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Sportradar Reports Strong Growth and Increased Profitability and Cash Flow

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Sportradar Group AG, the leading global technology company enabling next generation engagement in sports and provider of business-to-business solutions to the global sports betting industry, today announced financial results for its third quarter ended September 30, 2022.

Third Quarter 2022 Highlights

  • Revenue in the third quarter of 2022 increased 31% to €178.8 million ($175.2 million)1 compared with the third quarter of 2021. 2022 year-to-date revenue grew 28% compared to the same nine months in 2021.
  • The RoW Betting segment, accounting for 56% of total revenue, grew 28% to €100.9 million ($98.9 million)1, driven by strong performance from our Managed Betting Services (MBS).
  • U.S. segment revenue grew 61% to €31.6 million ($31.0 million)1 compared to the third quarter of 2021, driven by strong market growth and positive adoption of in-play betting. The U.S. segment turned profitable for the first time since the Company’s initial public offering and generated a positive Adjusted EBITDA margin of 11%.
  • The Company’s Adjusted EBITDA2 in the third quarter of 2022 increased 75% to €36.5 million ($35.8 million)1 compared with the third quarter of 2021 as a result of strong revenue growth even with continuous investments in the Company’s growing business.
  • Adjusted EBITDA margin2 was 20% in the third quarter of 2022, an increase of 500 bps compared to the quarter for the prior year period and 400 bps higher compared to the second quarter of 2022.
  • Adjusted Free Cash Flow2 in the third quarter of 2022 increased to €33.9 million, compared to €32.9 million for the prior year period. The resulting Cash Flow Conversion2 was 93% in the quarter.
  • During the quarter, the Company prepaid €200.0 million of its outstanding debt. As of September 30, 2022, total debt was €236.9 million, and cash and cash equivalents totaled €512.5 million.
  • The Company has raised its guidance for revenue and the lower end of its Adjusted EBITDA2 range for the full year 2022.
Key Financial Measures Q3 Q3 Change
In millions, in Euros 2022 2021 %
Revenue 178.8 136.8 31%
Adjusted EBITDA2 36.5 20.9 75%
Adjusted EBITDA margin2 20% 15%
Adjusted Free Cash Flow2 33.9 32.9 3%
Cash Flow Conversion2 93% 158%

1 For the convenience of the reader, we have translated Euros amounts at the noon buying rate of the Federal Reserve Bank on September 30, 2022, which was €1.00 to $0.98.
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 strong performance in the third quarter exceeded our expectations across all key financial metrics. We consistently managed to grow revenue, profitability and cash flows despite adverse market conditions during the first three quarters of 2022. The Company exceeds expectations quarter-in and quarter-out, and as a result of our operational performance – in particular the U.S. and the betting rest-of-world business – as well as our organizational streamlining, we are able to raise our full year guidance for revenue and increase the lower end of our Adjusted EBITDA range.”

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“We are proud of the continuous success of our U.S. operations. We managed to generate a U.S. profit for the first time in the third quarter, displaying solid operational leverage in the business model. Underpinning this success is the extension of our long-term partnership with FanDuel. This partnership is a testimony for our strategy, to expand our relationships and become an embedded technology provider for our customers, based on strategic long-term deals with our league partners.”

Ulrich Harmuth, Interim Chief Financial Officer added: “The financial results in the third quarter demonstrated that Sportradar consistently has managed to grow almost three times faster than the underlying betting market and our growing scale has led to margin expansion – as indicated by the U.S. segment turning profitable in the third quarter. As a result of this strong momentum and based on what we can see today, our 2023 preliminary expectations are for revenue to grow in the mid-20’s percent while expanding Adjusted EBITDA margin above 2022 levels.

