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Sportradar Reports Strong Growth In First Quarter 2022

Overall revenue increased 31%; U.S. revenue increased 124% year over year
Company reiterated annual outlook for fiscal 2022 projecting strong annual revenue growth of 18% to 25%
Sportradar Group AG, the leading global technology company 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 first quarter ended March 31, 2022.
First Quarter 2022 Highlights
- Revenue in the first quarter of 2022 increased 31% to €167.9 million ($186.4 million)1 compared with the first quarter of 2021, driven by strong growth across all business segments. In particular, the U.S. segment revenue grew by 124% to €25.7 million ($28.5 million) compared with the first quarter of 2021.
- Adjusted EBITDA2 in the first quarter of 2022 decreased 5% to €26.7 million ($29.6 million)1 compared with the first quarter of 2021 primarily due to higher costs associated with being a public company as well as reversal of certain temporary COVID-19 related cost savings versus the first quarter of 2021.
- Adjusted EBITDA margin2 was 16% in the first quarter of 2022, compared with 22% over the prior year period.
- Adjusted Free Cash Flow2 in the first quarter of 2022 increased by 100% to €12.9 million, compared with the prior year period. The resulting free cash flow conversion2 was 48% in the quarter.
- Strong Net Retention Rate2, based on the last twelve months, increased to 121% at the end of the first quarter of 2022 compared with 107% the same period in 2021 highlighting the continued success of the Company’s cross-sell and upsell strategy across its global customer base.
- Cash and cash equivalents totaled €715.5 million as of March 31, 2022. Total liquidity available for use at March 31, 2022, including undrawn credit facilities was €825.5 million.
- The Company reiterated its previously provided annual outlook for full-year 2022 for revenue and Adjusted EBITDA2. Please see the “Annual Financial Outlook” section of this press release for further details.
Key Financial Measures | Q1 | Q1 | Change | |
In millions, in Euros € | 2022 | 2021 | % | |
Revenue | 167.9 | 128.5 | 31% | |
Adjusted EBITDA2 | 26.7 | 28.2 | (5%) | |
Adjusted EBITDA margin2 | 16% | 22% | – | |
Adjusted Free Cash Flow2 | 12.9 | 6.5 | 100% | |
Free Cash Flow Conversion2 | 48% | 23% | – |
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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 March 31, 2022, which was €1.00 to $1.11.
2 Non-IFRS financial measure; see “Non-IFRS Financial Measures and Operating Metrics” and accompanying tables for further explanations and reconciliations of non-IFRS measures to IFRS measures.
Carsten Koerl, Chief Executive Officer of Sportradar said: “Our fiscal 2022 is off to a fast start, with core, high-margin betting products driving growth around the world. Our U.S. business continues its tremendous growth story as more states legalize and sports betting becomes live, mainstream entertainment. As the market leader, our technology and data-driven insights continue to transform the converging media, entertainment and sports industries and fuel our consistent and long-term profitable growth story.”
Segment Information
RoW Betting
- Segment revenue in the first quarter of 2022 increased by 25% to €86.7 million compared with the first quarter of 2021. This growth was driven primarily by increased sales of our higher value-add offerings including Managed Betting Services (MBS) which increased 51% to €26.4 million and Live Data/ Odds Services, which increased 16% to €46.8 million. MBS growth is attributable to increased turnover3 and Live Data/ Odds Services grew as a result of upselling content to existing customers. MBS includes Managed Trading Services (MTS) and Managed Platform Services (MPS). Additionally, increased content sales from the Synergy acquisition contributed to the growth.
- Segment Adjusted EBITDA2 in the first quarter of 2022 increased by 13% to €44.6 million compared with the first quarter of 2021. Segment Adjusted EBITDA margin2 decreased to 51% from 57% in the first quarter of 2021 driven by temporary savings in sport rights and scouting costs in the prior year related to the COVID-19 pandemic as well as acquisition of new sport rights.
RoW Audiovisual (AV)
- Segment revenue increased in the first quarter of 2022 by 17% to €45.9 million compared with the first quarter of 2021. This growth was primarily a result of increased content from Tennis Australia and the National Hockey League (NHL) as well as upselling content from the Synergy acquisition.
- Segment Adjusted EBITDA2 in the first quarter of 2022 was flat at €8.9 million compared with the first quarter of 2021. Segment Adjusted EBITDA margin2 decreased to 19% from 23% compared with the first quarter of 2021 primarily due to higher sports rights costs driven by the easing of the COVID-19 pandemic versus prior year, and acquisition of new sports rights.
