Latest News

Sportradar Announces Strong Third Quarter 2021 Financial Results

Published

4 years ago

November 17, 2021

Reading Time: 6 minutes

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.”

European Gaming Congress 2024 (Warsaw, Poland)

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.

Interviews

Inside the Matrix: A Conversation with EveryMatrix Founders on Europe, Expansion, and Staying Hands-On

Published

16 hours ago

June 23, 2025

George Miller

inside-the-matrix:-a-conversation-with-everymatrix-founders-on-europe,-expansion,-and-staying-hands-on

Reading Time: 4 minutes

By Maria Emma Arnidou, Event Marketing Director at HIPTHER, for the European Gaming Media

During the recent EveryMatrix Media Day at the company’s opening of their new London office, Co-Founders Ebbe Groes (CEO) and Stian Hornsletten sat down with press to share key insights into their strategic vision. In this exclusive Q&A, we explore their views on the European Market, the evolution of EveryMatrix’s business model, leadership philosophy, and the company’s experience in the ever-evolving U.S. market.

Europe is filled with local heroes. It’s far more fragmented than most people think.

You discussed emerging markets in your presentation. What about Europe – is it considered saturated, or are there still areas of growth?

Ebbe Groes: I really don’t think Europe is saturated at all. In fact, big parts of it are still underdeveloped. Take France for example, it doesn’t allow online casino. Germany has effectively banned it. That’s two of Europe’s three largest economies where casino is either outlawed or nearly impossible. So yes, there is still plenty of room for growth.

Stian Hornsletten: And the market is getting more concentrated around a few bigger players, but even then, it’s not as centralized as in the U.S.

Ebbe Groes: Exactly. Europe is filled with local heroes. You won’t find many players dominating across the board. Kindred, Betsson – they’re strong, but when you go country by country and look at market share, the picture is very fragmented. Even with the economies of scale in marketing – say you sponsor a Premier League team – you’re still not getting the full return unless you’re present across multiple markets. That’s what makes Europe so different from the U.S., where a few big players hold all the cards.

We started with a sportsbook. Now we’re building an ecosystem.

EveryMatrix today operates across multiple verticals with a deeply diversified portfolio. Was this the vision from the start, or did it evolve as the company grew?

Stian Hornsletten: The vision definitely evolved quickly as we grew. We started with OddsMatrix, a B2B sportsbook product that was meant to be an off-the-shelf, managed solution – something that didn’t exist back then. Within a year, we had already expanded into turnkey and PAM solutions. By 2010–2011, we had launched the CasinoEngine and started specializing in product verticals.

We’ve always been very innovation-driven. We keep developing new products – some of which are still under wraps – and R&D remains one of the most exciting parts of what we do. Today, most of our top 10 clients are turnkey. While we still offer standalone modules, our growth has come from cross-vertical synergy.

Despite this scale and complexity, you both remain deeply involved in the company’s day-to-day operations. How do you manage to stay on top of everything across products, people, and processes?

Ebbe Groes: It helps that we’ve been here from the start. I wouldn’t want to be hired into this role now and try to learn everything from scratch – but I’ve had 18 years to absorb it all. We’ve built the company in a way that each vertical operates almost like its own business. For example, the sports division has its own CTO, product team, trading team, and even its own support function. That independence gives us breathing room.

It allows me to focus on high-level strategy, like acquisitions – take FSB, for instance. That required a lot of focus at the start, but eventually it will transition into the core business and require less direct involvement.

Stian Hornsletten: Over the years, we’ve also developed strong planning, reporting, and KPI structures across the business. That consistency makes it easier to monitor everything and integrate new divisions. Whether we open a new office or onboard a new team, we already have the systems in place to support them.

Ebbe Groes: And the same goes for finance and HR. When we opened the London office, the HR team already knew how to handle it – we’d opened three the year before. That kind of maturity allows us to move fast without creating chaos.

“In Europe we have 150 competitors in content; in the U.S., maybe 10.”

And what about the U.S. – a market many see as the holy grail of iGaming? What’s your current position there?

Ebbe Groes: To be honest, the U.S. was a tough lesson. We entered hoping to provide a full turnkey solution, but the market didn’t evolve the way we expected. Many well-funded B2C operators pulled out, and that left little demand for companies like us to offer the full stack. We pivoted to focus on one thing: our own gaming content.