Segment Information

RoW Betting

  • Segment revenue in the third quarter of 2022 increased by 28% to €100.9 million compared with the third quarter of 2021. This growth was driven primarily by increased sales of our higher value-add offerings including Managed Betting Services (MBS), which increased 84% to €38.2 million, and Live Odds Services, which increased 12% to €27.1 million. MBS growth was attributable to a record annualized turnover3 of €19.0 billion and the success of our strategy to move existing customers to higher value add products.
  • Segment Adjusted EBITDA2 in the third quarter of 2022 increased 8% to €48.2 million compared with the third quarter of 2021. Segment Adjusted EBITDA margin2 decreased to 48% from 57% in the third quarter of 2021 driven by inorganic investments into AI capabilities for our MBS business, expanding our sport rights portfolio, as well as temporary cost savings in sport rights and scouting from the prior year due to the COVID-19 pandemic.

RoW Audiovisual (AV)

  • Segment revenue in the third quarter of 2022 increased by 14% to €33.1 million compared with the third quarter of 2021. Growth was driven by cross-selling audiovisual content to existing data customers and expanding AV portfolio sales with existing AV customers.
  • Segment Adjusted EBITDA2 in the third quarter of 2022 increased 32% to €12.6 million compared with the third quarter of 2021. Segment Adjusted EBITDA margin2 increased to 38% from 33% compared with the third quarter of 2021 as a result of AV revenue growth.

United States

  • Segment revenue in the third quarter of 2022 increased by 61% to €31.6 million compared with the third quarter of 2021. This growth was driven by a strong increase of U.S. betting services, driven by cross-selling non-data products to betting operators as well as benefiting from our customers’ growth as a result of a development in the underlying market and new states legalizing betting.
  • Segment Adjusted EBITDA2 in the third quarter of 2022 was €3.4 million compared with a loss of (€6.6) million in the third quarter of 2021, primarily driven by enhanced operating leverage as a result of the growing scale of our business despite continuous investments in the U.S. segment’s products and content portfolio. Segment Adjusted EBITDA margin2 improved to 11% from (34%) compared with the third quarter of 2021.

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

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  • Purchased services and licenses in the third quarter of 2022 increased by €18.1 million to €47.5 million compared with the third quarter of 2021, reflecting continuous investments in content creation and processing, higher event coverage and higher scouting costs. Of the total, approximately €13.7 million was expensed sports rights.
  • Personnel expenses in the third quarter of 2022 increased by €16.9 million to €68.3 million, an increase of 33% compared with the third quarter of 2021. Adjusted for inorganic hires, personnel cost grew 27% compared to the third quarter in 2021.
  • Other Operating expenses in the third quarter of 2022 decreased by €4.9 million to €20.3 million, as a result of our efforts to increase the effectiveness of our central services and due to one-time costs resulting from our initial public offering in September 2021.
  • Total sport rights costs in the third quarter of 2022 increased by €5.9 million to €34.6 million compared with the third quarter of 2021, primarily a result of costs associated with new acquired rights in 2022 for the ITF, UEFA and ATP.

Recent Business/Company Highlights

  • Sportradar and FanDuel sign long-term agreement for Official NBA data through the 2030-31 season. Providing FanDuel with a comprehensive portfolio of betting products and entertainment tools, Sportradar remains the preferred data and odds supplier to FanDuel through 2031. Using official NBA data, Sportradar and FanDuel will collaborate to enhance the sports betting experience with new offerings such as certain player tracking data to create props and same game parlays. Additionally, FanDuel will use Sportradar’s proprietary Live Channel Trading (LCT) product.
  • Sportradar reaffirms leadership position in cricket market with partnerships with Australian Premier Cricket competitions. Sportradar announced the renewal of partnership agreements with the top tier club cricket competitions in Tasmania, Queensland, and Western Australia. Currently, Sportradar is partners with every single state and territory cricket governing body in Australia. Extensions with these clubs enable Sportradar to remain the official streaming partner until mid-2025
  • Sportradar and International Golf Federation enter integrity partnership. Sportradar’s Integrity Services (SIS) unit signed a multi-year integrity partnership with the International Golf Federation (IGF). Under the terms of the initial two-year agreement, SIS will provide bet monitoring through its Universal Fraud Detection System (UFDS) for several IGF competitions. Sportradar Integrity Services have detected more than 7,300 suspicious matches during the past 17 years, with over 600 taking place in 2022 alone.
  • Tennis Data Innovations and Sportradar team up to expand official tennis data distribution. The partnership sees the launch of a “new secondary feed,” to enable the provision of betting-related services based on official ATP Tour and ATP Challenger Tour scores to a suite of global bookmakers. Of significance, the partnership sees the ATP change its data framework, allowing bookmakers to have uninterrupted access to official data, as scores to date have been delivered directly from the umpire’s chair.
  • Sportradar continues to evolve its organizational structure to set it up for continued success in achieving its strategic goals around growth, organizational effectiveness and efficiency. The Company is optimizing its organization by appointing global leaders for content creation, product development and commercial excellence – with the U.S. retaining a dedicated go-to-market approach. With this new structure, the Company will become faster in decision-making and execution, and will be more effective and efficient in serving global customers with a growing global product portfolio. The net effect will also be to significantly reduce the number of direct reports to the CEO.

