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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 €136.8 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 €48.5 million ($56.3 million)1
- Adjusted EBITDA* in the third quarter of 2021 was up 21% compared to the third quarter of 2020 to €20.9 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 €546 million of primary net proceeds to fund continued growth in the business, providing the Company with €878 million to continue to invest in global growth
- For the full-year 2021, we expect revenue to be in the range of €553 to €555 ($641 to $644)1 million and Adjusted EBITDA* in the range of €99.5 to 101.5 ($115.4 to $117.7)1 million.
| Q3 |
Q3 |
Change |
||||
| 2021 |
2020 |
% |
||||
| Revenue | €136.8 | €105.3 | +30% | |||
| Adjusted EBITDA* | €20.9 | €17.3 | +21% | |||
| Adjusted EBITDA margin* | 15% | 16% | -7% | |||
| Dollar-Based Net Retention Rate* | 128% | 114% | +12% | |||
| Adjusted Free Cash Flow* | €32.9 | €13.5 | +144% | |||
| Cash Flow Conversion* | 158% | 78% | +102% | |||
_____________________
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 €1.00 to $1.16.
* 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 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.”
Koerl continued, “We 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.”
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 €136.8 million
- Adjusted EBITDA* in the third quarter of 2021 increased by 21% compared to the third quarter of 2020 to €20.9 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 €5.7 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* 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 €32.9 million which resulted in a Group Cashflow conversion of 158%
- Cash totaled €768.4 million as of September 30, 2021. Total liquidity available for use at September 30, 2021, including undrawn credit facilities was €878.4 million
- Total Debt at September 30, 2021 was €436.7 million resulting in a net cash position of €331.7 million
Segment Information
RoW Betting
- Segment revenue in the third quarter of 2021 increased by 24% compared to the third quarter of 2020 to €78.6 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 €44.7 million. The Segment Adjusted EBITDA margin* improved from 52% to 57% in the third quarter of 2021 driven by growth in higher margin products.
_____________________
2 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 €29.0 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 €9.6 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 €19.6 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 -€(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 €20.0 million compared to the third quarter of 2020 to €51.3 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 €15.7 million compared to the third quarter of 2020 to €25.2 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 €9.0 million compared to the third quarter of 2020 to €28.7 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 €5.7 million. Eliminating this impact would result in an Adjusted EBITDA* of €26.6 million.
Recent Business Highlights
- Issued and sold 19 million shares in connection with the closing of our IPO on Nasdaq raising €546 million of primary net proceeds
- Signed integrity partnerships with leading sports leagues and federations such as cricket’s 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), France’s 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, Sportradar’s 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, Bally’s 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 €553 million to €555 million, representing growth of 36.6% to 37.1% for fiscal 2021
- Adjusted EBITDA* in the range of €99.5 million to €101.5 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 (“ET”). 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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N1 Beyond the Insights: Facebook in July
Every month, N1 Insights features N1 Partners experts sharing their perspective on the latest developments in the iGaming industry. But these insights are only part of the bigger picture. Behind every prediction lies market analysis, hands-on experience, and real-world cases that deserve a deeper discussion.
That’s why we’re launching N1 Beyond the Insights — a new series where N1 Partners experts take a closer look at the industry’s most important topics, share in-depth analysis, and explore the nuances that help affiliates make better traffic decisions.
In our first edition, we focus on Facebook: the seasonal shifts that typically occur in July, the metrics that matter most, and why evaluating campaign performance requires looking beyond surface-level results and analyzing the entire user journey.
False Signals: When a Drop in CTR and CR Doesn’t Mean Your Campaign Is Failing
In July, traditional advertising metrics can be misleading — even for experienced media buyers. One of the most common mistakes is treating a decline in CTR and CR as a clear sign that a campaign has burned out and should be turned off.
In reality, the cause is often a seasonal shift in user behaviour rather than the campaign itself. During the summer, people spend more time on mobile devices, travel more, and generally devote less attention to social media. They scroll through their feeds faster, which naturally leads to lower CTR and registration conversion rates, even when the campaign continues to attract high-quality traffic.
This is where many affiliates make costly mistakes. They see performance drop in their tracker, pause campaigns that are still delivering value, and start testing new creatives, spending additional budget to solve a problem that may not actually exist.
The N1 Partners Approach
In situations like these, the N1 Partners team avoids drawing conclusions based solely on the first signs of declining advertising metrics.
Instead, we look at the full picture by analysing:
- user cohorts;
- the time between registration and first deposit;
- post-click user behaviour;
- overall campaign profitability.
During the summer, it’s especially important to allow the entire conversion cycle to unfold before evaluating performance. A user may click on an ad during the day but only complete registration or make a first deposit later that evening or even over the weekend.
Our team also recommends adapting creatives to seasonal user behaviour. Shorter funnels, clear messaging, and offers built around fast or instant-play games tend to perform better during the summer, as they require less time and commitment from users who are often browsing on the go.
Night-Time Traffic: Why a Lower CPC Doesn’t Always Mean Higher ROI
Another seasonal trend in July is the shift in user activity patterns.
