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Sportradar Reports Strong Growth In First Quarter 2022

Published

4 years ago

May 18, 2022

Reading Time: 6 minutes

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.

iGP

TaDa Gaming Announces New Partnership with iGP

Published

28 minutes ago

May 11, 2026

Wladimir P.

tada-gaming-announces-new-partnership-with-igp

TaDa Gaming has announced a new partnership with full service B2B iGaming technology provider, iGP.

The new deal will enable more players in multiple European facing markets to access TaDa’s award-winning casino content, including latest release 3 Lightning Blitz, part of its “triple pots” Triluck slots series.

With a portfolio comprising 230+ titles across genres, four new releases added monthly and an award-winning suite of gamification tools, TaDa’s brand is well-known for its innovative approach, especially through its unique, multiplayer fish-shooting games.

Founded in 2016 and headquartered in Malta, iGP has built a reputation for turnkey platform solutions, game aggregation and enterprise lottery. It recently introduced VIBE (Value Incentive Bonus Engine), its all-in-one-place loyalty and retention tool.

iGP is purely a B2B provider ensuring full alignment with operator partners. GLI-19 certified, the platform is built on modern architecture designed to enable a clear focus on delivering operator control and growth, fast market entry, scalable infrastructure and real-time data intelligence across markets.

Ray Lee, Director of Business Development at TaDa Gaming, said: “TaDa’s successful growth has come through strategic partnerships with a wide network of proven operators alongside our expertly localised and immersive content. Choosing the right partner fit is critical and we are delighted to have found that in iGP. We look forward to working together.”

Jovana Popovic Canaki, CEO of iGP, said: “iGP’s evolution in iGaming continues and through partnerships like this, we can expand the offer to match industry and operator needs. TaDa’s individual style and proven performance more than align with those demands and we are happy to be onboard with them.”

The post TaDa Gaming Announces New Partnership with iGP appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Apple

Brazil’s regulated betting market faces its most turbulent week since launch

Published

28 minutes ago

May 11, 2026

GamingAmericas.com

brazil’s-regulated-betting-market-faces-its-most-turbulent-week-since-launch

From App Store access to police budget disputes, four developments this week reshaped the regulatory and commercial landscape for licensed operators in Brazil

One in ten Brazilian teenagers bet on licensed platforms in 2025

A study commissioned by identity verification platform Unico and conducted by Ipsos with 1,200 young Brazilians between the ages of 10 and 17 revealed that 11% of that population placed bets on betting platforms during 2025.

The highest concentration occurred in the final four months of the year, when 9% of respondents reported having wagered. The data was first reported by Estadão.

The numbers are concentrated in the older age groups and among male respondents. Among boys aged 16 and 17, 20% said they had placed bets online at some point.

Among girls aged 14 and 15, the figure was 14%, more than three times the rate recorded among girls aged 10 to 13, where 4% reported accessing betting platforms or games such as “tigrinho.”

The findings are significant not because they point to failures in the regulated market, but because they highlight what lies beyond it.

Brazil’s licensed operators have been required since January 2025 to implement real-time facial recognition as part of their Know Your Customer procedures, making it virtually impossible for anyone under 18 to register on an authorised platform.

Pix transactions are restricted to accounts matching the platform registration, closing off the use of parents’ credentials.

Operators found in breach face fines of up to R$2 billion and licence revocation.

Luis Felipe Monteiro, CEO for Latin America at Unico, identified the core vulnerability.

“The main challenge today is that much of the internet still operates under fragile age verification mechanisms, based only on self-declaration.

In practice, clicking a button saying ‘I am over 18’ is enough to access different types of content or services,” he says.

Curiosity was the primary reason cited by young respondents for placing bets, mentioned by 41%.

The prospect of easy money was cited by 34%, while the influence of content creators registered at just 9% , a figure that complicates the prevailing narrative around influencer-driven gambling among minors.

The regulatory framework is tightening further.