Annual Financial Outlook 
Sportradar has updated its outlook for revenue and Adjusted EBITDA for fiscal 2022 as follows:

  • Sportradar has raised its revenue outlook for fiscal 2022 to a range of €718.0 million to €723.0 million ($703.6 million to $708.5 million)1, from its previous range of €695.0 million to €715.0 million representing prospective growth of 28% to 29% over fiscal 2021.
  • Outlook for Adjusted EBITDA2 is narrowed to a range of €124.0 million to €127.0 million ($121.5 million to $124.5 million)1 from the previous range of €123.0 million to €133.0 million, representing 22% to 24% growth versus last year.
  • Adjusted EBITDA margin2 is expected to be in the range of 17% to 18%.4

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GAMING INDUSTRY’S TOP CEOs BILL HORNBUCKLE, PETER JACKSON & JASON ROBINS TO KEYNOTE G2E 2025

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Main Stage Also Features Tribal Innovation Discussion Oct. 6;  Global Gaming Women to Present Mental Health Dialogue Oct. 8

The Global Gaming Expo, presented by the American Gaming Association (AGA) and organized by RX, announces its highly anticipated main stage programming for G2E 2025. Over three days, G2E will feature conversations with some of the most influential voices in gaming and offer diverse perspectives on the future of the industry. G2E 2025 takes place Oct. 6-9 at The Venetian Expo in Las Vegas and marks the event’s 25th year.

“We are honored to welcome a distinguished lineup of key industry leaders to the G2E main stage,” said AGA President and CEO Bill Miller. “As we mark 25 years of G2E, we’re proud to continue to be a catalyst for gaming’s growth, and our programming reflects the ideas and leadership shaping the industry’s future.”

Progress or Pressure: How Tribes Can Harness Innovation on Their Terms

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Monday, Oct. 6 at 4 p.m. Doors open at 3:30 p.m.

Indian Gaming Association (IGA) Chairman Ernie Stevens Jr. will open the main stage by underscoring the central contributions of tribal operators to the U.S. gaming landscape and the challenges and opportunities that lie ahead.

Bringing together leading tribal voices, the program will explore how tribes embrace innovation on their own terms—balancing growth with sovereignty and long-term success. Panelists will address how emerging technologies, evolving business models, and the rise of illegal, unregulated markets are reshaping the competitive environment. The dialogue will highlight both the opportunities to harness new tools for sustainable growth and the pressures of protecting the industry’s integrity in a rapidly changing landscape.

Moderated by IGA’s Executive Director Jason Giles, the conversation will feature:

  • Rodney Butler, Chairman, Mashantucket Pequot Tribal Nation
  • James Siva, Chairman, California Nations Indian Gaming Association

Additional participants may be announced in the coming days.

Inside the C-Suite: Gaming’s Future in Focus on Stage

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Tuesday, Oct. 7 at 8:45 a.m. Doors open at 8:15 a.m.

AGA President and CEO Bill Miller will open G2E 2025’s keynote session, welcoming global gaming professionals and underscoring the strength and momentum of legal gaming upon the opening of the industry’s biggest gathering of the year.