United States
- Segment revenue in the first quarter of 2022 increased by 124% to €25.7 million compared with the first quarter of 2021. This growth was driven by increased sales of U.S. Betting services primarily as a result of new states legalizing betting. We also experienced growth from increased sales to media companies and a positive impact from the acquisition of Synergy Sports.
- Segment Adjusted EBITDA2 in the first quarter of 2022 was (€6.4) million compared with the first quarter of 2021 of (€3.6) million, primarily due to increased investment in the Company’s league and team solutions focused business. Segment Adjusted EBITDA margin2 improved to (25%) from (32%) compared with the first quarter of 2021 reflecting an improvement in the U.S. segment operating leverage.
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2 Non-IFRS financial measure; see “Non-IFRS Financial Measures and Operating Metrics” and accompanying tables for further explanations and reconciliations of non-IFRS measures to IFRS measures.
3 Turnover is the total amount of stakes placed and accepted in betting.
Costs and Expenses
- Personnel expenses in the first quarter of 2022 increased by €13.7 million to €52.3 million compared with the first quarter of 2021 primarily resulting from additional hires in the Company’s product and technology organizations across high and low-cost locations. Employee headcount increased by 620 to 3,075 full time employees at the end of the first quarter of 2022 compared with the first quarter of 2021.
- Other Operating expenses in the first quarter of 2022 increased by €5.0 million to €19.5 million compared with the first quarter of 2021 mainly driven by higher costs associated with being a public company, and the reversal of temporary COVID-19 related cost savings versus the prior year.
- Total Sport rights costs in the first quarter of 2022 increased by €13.1 million to €54.0 million compared with the first quarter of 2021, primarily resulting from new rights for 2022 for ICC, UEFA, ATP and a normalized schedule in sports such as NBA, NHL and MLB, as COVID-19 pandemic restrictions eased.
Recent Business Highlights
- In April 2022, Sportradar acquired Vaix, a pioneer in developing AI solutions for the iGaming Industry. Vaix’s innovative AI technology allows betting and gaming operators to gain a personalized view of their customers, which provides a more targeted, player-friendly experience. Sportradar has partnered with Vaix previously and incorporated its technology into its Managed Trading Services (MTS) offering. Sportradar’s MTS solution is a sophisticated trading, risk, live odds and liability management offering that helps betting operators boost margins and profits, while increasing efficiency and managing risk.
- Sportradar was awarded a supplier registration for online/mobile wagering in Ontario. With this registration for online/mobile wagering from the Alcohol and Gaming Commission of Ontario, Sportradar now holds over 36 licenses in North America across states, territories, tribes, and Canada. Additionally, Sportradar Integrity Services and the Canadian Hockey League announced a multi-year education and bet monitoring services agreement. This new relationship increases Sportradar Integrity Services’ portfolio of ice hockey partners to nine different leagues and federations around the world and strengthens its leadership position across North American sports leagues.
- The Company continued to strengthen its U.S. leadership by appointing former Fiserv executive Michael Gandolfo as Group Head, Regional Sales. Gandolfo led Fiserv’s Large Financial Institution Sales and Service Team, responsible for over 300 top financial institutional clients.
- Norwegian state gaming operator, Norsk Tipping, will deploy Sportradar’s internet-based Self-Service Betting Terminal (iSSBT) into 245 retail outlets across Norway to support the gaming operator’s growth. iSSBT is deployed in over 500 retail outlets, enabling Norsk Tipping to establish a mobile-first and online digital strategy, along with a retail presence.
- Sportradar continued to advance its mission to detect, investigate and prevent betting-related match-fixing, doping and other threats to the integrity of sport by announcing a multi-year integrity partnership with NASCAR, an expansion of a previous agreement to provide bet monitoring and reporting with its Universal Fraud Detection System (UFDS), launching a Sportradar Integrity Exchange, a network that enables bookmakers to report suspicious betting activity and extended its work with the Austrian Federal Criminal Police on anti-doping.
- The Company also announced that it will act as an advisor to Bowl Season on the sports betting space in a responsible manner, with a focus on educating the organization’s membership on the rapidly evolving world of sports betting, as well as the opportunity to expand the scope to include Sportradar’s Integrity Services.
Annual Financial Outlook
Sportradar is reiterating its outlook for fiscal 2022 provided on March 30, 2022 as follows:
- Revenue is expected to be in the range of €665.0 million to €700.0 million ($738.2 million to $777.0 million)1, representing growth of 18% to 25% over fiscal 2021.
- Adjusted EBITDA2 is expected to be in the range of €123.0 million to €133.0 million ($136.5 million to $147.6 million)1, representing growth of 21% to 30% over fiscal 2021.
- Adjusted EBITDA margin2 is expected to be in the range of 18.5% to 19.0%, an improvement over the prior year.4
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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 March 31, 2022, which was €1.00 to $1.11.