Brazil’s Digital Child and Adolescent Statute, in force since March 17, requires digital platforms to implement mechanisms to prevent excessive or compulsive use among young people, a provision that explicitly covers betting and digital gaming.

Apple opens the App Store to licensed betting operators in Brazil

In a development the industry had been pushing for since the regulated market launched, Apple updated its App Store policies on May 8 to allow the distribution of fixed-odds betting applications in Brazil.

The change applies exclusively to operators holding a valid licence issued by the Secretariat of Prizes and Betting of the Ministry of Finance.

The move ends a period in which the iOS ecosystem maintained stricter restrictions for betting apps in the Brazilian market than in comparable regulated markets in Europe.

Those limitations had pushed licensed operators to prioritise mobile web versions and Progressive Web Apps over native applications, a structural disadvantage in a market where smartphones are the primary access point for bettors.

For operators seeking to list their applications, Apple has established a specific review process. Submitting updated app information in App Store Connect without uploading a new version will not trigger a review.

Developers must include Brazilian licence details in the App Review Information section, insert the information in the Notes field and attach supporting documentation confirming operational authorisation.

Applications classified as gambling content must carry an 18+ age rating in Brazil, applied automatically when developers confirm gambling content in the age rating questionnaire.

Apple’s guidelines state that applications must comply with all disclosure and notice requirements under Brazilian law, including age restrictions and gambling risk warnings.

Developers are directed to consult legal counsel on their specific obligations.

The industry’s reading of the update is clear: it represents international recognition of Brazil’s regulatory framework by one of the world’s largest technology companies.

The practical implications extend across commercial strategy.

Mobile already accounts for the dominant share of user access in Brazil, and the availability of native iOS applications opens new possibilities for conversion optimisation, user retention, CRM strategies and push notification campaigns, tools that web-based solutions cannot fully replicate.

The update brings Brazil closer to the operating conditions of established regulated markets in Europe, where licensed operators have long distributed native applications through official mobile ecosystems without restriction.

The full update is available on the Apple Developer News portal.

Brazil’s betting regulator takes the national experience to Bogotá

Daniele Cardoso, Secretary of Prizes and Betting at Brazil’s Ministry of Finance, represented the country at the 10th Ibero-American Gaming Summit, which concluded on May 6 in Bogotá, Colombia.

The event, held under the theme “Latin America: a regulated market driving opportunities,” brought together authorities and representatives from 15 Ibero-American countries alongside global companies and industry associations.

The host institution was Coljuegos, the Colombian gaming regulator linked to the Ministry of Finance and Public Credit.

Cardoso participated in the panel “Regulation and Licensing in Latin America: the stability framework,” where she outlined the trajectory of Brazil’s regulatory process and the challenges of building a framework for a market already in full operation at the time the rules were being written.

She traced the legal foundation from Law 13.756/2018 through to Law 14.790/2023, which established the fixed-odds betting regulatory regime, defining the rules for market entry and permanence, the sanctions process, consumer protection measures and mechanisms to address the negative externalities of the activity.

“Participating in international meetings allows us to learn from the experiences of other countries, exchange good practices and improve legal and technological regulatory tools,” Cardoso said.

“This contributes to a safer, more transparent and better protected environment for the bettor.”

The panel also included:

Luis Filipe Coelho, director of the Gaming Regulation and Inspection Service of Portugal;
José Luis Pérez, director of Regulation and Registration at Peru’s General Directorate of Casino Games and Slot Machines;
Juan Carlos Santaella Marchán, director of Puerto Rico’s Gaming Commission;
Maria de Lourdes Ramírez, General Director of Games and Lotteries of Mexico;
Marco Emilio Hincapié, president of Coljuegos.

A second panel, focused on responsible gambling as a long-term business sustainability driver, addressed consumer protection as a central pillar of industry operations, with emphasis on the implementation of policies and tools capable of ensuring the viability of the business model while prioritising client protection.

