Latest News
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% | – |
____________
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.
____________
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
____________
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.
Powered by WPeMatico
Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.
Latest News
Caesars Entertainment announced a major upgrade to its mobile sports betting platform with the launch of a universal digital wallet on the Caesars Sportsbook app in Nevada. This enhancement streamlines the wagering experience for sports bettors who visit Nevada, enabling them to manage funds and Caesars Rewards credits in one place, with seamless access across 19 jurisdictions where Caesars Sportsbook offers mobile sports wagering. With this update, users in Nevada can experience added convenience, with all funds and rewards immediately visible and available after logging in. Caesars plans to add universal wallet functionality to more North American jurisdictions where it offers mobile sports wagering in the future.
Comanche Nation Entertainment is set to expand both Comanche Red River Hotel Casino and Comanche Nation Casino, setting the stage for a multi-phase expansion that will strengthen its entertainment offerings, boost economic opportunity and extend its reach across Southwest Oklahoma. The new expansion will allow for long-term growth of both properties. Construction will begin first at Comanche Red River with a new event centre that expands the gaming floor, adds non-gaming amenities and creates new space to host concerts, conferences and community events.
Partnerships
Quick Custom Intelligence and Black Bear and Fond Du Luth Casinos announced their strategic partnership that is set to transform the gaming and hospitality landscape in the Minnesota market. This dynamic collaboration represents an exciting fusion of advanced technology and exceptional guest experiences, with Black Bear and Fond Du Luth Casinos leading the charge. By leveraging QCI’s cutting-edge data analytics platform, the partnership aims to redefine how casinos operate, providing unparalleled insights into player behaviour, enhancing operational efficiency and delivering personalised guest experiences like never before. This move positions Black Bear and Fond Du Luth Casinos at the forefront of innovation, setting a new standard in how technology can drive the future of gaming and hospitality.
BetMGM announced a multiyear partnership with baseball legend Derek Jeter. As BetMGM’s brand ambassador, Jeter will appear in national marketing campaigns. BetMGM Casino also plans to launch an exclusive Jeter-themed slot game. Currently, there are no other online casino games featuring a current or former professional baseball player. The Hall of Fame shortstop joins BetMGM’s prestigious roster of sports legends, which includes Barry Sanders, Tim Howard and Wayne Gretzky, among others. Jeter will be featured prominently across advertising campaigns and digital platforms, make appearances at exclusive VIP events and play a key role in promoting BetMGM’s responsible gambling initiatives in both the US and Canada.
Red Earth Casino has chosen QCI’s Chatalytics platform to revolutionise its casino operations and elevate guest engagement. This AI-powered suite—which includes Slot Copilot, Player Copilot, the Dashboard and the Robot Button—leverages OpenAI technology to deliver real-time intelligence and streamline decision-making across the gaming floor. Built to enhance both slot performance and player service, QCI Chatalytics offers a powerful blend of automation and data analytics. Slot Copilot enables real-time slot machine monitoring, predictive performance analytics and intelligent task assignment. Player Copilot uses behavioural insights to support personalised guest engagement strategies and optimise rewards.
The post Gaming Americas Weekly Roundup – July 14-20 appeared first on European Gaming Industry News.
Promatic Group, a Polish manufacturer of slot machines and system solutions for the gaming industry, is launching a new collection of slots dedicated to casino customers – the Pro Selection multigame. The first devices have already been certified in Poland and stood in casinos in Warsaw and Krakow.
One platform, up to 55 games
Pro Selection is software with a collection of as many as 55 different titles, covering the full functional and stylistic range of games from the Polish company’s portfolio. Players will find both classic “fruits” games – traditional and simple in form – and modern adventure games, based on an elaborate narrative and unique logics. Branded productions that stand out for their original creations and high graphic quality are also worthy of special attention.
“In Pro Selection, we wanted to include our best titles and those that have proven themselves in both the land-based and online slot segments. That’s why players will find classics such as Miss Joker, one of the most popular games at Poland’s only legal online casino, or 81 Show, a popular hat game. There are also online hits of recent months such as Pixel Fruits and Ale Cool Bober. On top of that, we have added titles that have so far only been available in land-based slot machines and have been great in them, namely Golden Train, Aladdin or Magic Ladybird Mega,” says Piotr Fedak, CEO of Promatic. – “As for branded productions, games with Mariusz Pudzianowski remain a hit, and not only in Poland”, he adds.
Variability and mathematics for every player
One of the important features of Multigame Pro Selection is the mathematical diversity of the games available in it. The collection offers games with varying levels of volatility – from low to very high (on a scale of 1 to 5 stars). As a result, the package meets the needs of both enthusiasts of long session play with frequent, smaller wins, and players looking for higher risk and high wins.
Also new to Pro Selection is a revamped user interface. An intuitive lobby, it provides quick access to all titles, convenient filtering and easy navigation – both from the touch screen and traditional buttons. This is part of software that meets the highest industry technical standards and has been certified by a Polish testing laboratory accredited by the Minister of Finance as authorized to test gaming machines.