Across many Tier-1 markets, longer daylight hours and warmer weather change how people spend their time. Users are generally less active on social media during the day, with engagement gradually moving into the late evening and overnight hours.
Facebook adapts quickly to these behavioural changes, allocating more impressions during peak activity periods — typically between 10:00 PM and 3:00 AM local time.
For affiliates, this can initially look like an opportunity:
- lower CPC;
- higher traffic volume;
- more registrations.
However, these metrics don’t necessarily translate into better campaign performance. A lower acquisition cost doesn’t automatically mean higher-quality traffic or stronger long-term profitability, which is why it’s important to evaluate the full conversion funnel rather than relying on CPC alone.
| What the Ads Manager Shows | What’s Actually Happening |
| Lower CPC | Users are more likely to browse their feeds without taking action. |
| More Registrations | A smaller share of users progresses to making a quality first deposit. |
| Higher traffic volume | More registrations fail to convert into long-term revenue. |
During late-night hours in Tier-1 markets, additional factors can affect deposit conversion:
- users may reach their daily card spending limits;
- banks often perform scheduled maintenance and security updates overnight;
- declined payment rates tend to increase.
As a result, affiliates may see a high number of registrations while the conversion rate from registration to first deposit declines.
The N1 Partners Approach
At N1 Partners, we don’t recommend limiting campaigns to night-time hours through dayparting simply because CPC appears lower.
While daytime traffic is often more expensive, users acquired during the day and early evening are generally more likely to complete meaningful deposits and deliver stronger long-term value. Rather than optimizing for the lowest acquisition cost, we recommend evaluating traffic quality across the entire conversion funnel and optimizing for overall campaign profitability.
Metrics That Help You Spot Problems Before Your Competitors
Today, Facebook campaign analysis goes far beyond CTR, CPC, and registration volume. If a campaign continues to generate high-quality traffic while ROI starts to decline, the issue isn’t necessarily on Facebook’s side.
At N1 Partners, one of the earliest warning signs we monitor is payment infrastructure performance. Changes in payment metrics often reveal underlying issues before they become visible in overall campaign results.
The first metrics we analyze include:
| Metric | What It Indicates |
| Success Rate | The share of successful payments compared to failed transactions. |
| Decline Rate | Whether payment failures are increasing over time. |
| Reg-to-Dep | How efficiently registrations convert into first-time depositors. |
| FTD | First deposit |
During the summer, banks in Tier-1 markets regularly update their payment gateways, adjust transaction limits, and introduce changes to payment processing. Even a 5–10% increase in the Decline Rate over a few hours can indicate an underlying technical issue.
Teams that focus solely on the number of first-time deposits often detect these problems too late. Monitoring Success Rate and Decline Rate allows affiliates to identify issues much earlier and adjust their campaigns before performance is significantly affected.
Why It’s Harder to Kill Underperforming Campaigns in July
During the summer, finding a new winning campaign is often easier than knowing when to stop running an existing one. Lower CPCs driven by reduced competition in Facebook’s ad auction can create the illusion that a temporary performance dip will eventually correct itself.
In reality, many affiliates fall into the trap of delayed conversions, attributing weaker results solely to seasonality. More often, the issue lies with the traffic itself rather than the product. During the summer, Tier-1 users respond differently to gambling creatives, while Facebook’s algorithms gradually optimize delivery toward less engaged audiences.
Instead of continuing to scale a declining campaign in the hope that retention will improve later, it’s usually more effective to pause underperforming setups early and reallocate budget to testing new angles and creatives that better match July’s seasonal demand.
Deep Localization: Which GEOs Need It Most?
These seasonal shifts are particularly noticeable in mature Tier-1 markets such as Germany, Austria, and Canada.
Users in these markets have been exposed to gambling advertising for years. They’ve seen countless welcome bonuses, promotional offers, and product concepts, making it much harder for generic campaigns to stand out. Simply increasing a welcome bonus is no longer a meaningful competitive advantage.
At N1 Partners, we take a broader product-driven approach that focuses on:
- deep product localization;
- personalized retention strategies;
- VIP mechanics;
- local payment methods;
- a user experience tailored to the specifics of each market.
Summer also changes how users interact with products. People spend more time away from home, rely more heavily on mobile devices, and switch between content more quickly. At the same time, major sporting events remain a powerful driver of engagement. Products optimized for mobile, fast gameplay, and user journeys that naturally fit summer behaviour tend to deliver the strongest results.
At the same time, lower-cost traffic in Latin America and Asia can be misleading. High registration volumes don’t necessarily translate into strong profitability, especially when optimization focuses on installs or registrations rather than first-time deposits and long-term player value.
Why Brands Are Prioritizing Quality Over Volume
Over the past few months, brands have significantly changed the way they evaluate affiliate traffic. The focus has shifted from traffic volume to user quality and long-term value.
Today, affiliates are increasingly expected to provide transparent source-level reporting, full-funnel analytics, traffic segmentation, and insights into the quality of the acquired audience.
As a result, the best commercial terms are no longer reserved exclusively for the largest affiliates.