Brazil’s presence in Bogotá reflects the growing weight the country carries in regional regulatory conversations.

With one of the most comprehensive licensing frameworks in Latin America now in its second year of operation, Brazilian regulators are increasingly sought as reference points by counterparts across the region.

Police forces dispute control of betting tax revenues as provisional measure creates internal friction

A provisional measure signed by President Luiz Inácio Lula da Silva in early April has generated significant tension within Brazil’s federal security forces over the distribution of revenues derived from fixed-odds betting taxation.

The measure directs up to R$200 million to the Fund for Equipment and Operationalisation of the Federal Police’s Core Activities, known by its Portuguese acronym Funapol, with the stated objective of covering health benefits for officers across three federal police forces: the Federal Police, the Federal Highway Police and the Federal Penitentiary Police.

The political framing presented the measure as a shared victory for all three forces.

The legal reality is more complicated. Funapol is structurally and exclusively linked to the Federal Police.

The provisional measure contains no legal guarantee that the funds will be distributed proportionally among the three institutions, a gap that has generated sustained concern within the Federal Highway Police and Federal Penitentiary Police, according to CNN Brasil.

The background to the measure matters.

The government had originally pursued a Constitutional Public Security Fund as the vehicle for this funding, but that project stalled in Congress with insufficient time for approval before electoral legislation restrictions came into force.

The provisional measure , which carries immediate legal force, was the alternative solution. It resolved the bureaucratic obstacle without resolving the underlying dispute over distribution.

The model established by the measure provides for the government to transfer, progressively through 2028, up to 3% of total fixed-odds betting tax revenues to Funapol.

With Brazil’s regulated market recording a GGR of R$37 billion in 2025, the potential scale of those transfers is substantial.

Congressional allies of the Federal Highway Police and Federal Penitentiary Police have responded by introducing amendments seeking to broaden the scope of distribution and prevent the Federal Police from being the sole beneficiary.

The dispute has transformed the measure’s passage through Congress into a legislative battleground, with both forces maintaining active lobbying operations in Brasília to secure equal treatment.

For the betting industry, the episode illustrates a dynamic that has become increasingly visible since the market launched: tax revenues from licensed operators are now large enough to attract political competition over their allocation, a development that underlines both the scale the regulated market has reached and the institutional complexity of managing it.

The post Brazil’s regulated betting market faces its most turbulent week since launch appeared first on Americas iGaming & Sports Betting News.

AB Trav och Galopp

Richard Woodbridge Elected to ATG Board of Directors

Published

1 hour ago

May 11, 2026

Wladimir P.

richard-woodbridge-elected-to-atg-board-of-directors

At the Annual General Meeting of AB Trav och Galopp (ATG) on Thursday, May 7, 2026, Richard Woodbridge, CEO of Scandinavian Heritage AB, was elected as a new independent member of ATG’s board. He succeeds Mårten Forste, who left the board at the end of 2025.

“We welcome Richard to ATG’s board. His solid experience from the gaming market will add significant value to the board’s work,” said Peter Norman, chairman of ATG.

“I am pleased and grateful for the trust in me to take a seat on ATG’s board. ATG is a very strong company and brand with an important role in both gaming and horse racing, and I look forward to future collaboration with the rest of the board,” said Richard Woodbridge.

The Nomination Committee’s proposal for re-election of other board members was approved by the meeting.

ATG’s board thus consists of:

• Peter Norman (Chairman, independent)

• Boris Lennerhov (Vice Chairman, trotting representative)

• Katarina G. Bonde (Board member, independent)

• Marie Osberg (Board member, independent)

• Richard Woodbridge (Board member, independent)

• Marie Thelander Dellhag (Board member, trotting representative)

• Anders Lilius (Board member, galloping representative)

Employee representatives on the board:

• Björn Haglund (Board member, employee representative)

• Camilla Hasselström (Board member, employee representative)