2 Non-IFRS financial measure; see “Non-IFRS Financial Measures and Operating Metrics” and accompanying tables for further explanations and reconciliations of non-IFRS measures to IFRS measures.
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Australia
RTG Announces Evive Australia as the First Innovation to Take the Stage at Pitch!

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Regulating the Game (RTG) has announced Evive Australia as the first innovation to take the stage at Pitch! – part of the annual RTG gathering in Sydney in March.
The event will take place at the famous Sydney Opera House on 9 March 2026, as part of the sixth edition of the international regulatory and industry conference.
Evive is an app designed to help people change how they play or seek support for gambling harms. Created by Sam DeMello, a tech specialist drawing on his lived experience of gambling harm, and supported by Jay Robinson, a safer-gambling expert with over two decades of harm-minimisation and prevention experience, Evive Australia aims to deliver personalised tools, resources and pathways for anyone seeking to reduce risk or access help.
“Evive brings together real-world experience, clinical expertise and technology to create an accessible and credible platform for change. Pitch! was conceived to spotlight exactly these kinds of innovations – ideas that challenge convention, improve safeguards and reimagine the future of regulation and industry practice,” said Paul Newson, Principal at Vanguard Overwatch and founder of Regulating the Game.
“Evive isn’t just another app, it’s a bridge between lived experience, behavioral science and practical support. It shows that compliance and compassion can coexist, and when they do, everyone benefits. The app gives regulators and operators confidence in credible harm reduction tools, while giving people a safe, stigma free path to change,” Robinson said.
The post RTG Announces Evive Australia as the First Innovation to Take the Stage at Pitch! appeared first on European Gaming Industry News.
bet365
Hacksaw Gaming Goes Live with bet365 Brazil

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Celebrating yet another market expansion together, Hacksaw Gaming and bet365 are now live in Brazil, via Light & Wonder.
Currently sporting their very own superhero in the form of the branded Spinman slot, bet365 Brazil users can look forward to an array of Hacksaw Gaming slots becoming available very soon.
Hacksaw and bet365 already boast a long-standing partnership, with content live in a notable amount of markets, including Mexico, Ontario and the UK. This is yet another standout go-live that highlights both their relationship and their shared ambition of bringing innovative, quality content to users worldwide. By continuing to expand alongside industry leaders like bet365, Hacksaw reinforces its commitment to delivering boundary-pushing content to players worldwide, while strengthening its position as a key supplier in regulated markets.
A spokesperson at bet365 said: “We’re thrilled to extend our partnership with Hacksaw Gaming into the Brazilian market. Our players are always looking for fresh and engaging content, and Hacksaw’s portfolio has proven time and again to deliver exactly that. We’re confident this expansion will be a big hit with our growing audience in Brazil.”
Marcus Cordes, Operational CEO of Hacksaw Gaming, said: “Going live with bet365 in Brazil is a proud moment for us. Latin America is a key growth region for our industry, and to expand with one of the biggest names in the industry showcases the strength of our content and the trust we’ve built through our partnership. We look forward to entertaining new players with our unique and innovative titles.”
The post Hacksaw Gaming Goes Live with bet365 Brazil appeared first on European Gaming Industry News.
Africa
Shacks Evolution Announce Strategic Partnership with Moja Group

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Shacks Evolution Studios, a leader in mobile-first gaming innovation, has announced a strategic partnership with Moja Group Inc., the parent company of Mojabet, one of Africa’s top online betting platforms.
This collaboration aims to redefine Africa’s iGaming experience through locally inspired, high-performance digital entertainment. As part of this partnership, Shacks Evolution Studios is launching two exclusive instant games: Mojawheel and Moja Citadel fully customised for Mojabet users.
These titles will be accompanied by a broader rollout of Shacks Evolution’s instant games portfolio, now accessible to audiences across multiple African markets.
“At Shacks Evolution Studios, we believe in creating games that resonate with the environment and culture of the people playing them. This partnership with Moja Group allows us to bring cutting-edge gameplay to millions while staying true to the realities of Africa’s digital landscape, including low network availability and diverse cultural tastes,” said Kwame Mensah, CEO of Shacks Evolution Studios.
“This collaboration is about more than just gaming, it’s about celebrating African creativity and delivering world-class entertainment with a local touch. By working closely with Shacks Evolution Studios, we are offering our Mojabet users something truly unique, games that feel like they were made just for them,” said Amina Diallo, Chief Marketing Officer at Moja Group Inc.
The post Shacks Evolution Announce Strategic Partnership with Moja Group appeared first on European Gaming Industry News.
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