Following Miller’s remarks, Hope King, founder of Macro Talk, on-air contributor to Yahoo Finance, and events host and moderator for Axios, will lead an impactful series of one-on-one conversations with top global gaming CEOs. Discussions will address key trends and challenges shaping the industry—including investor expectations, domestic and international expansion, and intensifying competition in regulated and unregulated markets. Featuring:

  • Bill Hornbuckle – CEO & President, MGM Resorts International
  • Peter Jackson – CEO, Flutter Entertainment
  • Jason Robins – CEO, DraftKings

The session will conclude at 10 a.m., immediately followed by the opening of the expo floor.

Breaking the Stigma: An Honest Dialogue on Mental Health

Wednesday, Oct. 8 at 9 a.m. Doors open at 8:45 a.m.

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Multi-sport athlete and mental health advocate Kendall Toole will share her personal journey in a conversation moderated by Global Gaming Women (GGW) Sip & Social Chair Meghan Speranzo. Presented by GGW, the session will foster an open dialogue on mental health, designed to reframe how attendees think about wellness and inspire stronger voices across the gaming industry and beyond. This conversation will be open to all badge holders. Ahead of the discussion, GGW will host their Sip & Social event from 8 a.m. – 8:45 a.m. in the same room. For more information on this separate networking event, visit globalgamingwomen.org/event-6325670.

Presented by the AGA and organized by RX, G2E’s full education lineup features more than 100 sessions. G2E 2025 runs from October 6-9 (Education: October 6-9 | Expo Hall: October 7-9) at The Venetian Expo in Las Vegas.

Since 2001, G2E has served as the premier global event for the legal, regulated gaming industry, fostering innovation and driving growth across casinos, hospitality, technology, iGaming, sports betting, and more. The event will welcome over 25,000 industry professionals from more than 120 countries, regions, and territories, and nearly 400 exhibitors showcasing the latest global gaming technologies.

For more information, visit globalgamingexpo.com.

 

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Podium’s Racing Data to Power Dabble’s Social-led Betting Service in the UK

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Podium, a leading global provider of trusted sports content and data solutions, is working with Dabble to help bring its socially driven betting experience to UK audiences.

Dabble combines traditional betting functionality with a social media-style interface to offer the next generation of racing fans a more interactive way to connect and share. The app-based platform is integrated with Betmakers technology, with all UK horse and greyhound racing data delivered by Podium.

Ian Houghton, Commercial Director at Podium says: “At Podium, we are always excited when we see innovation in the industry, so we are delighted to play a part of Dabble’s expansion into the UK market, particularly at a time when the racing industry needs to retain a younger audience. We look forward to exploring how Podium’s services can continue to support Dabble’s global ambitions.”

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The collaboration, which has been in place since the summer, marks an evolution in how racing data is used and experienced, with Podium delivering UK racing content via Betmakers technology to help power Dabble’s social platform.

Tom Rundle, CEO of Dabble, says: “Dabble’s move into the UK is a natural fit. We’re a challenger brand with an exciting product that we built ourselves from scratch. We’re already seeing that resonate with the UK audience. Yes, you can get a bet on, but essentially, we are placing ourselves as being community driven. We’re creating a richer experience at every touch point.”

The UK is Dabble’s third international market, following rapid growth after launching in its native Australia.

The post Podium’s Racing Data to Power Dabble’s Social-led Betting Service in the UK appeared first on European Gaming Industry News.

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College Partnerships Under Scrutiny: The Future of Campus Gambling Deals – Compliance, Alternatives, PR Risk

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The era of splashy sportsbook logos wrapped around student sections is fading fast, and for good reason. What looked like an easy revenue win after the expansion of legal sports betting now sits at the intersection of compliance complexities, reputational hazards, and evolving cultural expectations about how gambling interacts with college life. Universities are recalibrating their risk tolerance, athletic departments are revisiting sponsorship inventories, and operators are rethinking whether campus-facing marketing is worth the blowback. At Gambling Freedom Casino and News Portal, we’ve seen the conversation shift from “How big can this get?” to “How do we do this responsibly,or not at all?” The answer is not a simple yes or no; it’s a recognition that the future of campus gambling deals will be smaller, more carefully segmented, and anchored in integrity and harm minimization. That future rewards institutions and brands that can communicate clearly, document compliance rigorously, and operate with a “help-first, hype-later” mindset.

