Latest News
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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Austria
Landmark Player Refund Ruling Threatens Curacao
The sprawling tendrils of the player refund drama look to finally have ensnared Curacao, much in the way they have imperilled Malta for the past few years, after a local court ruled that a refund owed to a player in Austria must be paid by an operator based on the Caribbean island.
Experts believe the ruling marks a turning point for Curacao in the long-running player refund saga — the attempts by players to reclaim all of their losses from offshore operators in European grey markets.
Last week, the highest legal authority of the Dutch Caribbean islands — The Joint Court of Justice of Aruba, Curaçao, Sint Maarten, and of Bonaire, St. Eustatius and Saba — found in favour of an Austrian gambler.
The individual had originally won their case back in 2023, when an Austrian court ruled that she was entitled to all of the €25,518.42 lost to Raging Rhino N.V., which operates the brand LuckyDays.
This ruling is just one of thousands that have been issued in Austria and Germany over the past five years, with hundreds of millions of euros in refunds either already paid out via judgements and settlements or, more likely, blocked by gambling-friendly jurisdictions.
For the most part, this wave of pro-player judgements has created issues for Malta, where a larger number of current and former grey market gambling providers are headquartered.
That ultimately led to the infamous Bill 55, a piece of legislation which empowers judges in Malta to block rulings from foreign courts against local gambling companies, on the grounds that permitting the refunds to go ahead would violate the country’s public order.
Bill 55 remains highly controversial and is coming under sustained pressure from a series of cases currently being heard before the Court of Justice of the European Union (CJEU).
Order maintained
Curacao has also traditionally offered a friendly environment for online gambling operators, albeit with a considerably more tarnished reputation than Malta.
So it has come as a surprise to many observers that judges in the Raging Rhino case have ultimately sided with lawyers attempting to transfer a refund judgement from Austria.
According to reports in the Curacao Chronicle, Raging Rhino attempted to match the Maltese defense, arguing that allowing the refund to go through would violate Curacao’s public order
Judges also refused to allow the gambling company to re-litigate the case in any way, asserting that their task was simply establishing whether the foreign judgment could be safely recognised in Curacao.
Raging Rhino were also ordered to pay €2,286.72 in legal costs, the Chronicle said.
A tipping point
Although the volume of cash involved in this case is relatively minor, it represents the tip of a potentially vast iceberg that could cost operators in Curacao huge sums.
Lawyers and litigating funding companies have spent years finding potential clients and buying up claims from anyone who gambled in Austria and Germany with an operator without a local licence.
That includes plenty of gambling companies in Curacao, which has long hosted a bustling offshore gambling community.
Until recently, that sector was almost completely hidden by opaque layers of regulation, however recent reforms on the island have forced operators to apply for new licence and, in so doing, join a public register that displays their status.
According to that register, Raging Rhino’s Curacao licence expired on March 26, but it has an application which is currently being assessed.
Although this new era of transparency remains the target of criticism, last week’s ruling demonstrates that forcing companies out into the open is also opening them up to greater legal risk.
The Raging Rhino judgement is blood in the water for the many legal teams and litigating funding firms that have hundreds, if not thousands, of player refund cases on their books.
With major support from Malta, lawyers representing gambling companies have been fairly successful in protecting their clients, following an initial wave of settlements.
Although the tide may be gradually turning against the industry, thanks to the CJEU, pro-industry lawyers still believe that player lawyers who have spent considerable sums acquiring claims are desperate to find ways to generate income while they remain stymied by Bill 55.
A weak point in the armour of Curacao operators, who have for so long resisted any international enforcement, is likely to spur a flurry of new claims and attempts to have judgments transferred from Germany and Austria.
At least one expert in online gambling law believes that this judgment will effectively end all operations in Germany and Austria for Curacao-based companies.
This would mirror the experience of Malta, which saw its local operators pushed out of Austria by the threat of refund judgments.
Maltese firms that chose not to apply for an online slots or betting licence have also exited Germany.
With judges having established a precedent that European refund judgments can be transferred to Malta, a wave of similar cases is sure to follow, raising serious questions about the status of Curacao as a haven for the offshore online gambling industry.
The post Landmark Player Refund Ruling Threatens Curacao appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Latest News
Loud Launches, Quiet Exits Why Partner Culture Outlasts Partner Acquisition
London is a city built on institutions that never needed to announce themselves. The law firms on Chancery Lane, the private clubs in St. James’s they endure not through attention, but through trust accumulated over decades. Quietly. Consistently. Without a rebrand every two years. Which makes London an interesting backdrop for the affiliate industry’s annual conversation with itself. Because iGaming, by contrast, has mastered the art of attention.Conference floors are fluent in volume: oversized visuals, stacked merchandise, account managers with pitch decks and a practiced sense of urgency. Every programme is premium. Every stand is exclusive. What it rarely produces is what the spreadsheet actually needs: long-term ROI, partner retention, relationships worth more in year three than month one.
The Market Learned to Perform Premium. It Forgot to Practice It.
When an entire market adopts the same vocabulary premium, VIP, exclusive, top-tier the signal stops carrying information. The gifting mechanics follow the same logic: items chosen for the photograph rather than the relationship. With this approach the partner is the audience, not the counterpart.
The structural problem is this: markets that compete on noise attract partners who respond to noise, and lose them the moment a louder offer comes along. Attention is not loyalty. Activation is not retention.