“As a product dedicated to casinos, i.e. the most demanding B2B customers, Pro Selection is designed to be fully integrated with the SAS protocol, which is standard in this market, giving compatibility with various casino management systems and providing full operational and billing transparency. It’s a product that is ready for deployment in casino environments where reliability and control are key,” explains Piotr Fedak. – We strive to ensure that Pro Selection’s multigame always goes hand in hand with our proprietary Royal Sevens Jackpot progressive jackpot system, which in itself is a huge asset and player magnet, Fedak adds.
Ease of maintenance and energy efficiency
Pro Selection software is available exclusively on the latest casino-class slot machines from Promatic Group – that is, the Casino 27 and PRO VIP 27 and 32 cabinets These are top-quality terminals equipped with HD monitors, state-of-the-art sound systems and RGB lighting to enhance the gaming atmosphere.
“Thanks to their modular design and intuitive service menus, our multigames are virtually maintenance-free – that is, technical service friendly. Interestingly also, our energy efficiency studies have shown that compared to the competition, Promatic machines consume significantly less energy,” says Piotr Fedak. – At the moment Pro Selection is fully certified for the Polish market, and work is already underway to obtain licenses for the Czech Republic, Slovakia where our goal is to implement this 100% Polish product in those very markets, says Piotr Fedak.
About Promatic Group
Promatic Group is a Polish company with more than 28 years of experience in the gambling industry, specializing in the production of gaming machines and providing dedicated software for gaming rooms and casinos, both land-based and online. The company’s headquarters and factory are located in Warsaw and Jelenia Gora.
In Poland, Promatic’s devices can be found in Totalizator Sportowy’s legal gaming salons, casinos of the WinCasino chain and selected Casinos Poland locations. The company also operates in Latin American and African markets.
Promatic Group is certified to ISO 27001 for information security and ISO 9001 for slot machine manufacturing quality.
Since 2021, the company has also been developing its online gaming segment under the Promatic Games brand, offering online slots in regulated markets in Poland, the Czech Republic and Slovakia. It also holds B2B licenses issued by regulators in Romania (ONJN) and Malta (MGA) and plans to enter more than a dozen new markets in the next few months.
The post Pro Selection – next generation casino multigame from Promatic Group appeared first on European Gaming Industry News.
Local talent looking to break into the iGaming industry can now apply for a potentially life-changing scholarship by VentureMax.
The Sliema-based investment company is funding an iGaming Foundations education course in full, which will be delivered by ICE Campus, one of Malta’s leading educational institutes.
This scholarship will offer crucial support for people in Malta who want to enter the iGaming industry but lack the skills or knowledge.
The course is an introduction to iGaming and covers such topics as the industry’s eco-system, products such as games/sportsbooks, fraud prevention, anti-money laundering and working in iGaming, among other aspects.
Delivery is via four live online sessions of three hours each, and applicants for the 30 spaces will have to submit a short entry video explaining why they want to take the course and why they should be chosen for the scholarship.
This course is accredited as EQF/MQF Level 5, and the scholarship will be launched in the autumn of 2025 via a publicity drive. It will be open to anyone living in Malta aged 18 or older.
VentureMax CEO Justin Anastasi said: “I want to support local people who have ambition, drive and a desire to make it big in the iGaming world.
“That’s why I wanted VentureMax to sponsor this scholarship, because I believe education is the way to improve your career, your outlook on the world and eventually your life.
“I’m delighted to be teaming up with ICE Campus, which will deliver a first-class course that has the potential to generate real success stories among Malta’s workforce.”
Matthew Sammut, director and co-founder of ICE Campus, said: “We believe education is the most powerful engine for industry transformation.
“Partnering with VentureMax to offer full scholarships for our iGaming Foundations course is a strategic investment in the future talent of this thriving sector.
“We’re proud to work with forward-thinking organisations like VentureMax, who are committed to creating real, lasting impact by opening doors for the next generation of iGaming professionals.”
VentureMax’s scholarship is part of its ongoing CSR efforts, which have already seen donations made to Malta-based causes such as Dar Merħba Bik women’s shelter, Little Sisters of the Poor care home, the MSPCA animal shelter, and FIDEM women’s charity.
The post VentureMax Supports Talent Through iGaming Scholarship appeared first on European Gaming Industry News.
-
Australia7 days agoGLI Reaffirms Sponsorship of Gala Dinner at Regulating the Game 2026
-
Asia6 days ago
Think Tank Advocata Questions Independence and Integrity of Proposed Gaming Regulator in Sri Lanka
-
Baltics5 days ago
HIPTHER Joins Forces with Ace Alliance as Strategic Media Partner – Kicking Off with Ace Alliance Riga 2025
-
Canada5 days agoLuckyStart Casino Adds New Payment Method
-
Brazil5 days ago
Evolution Launches First Live Casino Studio in Brazil
-
Alcohol and Gaming Commission of Ontario5 days ago
Titanplay Re-launches in Ontario
-
Latest News7 days ago
TaDa Gaming: Bounty Frenzy Hits the Reels with Explosive Wild West Wins
-
Kambi5 days ago
Kambi appoints experienced LatAm executive Mateo Lenoble as Head of Sales in Latin America