From a compliance standpoint, the baseline in 2025 is tighter than many casual observers realize. Industry marketing standards increasingly discourage promotions that could be perceived as targeting students, and the phraseology once common in acquisition campaigns is now off-limits or strongly discouraged. In parallel, more state regulators are scrutinizing college markets, especially player-specific proposition bets, on the grounds that they heighten the risk of harassment and integrity issues. The NCAA has spent the last few seasons pushing for stronger athlete protections and a more consistent compliance posture across jurisdictions. Put all of that together and the practical effect is clear: even if a category is technically legal in one state, the patchwork of rules, guidance, and best practices makes campus-facing deals a compliance headache and a reputational gamble. The safest route is to build partnerships that avoid student channels, exclude conversion-driven creative around college events, and lean into education, integrity, and alumni engagement where age gating and segmentation are both meaningful and auditable.

Reputational risk is the other half of the equation and it’s often underestimated until it isn’t. The optics of a sportsbook brand appearing inside a campus venue or in an email blast that lands in student inboxes can overshadow months of careful planning. In the digital age, a single misguided subject line or banner placement can live forever in screenshots, resurfacing whenever a university confronts unrelated controversies. For athletic departments, the blowback doesn’t just come from national media; local stakeholders, faculty governance, and alumni donors have strong opinions about how a school’s brand is used. The narrative can turn quickly: what a marketing team frames as “supporting athletics” can be framed by critics as “monetizing student attention with gambling.” Add the human dimension—students and athletes facing social media pressure tied to bets and the reputational calculus tilts further away from broad-based campus advertising. Once a school becomes the example cited in op-eds and parent forums, every future sponsorship meeting starts on defense, which is a tremendous tax on leadership attention and goodwill.

So where does that leave universities and sportsbooks that still want to collaborate responsibly? The first lane is alumni-only engagement that lives firmly outside student media. Think association newsletters sent to verified recipients, event activations tied to homecoming for over-21 alumni, and gated digital experiences where age verification and alumni status are both required. The operative phrase is segmentation with proof: CRM hygiene that suppresses any .edu domains associated with enrolled students, third-party age checks that withstand audit, and creative that emphasizes responsible play rather than acquisition gimmicks. It is equally important to leave campus-owned assets out of the plan entirely: no student newspaper, no student radio, no in-venue signage within sightlines dominated by under-21 attendees, and no .edu pages. Success here is measured by quiet compliance, not splashy vanity metrics. Campaign briefs should spell out what will not be done (no first-bet language, no odds boosts tied to school IP, no promo codes keyed to team names), and media buys should be geofenced and frequency-capped to avoid spillover impressions.

The second lane is integrity and data cooperation, which is fundamentally different from marketing. Rather than converting users, these partnerships focus on protecting competitions and people. Universities and operators can align around standardized reporting protocols for suspicious activity, training modules for staff and athletes that explain wagering rules and red flags, and secure data exchanges that support real-time anomaly detection. When structured correctly, integrity agreements do not place sportsbook logos on campus; they establish clear lines of responsibility, define escalation paths if something looks off, and include audit rights to ensure both sides are living up to the agreement. Forward-thinking athletic departments are building dashboards that track integrity KRIs (key risk indicators) across seasons, and operators are assigning compliance liaisons who can respond quickly to questions about markets, limits, and emerging risks. A valuable signal of sincerity is a proactive stance on contentious markets: choosing not to market college player props or removing them from any alumni-facing creative, sends a message that athlete wellbeing matters more than marginal handle.