According to N1 Partners, the key differentiators today are:
- strong expertise in traffic analytics;
- the ability to quickly identify changes in the registration-to-deposit conversion rate;
- fast campaign optimization and decision-making;
- stable LTV and healthy DepSum/Payout economics;
- transparent communication between affiliates and affiliate managers.
This approach enables long-term partnerships and sustainable growth—even without continuously increasing traffic volumes.
Key Takeaway
Seasonality changes user behaviour, Facebook’s algorithms adjust traffic distribution, and traditional advertising metrics are no longer enough to evaluate campaign performance.
At N1 Partners, we recommend taking a full-funnel approach by looking beyond CTR, CPC, and registration volume. Instead, evaluate user cohorts, Success Rate, Decline Rate, deposit quality, and overall ROI to make more informed optimization decisions.
Work with N1 Partners and Turn Insights into Results
- 14+ casino and sportsbook brands with strong Reg2Dep conversion
- 10+ Tier-1 GEOs
- CPA up to €700 and RevShare up to 55%, plus NNCO for top-performing affiliates
Be number one with N1!
Awards
Esportes Gaming Brasil lands three brand nominations at Reclame Aqui Awards 2026
Esportes Gaming Brasil (EGB) says all three of its brands—Esportes da Sorte, Onabet and Lottu—have been shortlisted for the Reclame Aqui Awards 2026, a Brazilian awards programme focused on corporate reputation and customer relationships. The group announced the nominations on Thursday 16th July.
EGB said it is the first time the three brands have been nominated simultaneously. Esportes da Sorte is shortlisted in the Ultra Sports Betting Operators (Mega Operations) category, while Onabet and Lottu are in the Sports Betting Operators (Mega Operations) category.
“Receiving nominations for all three Group brands at the Reclame Aqui Awards for the first time is incredibly meaningful recognition of the work we carry out every day. More than simply an achievement, it reflects our consistent strategy of putting the customer at the centre of every decision by investing in technology, operational efficiency and personalised customer service to build long-term relationships based on trust,” said Maria Neves, Director of Customer Experience, Customer Support and Reputation Channels at Esportes Gaming Brasil.
The company attributed the nominations to ongoing investment in customer service processes, technology integration, employee training and changes to the user journey across its brands. EGB also said it reduced average response time for human customer support from 30 minutes to two minutes.
Reclame Aqui Awards winners are decided by consumer voting, according to the company. Public voting for the 2026 edition is scheduled to run from 2 September to 5 November.
The post Esportes Gaming Brasil lands three brand nominations at Reclame Aqui Awards 2026 appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
Alberta
Gaming Corps goes live with bet365 in Alberta on regulated market day one
Deal expands bet365 casino rollout in Spain and Ontario, with 50+ Gaming Corps titles certified for Alberta from 13 July 2026.
Gaming Corps has launched with bet365 in Alberta on the first day of the province’s regulated iGaming market opening (13 July 2026), while also expanding its content footprint with the operator in Spain and Ontario.
The Sweden-based, publicly listed game developer said it is among the first wave of studios certified for Alberta, supporting bet365’s entry with more than 50 games available at launch. The day-one portfolio spans Slots, Table, Plinko, Mine Games and Instant Blitz.
Gaming Corps said the expanded partnership includes its football-themed titles, including Penalty Champion: Goals to Glory, plus the 3 Pigs series (3 Pigs of Olympus, 3 Pigs of Olympus 2: Rise of the DemiHog and 3 Pigs of the Caribbean).
The rollout also brings Gaming Corps’ new Low RTP Blackjack titles to bet365, which the supplier said are designed around 93.57% RTP and approximately 6% operator hold, with side-bet mechanics and flexible branding options.
Graham Greensmith, Chief Commercial Officer at Gaming Corps, said: “Extending our partnership with bet365 across Spain, Ontario and Alberta is a major moment for Gaming Corps, but Alberta is the real statement here. Going live with bet365 from day one reflects the work our teams have put into certification, onboarding and ensuring we can move quickly and confidently with major operator partners.
“As one of the earliest studios ready for Alberta, we’ll be bringing more than 50 titles to the province. That breadth matters, because it gives operators like bet365 a single partner across multiple verticals, with content designed to support acquisition, engagement and retention across different player segments. Spain and Ontario are also important regulated markets for us and expanding with a global operator of this scale highlights how far Gaming Corps has come in a short period of time.”
Richard Graham, Associate VP of Gaming at bet365 at said: “Gaming Corps has become a valuable content partner, combining recognisable game identities with formats that add variety across our casino offering. We are pleased to extend the partnership into Spain, Ontario and Alberta, with the Alberta launch particularly important as part of our day-one commitment to the market.
“Expanding the relationship across multiple territories in a relatively short period reflects the strength of the collaboration, as well as the Gaming Corps team’s clear product direction, commitment and continued development as a game vendor. We look forward to giving players access to a wide-ranging portfolio from the moment the market opens.”
The post Gaming Corps goes live with bet365 in Alberta on regulated market day one appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
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