Stian Hornsletten: We’re now live in four out of five regulated U.S. states for our own content, and we have agreements with all the major operators. Some new games from SlotMatrix are set to launch by summer, and they’ve already shown strong performance elsewhere – which gives us hope. If we manage to capture even 1–2% market share with our own content, that would already be meaningful.

But it’s been a long and costly process. Every state has its own regulatory requirements, separate hosting, and certification needs. And if one state’s not ready, operators won’t promote your games nationally. It’s frustrating, but it also reduces competition. In Europe we have 150 competitors in content; in the U.S., maybe 10. So if we can endure, there’s long-term potential.

The post Inside the Matrix: A Conversation with EveryMatrix Founders on Europe, Expansion, and Staying Hands-On appeared first on European Gaming Industry News.

Industry News

SOFTSWISS Takes Home Four Awards In One Night

Published

17 hours ago

June 23, 2025

George Miller

softswiss-takes-home-four-awards-in-one-night

Reading Time: 2 minutes

SOFTSWISS, a global provider of iGaming software solutions, has won two prestigious trophies at the EGR Marketing & Innovation Awards 2025. These recognitions come alongside two more accolades at Malta’s iGaming Excellence Awards 2025.

EGR Marketing & Innovation Awards

Hosted annually, the EGR Marketing & Innovation Awards honour the most innovative and effective campaigns and teams in online gaming. Recognising success across marketing, creative execution, customer engagement, and commercial results, the awards are regarded as one of the industry’s top accolades.

This year marks the third consecutive win for SOFTSWISS, following previous victories for its standout campaigns, Bringing the Heat in 2023 and Grab Success in 2024. The judges praised the SOFTSWISS marketing team with the Marketing Team of the Year Award for showing a clear passion for their brand and a creative use of new technologies and data analytics.

In addition to leading the team’s collective success, Valentina Bagniya, CMO at SOFTSWISS, was personally recognised as the best B2B Marketer of the Year for her role in transforming SOFTSWISS’ marketing function into a brand powerhouse.

“Thank you to the EGR jury team for this wonderful recognition. Winning Marketing Team of the Year is an extraordinary achievement that highlights our strength and dedication as a team. Additionally, receiving B2B Marketer of the Year is a deeply meaningful acknowledgement of our collective efforts,” says Valentina Bagniya. “These awards are not about individual achievements; they reflect the creativity, commitment, and passion of our entire marketing team.”

Malta’s iGaming Excellence Awards

SOFTSWISS also received major recognition at Malta’s Gaming Excellence Awards 2025. Ivan Montik, Founder of SOFTSWISS, was honoured with the Lifetime Achievement Award for exceptional contributions to the iGaming industry over the course of his career. Meanwhile, Rubens Barrichello, ex-Formula 1 pilot and Non-Executive Director in Latin America at SOFTSWISS, was named Best iGaming Influencer of the Year, celebrating his significant impact through content creation, marketing, and online presence.

Valentina Bagniya comments: “It’s significant that our colleagues Ivan Montik and Rubens Barrichello received recognition at Malta’s Gaming Excellence Awards 2025, demonstrating how our leadership vision is increasingly recognised and valued by industry professionals. Moving forward, we remain dedicated to expanding our expertise and actively contributing to the advancement of our industry.”

On 3-4 July, the SOFTSWISS team will be attending iGB Live in London, ready to share their insights and expertise with interested attendees.

About SOFTSWISS

SOFTSWISS is an international technology company with over 15 years of experience developing innovative solutions for the iGaming industry. SOFTSWISS holds a number of gaming licences and provides comprehensive software for managing iGaming projects. The company’s product portfolio includes the Online Casino Platform, the Game Aggregator with over 30,000 casino games, the Affilka Affiliate Platform, the Sportsbook Software and the Jackpot Aggregator. In 2013, SOFTSWISS revolutionised the industry by introducing the world’s first Bitcoin-optimised online casino solution. The expert team counts over 2,000 employees.

The post SOFTSWISS Takes Home Four Awards In One Night appeared first on European Gaming Industry News.