High-performing affiliate partnerships share a different architecture: predictability over promises, honest communication over promotional language, consistency whether a relationship is new or years old. Strong partners don’t leave for marginal CPA improvements when the relationship itself has value they’d be giving up. That dynamic reduces churn, extends LTV, and compounds over time in ways no single activation can replicate.
Manor as Model: The Economics of Restraint
PlayamoPartners’ presence at iGB London stand H-60, 1–2 July operates on this logic. The Manor concept takes the British manor as its central metaphor: not a venue, but a model of relationships. There is an etiquette, a code, standards that everyone inside understands. Membership implies alignment.
The aesthetic is restraint. The underlying logic is economic. Trust, in this industry, has a measurable ROI that most programmes never stop to calculate because they’re too busy announcing it.
The Code of Honor: Giving the Industry Its Memory Back
At the centre of the Manor experience is a physical book not a lookbook or catalogue, but a Code of Honor: partner feedback, written by partners themselves, accumulated across events and years. A physical record implies that what partners say is worth keeping in a form that persists that the relationship has a history worth preserving.
The iGaming industry has become extremely efficient at forgetting. Campaigns replace campaigns. Account managers cycle through. Programmes pivot quarterly. The Code of Honor is a deliberate counter to that tendency. It treats reputation not as a marketing asset but as something that grows through repeated honest interaction. An archive of trust, built over time.
Recognition Over Raffle
Partners who contribute to the Code of Honor become eligible for recognition items including a MacBook Neo 13, iPhone Air, and iPad Air. Come by on 02.07 at 14 o’clock and collect your prize.
The framing matters. These are not raffle prizes. Recognition is relational: you are who you are, and that is acknowledged. One is a CPA model applied to gifting. The other is how relationships between people who respect each other actually function.
The partners the Manor is designed for are not the ones who show up for a giveaway they’re the ones who show up to engage, to leave something of their own behind, to participate in the ongoing record of what this programme is.
Continuity of Standards
This approach isn’t new for PlayamoPartners. Past recognition has included Samsonite, Hugo Boss, TAG Heuer, Cartier, YSL. At iGB London, partners at H-60 will find Cartier wallets and MacBooks among the acknowledgements.
Premium gifting delivered consistently, to partners aligned with programme standards, across multiple years and conferences, reads differently from a one-time budget line. It signals a stable set of values with no particular need for an audience.
What Remains After the Conference Floor Clears
Rates, tools, tracking platforms are table stakes. Any serious programme can match them within a quarter. What cannot be quickly replicated is culture: honest communication, payments that arrive without chasing, account managers who know your business well enough to have an opinion about it.
Manor of PlayamoPartners arrives at iGB London not as an activation, but as a position. Behind it: a system, a reputation, a code of conduct that predates this event and will outlast it.
Stand H-60 | 1–2 July | iGB London
Contact the team:
- Edgar @Nertevics — CEO, PlayamoPartners
- Slava @AMOSLAVA — Affiliate Manager Team Lead
- Anna @anna20bet — Affiliate Manager
- Andrey @Andrey_playamo — Affiliate Manager
- Barbara @BarbaraPlayamoPartners — Affiliate Manager
The post Loud Launches, Quiet Exits Why Partner Culture Outlasts Partner Acquisition appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Asia
PhilWeb Showcases Technology-Driven Growth Vision at SiGMA Asia 2026
PhilWeb Corporation has reinforced its position as a technology-driven company at SiGMA Asia 2026, highlighting its continuing transformation through digital innovation, scalable platform solutions and strategic technology investments aligned with the rapidly evolving digital economy in Asia.
As one of the Philippines’ established technology and platform providers, PhilWeb participated in SiGMA Asia 2026 to showcase its long-term vision centered on digital infrastructure, operational scalability, customer engagement technologies and future-ready platform development. The company’s presence at the international event reflects its broader strategy of strengthening its role within the growing technology, digital entertainment and fintech ecosystem in the region.
With more than 25 years of operational experience, PhilWeb continues to evolve alongside changing market demands and technological advancements. Over the years, the company has steadily expanded its capabilities through investments in platform modernization, integrated digital systems, payment technologies and data-driven operational tools designed to support scalable and efficient business operations.
As industries across Asia continue to undergo digital transformation, PhilWeb sees increasing opportunities in technology-enabled ecosystems where connectivity, automation, customer experience and operational efficiency play increasingly important roles in long-term business growth.
At SiGMA Asia 2026, the company highlighted initiatives focused on strengthening its digital ecosystem through improved platform capabilities, enhanced payment integration infrastructure and technology solutions designed to support seamless experiences across both physical and digital customer environments.
PhilWeb also emphasised the growing importance of integrated platforms and scalable digital operations as consumer behaviour continues to shift toward more connected and technology-driven experiences. The company continues to adapt to these evolving trends by exploring innovations that improve accessibility, operational flexibility and customer engagement.
Participation at SiGMA Asia 2026 also provided PhilWeb with opportunities to engage with international technology firms, fintech companies, digital infrastructure providers, payment solutions companies and regional business partners as it continues to strengthen its long-term growth strategy.
Beyond technology expansion, PhilWeb continues to prioritise governance, compliance-driven systems, operational transparency and sustainable business.
The post PhilWeb Showcases Technology-Driven Growth Vision at SiGMA Asia 2026 appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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