rewards – it appears on the 2nd, 3rd, and 4th reel. The Star and the Dollar are the shiny Scatter symbols boosting the winnings.
It’s beginning to look a lot like Christmas, and Booming Games are getting in the spirit early with the November arrival of their fresh, festive game, Holly Jolly Bonanza 2. ‘Tis the season for snowy slots, and just like Santa Claus himself, Holly Jolly Bonanza 2 delivers in style. This sparkling sequel is a sure-fire Christmas classic, a 5×6 game with cascading reels, introducing new features to the festive game.
How deep do you dare to descend in Yellow Slotmarine by Twin Win Games – the exciting new slot where cash prizes can be accumulated and collected on any base game spin, but three bomb symbols are always lurking to potentially blow players out of the water. Utilising just three reels and one row of symbols, Yellow Slotmarine introduces a completely new mechanic where every character that lands contributes towards a specific cash pot.
Gaming Corps is proud to announce the release of Wet and Wild Beavers. This charming new slot game also marks the debut of the exciting new A-MAZE-CADES™ mechanic. This playful adventure takes players down to the river, where a team of ingenious beavers plot their daring escape by the riverbank. Follow Red Rocket, Old Blue and Yella Fella as they utilise a series of creative bonus features to escape the dam and get their hands on wins of up to 10,000x the player’s stake.
Explore a prosperous underwater world and harness the power of the formidable Greek God of the Sea Poseidon in Stakelogic’s latest release, Trident of Legends. This enchanting aquatic adventure invites players to tap into the awe-inspiring power of the mythical Poseidon as they embark on a quest for fortune. With Poseidon’s legendary Trident in hand, players can trigger enticing bonuses while playing for wins of up to 10,000x their stake.
Play’n GO invites players to join the Wilde family in Wildest Gambit, a globe-trotting 5×3 slot that combines adventure, mystery, and massive win potential with an x20,000 Multiplier. Wildest Gambit unites the legendary Wilde family – Rich, Cat, and Uncle Gerard – in an epic journey across four unique destinations. From the golden sands of Egypt to the dense jungles of South America, players will experience a dynamic blend of Expanding, Sticky, and Multiplier Wilds.
The post Week 47/2024 slot games releases appeared first on European Gaming Industry News.
EGT Digital is proud to be among the finalists in the impressive 5 categories of BEGE Awards 2024. This year’s edition of the prestigious annual competition will be held on November 27 at Black & White Club, Palms Royale Sofia Complex. For the 15th consecutive year, the event will recognize individuals and companies for their outstanding contribution to the gaming and entertainment industry.
Burning Hot Instant, one of the newest offerings in EGT Digital’s ever-growing portfolio of games, is among the shortlisted titles in the Online Game of the Year category. It is also one of the latest additions to the top performer Clover Chance. Although it debuted only 2 months ago, Burning Hot Instant immediately became players’ favorite with its mystery jackpot and numerous rewards.
X-Nave, EGT Digital’s in-house developed “all-in-one” betting platform, is a contender in the Online Platform of the Year category. The product earned the nomination thanks to the fact that it provides operators with the technology and tools they need to build and maintain a successful online business. The X-Nave platform includes 4 main modules: Sport Product, Gaming Aggregator, CRM Engine, and Payment Gateway. Each module can be part of the complete solution or function independently, allowing seamless integration with developments of third-party providers.
Another prestigious nomination for EGT Digital is in the Online Provider of the Year category, recognizing its wide range of iGaming products and services. The company’s games are extremely popular in a number of markets around the world, where players appreciate their fascinating design, high winning chances, and many attractive bonus features. The X-Nave platform is becoming the preferred choice for an increasing number of operators who want to guarantee their business’ long-term success and sustainable development.
The company is a finalist in the Sports Betting Platform of the Year category as well. EGT Digital’s Sportsbook solution, part of X-Nave’s Sport Product, offers everything operators need to secure a competitive bookmaker position. It includes advanced betting, in-depth statistics, different bet types, back-office tools, a variety of jackpots, and 24/7 technical and trading support. It is provided with powerful management tools that allow betting sites to create personalized content and increase player engagement.
The last category for which EGT Digital has been nominated is Innovative Product of the Year, with its 360-degree retail betting solution. This product covers both software and hardware aspects of the business, including the design and management of devices, the company’s omnichannel solution, sports betting, lottery games, vouchers, online deposits, and commissions. Constantly evolving, EGT Digital’s 360-degree retail betting solution continues to add new tools and options for improving user experience.
The post EGT Digital is shortlisted in 5 categories of BEGE Awards 2024 appeared first on European Gaming Industry News.
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