Latest News

New Global Sport Conference 2025 Announces Official Theme and First Leadership Speaker Lineup

Published

17 hours ago

June 23, 2025

George Miller

new-global-sport-conference-2025-announces-official-theme-and-first-leadership-speaker-lineup

Reading Time: 3 minutes

“The Next Game – Building the Future of Gaming, Esports, and Sports” sets the stage for a gathering of global decision-makers in Riyadh, Saudi Arabia from August 23-24

Executives from Sony, Activision, SEGA, Bandai Namco, Disney, and LA28 to participate in flagship event at the intersection of sport, esports, gaming, and entertainment.

The Esports World Cup Foundation (EWCF) has officially announced the theme and the first speaker lineup for the New Global Sport Conference (NGSC2025), the leading B2B platform for decision-makers across sports, esports, gaming, and entertainment. Held on 23–24 August 2025 at the Four Seasons Hotel in Riyadh, NGSC2025 will take place during the Closing Weekend of the Esports World Cup 2025, the world’s largest esports event.

This year’s official theme is “The Next Game – Building the Future of Gaming, Esports, and Sports,” reflecting the rapid convergence of competitive gaming and global sports. The New Global Sport Conference is the flagship event of the Esports World Cup Foundation, designed as the premier global forum where these worlds intersect, and built for leaders focused on the future and committed to meaningful strategic collaboration.

As part of its 2025 programme, EWCF has confirmed the first group of speakers and participating brands representing the forefront of industry innovation and leadership:

HRH Prince Faisal Bin Bandar Bin Sultan – President, Saudi Esports Federation
HRH Prince Fahad bin Mansour bin Nasser Al Saud – President, Saudi G20 Young Entrepreneurs Alliance & Founder of Entrepreneurship Vision (NGO)
Ralf Reichert – Chief Executive Officer, Esports World Cup Foundation
Casey Wasserman – Chairman, LA28
Peter Moore – Owner, Santa Barbara Sky FC & Former Liverpool FC CEO
Toshimoto Mitomo – Chief Strategy Officer, Sony
Brian Ward – Chief Executive Officer, Savvy Games Group
Joshua Taub – Chief Operating Officer, Activision
Shuji Utsumi – President, SEGA
Katsuhiro Harada – Executive Game Director & Chief Producer, Bandai Namco Entertainment
Magnus Carlsen – World Chess Champion
Danny Tang – Co-Founder & Chief Executive Officer, Hero Esports
Taewon Yun – Senior Vice President & Head of Game Strategy, NCSOFT
Jan Alessie – Co-Founder & Managing Director, World Football Summit
Je Alipio – Director & Head of Business Development (Games) APAC & MENA, Disney
Marat Karpeko – Partner, NVO Capital
Jens Hilgers – Founding General Partner, BITKRAFT Ventures
Pete Radovich – Vice President of Production & Senior Creative Director, CBS Sports
Bruce Stein – Co-Founder, aXiomatic
Kartik Prabhakara – Founding Partner, Aream & Co
Michael Murray – Producer, Bandai Namco Entertainment
Mike McCabe – Chief Operating Officer, Esports World Cup Foundation
Faisal Bin Homran – Chief Product Officer, Esports World Cup Foundation
Fabian Scheuermann – Chief Games Officer, Esports World Cup Foundation
Mohammad Al Nimer – Chief Commercial Officer, Esports World Cup Foundation

Ralf Reichert, CEO of the Esports World Cup Foundation, said, “The 2025 edition of the New Global Sport Conference arrives at a moment of unprecedented change and opportunity for competitive gaming. As the boundaries between sports, esports, entertainment, and technology dissolve, this event becomes the premier global stage for leaders to explore new horizons and create groundbreaking collaborations. At NGSC2025, we’ll challenge conventional ideas, pioneer innovative business models, and unlock powerful possibilities in storytelling and competition. Together, we define the next chapter of how the world plays, competes, and connects.”

The New Global Sport Conference will bring together 1,500 industry leaders and decision-makers from across sports, esports, gaming, and entertainment. The curated programme, featuring world-class experts, challengers, and disruptors through keynotes, panels, strategic roundtables, and private forums, will drive transformative global initiatives and foster collaboration on the growth and future of these dynamic industries.

Additional speakers and full programming details will be announced in the coming weeks.

The post New Global Sport Conference 2025 Announces Official Theme and First Leadership Speaker Lineup appeared first on European Gaming Industry News.