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A third lane is responsible-gambling (RG) education and independent research, an area where universities can lead with credibility if the funding and governance are set up correctly. The rule of thumb is “help, not hype.” Programming should elevate helplines and support resources, teach students and staff how to recognize early warning signs, and outline practical steps for friends or teammates who are worried about someone’s gambling. Workshops can be built for specific audiences, athletes, coaches, RAs, student leaders – with content tailored to situations they’ll likely encounter, like managing group chats during big games or dealing with harassment tied to a missed free throw. If an operator helps fund this work, the branding should be deliberately muted and the calls to action should point to counseling resources, not betting apps. On the research side, schools can host longitudinal studies on gambling behaviors and mental health that inform policy decisions across states. The key is independence: academic freedom, publication rights, and data privacy are non-negotiable. When these programs release annual reports with outcomes numbers trained, referrals made, satisfaction and knowledge retention scores, they earn trust with regulators and the public.

Embedding all of the above in real governance requires contracts and processes that are as rigorous as anything in broadcast rights or apparel. Agreements should explicitly exclude student-facing channels and campus IP in promotional contexts, require preclearance of all creative, and mandate third-party age and identity checks for any alumni lists used in marketing. Internal workflows matter just as much: establish a cross-functional signoff path that includes compliance, legal, athletics communications, the alumni office, and student affairs; maintain a living registry of all placements; and document every exception request and rejection. A quarterly audit, conducted by an independent partner, should test suppression lists, confirm geo and age parameters, and sample creatives for prohibited phrasing. Crisis preparedness is part of the job: have templates ready for misdirected emails, rogue social posts, and policy changes that force offer adjustments mid-season. Run tabletop exercises with leaders so everyone knows who approves the statement, who pauses the media, who contacts the vendor, and who answers reporter questions. The smoothest crises are the ones that never become public because the response is instant and well-rehearsed.

Looking ahead, the most realistic forecast is a smaller, safer lane for college–operator collaboration. Expect states and conferences to continue refining rules around bet types and advertising, particularly where athlete wellbeing and harassment are implicated. Expect universities to sunset remaining campus-facing placements in favor of alumni-only channels that leave a clean paper trail, lowering both compliance risk and noise around brand stewardship. Expect the integrity conversation to mature, with more standardized data formats, quicker reciprocity on investigations, and better education for the non-athlete campus community, resident advisors, counseling centers, and compliance staff who are often the first to notice when something is off. And expect that schools which articulate a clear philosophy- “We protect students, we protect athletes, we promote help-seeking, and we partner only where age-gated, auditable outcomes exist”, will spend less time in reactive posture and more time telling a positive story about values.

For operators, the business case is quiet credibility. Instead of chasing a fleeting burst of signups tied to a rivalry game, smart brands will invest in long-term reputation: integrity agreements that make competitions safer, alumni engagements that demonstrate real respect for age limits and context, and RG programs that exist to serve the community rather than acquire customers. That approach doesn’t just avoid headlines, it earns allies. Alumni who see careful, adult-only engagement are less likely to bristle at a brand’s presence. Regulators who see documented controls and public reporting are less likely to question motives. University leaders who see proof of restraint are more open to renewing low-risk collaborations. In other words, the playbook that Gambling Freedom recommends is not “do nothing,” but “do the right things, in the right places, for the right reasons.”

The final takeaway is simple: campus gambling deals are no longer a volume game; they are a values game. If your plan cannot be explained in a sentence that starts with student safety, athlete wellbeing, and competition integrity, it’s probably the wrong plan. If your KPIs are built around alumni engagement quality, RG outcomes, and zero incidents—not just clicks and codes, you’re on the right track. And if your processes assume that everything might one day be scrutinized by parents, faculty, alumni, and policymakers, you will build the sort of resilient partnership that can survive news cycles and leadership changes. Gambling Freedom exists to help universities and sportsbooks navigate precisely this terrain, compliance-conscious, PR-smart, and responsibility-first – so that whoever partners on college sports can do so with confidence, clarity, and respect for the communities they serve.

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