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Sportradar Reports Strong First Quarter 2023 Results
Sportradar Group AG, a leading global technology company focused on enabling next generation engagement in sports through providing business-to-business solutions to the global sports betting industry, today announced financial results for its first quarter ended March 31, 2023.
First Quarter 2023 Highlights
Revenue in the first quarter of 2023 increased 24% to €207.6 million ($226.2 million)1 compared with the first quarter of 2022.
The RoW Betting segment, accounting for 52% of total revenue, grew 25% to €108.5 million ($118.3 million)1, primarily driven by strong performance from Managed Betting Services (MBS) and Live Odds.
The U.S. segment revenue grew 55% to €39.7 million ($43.3 million)1 compared with the first quarter of 2022, driven by higher sales of betting products as well as the Company’s digital advertising (ad:s) product. The U.S. segment generated positive Adjusted EBITDA2 for the third consecutive quarter with an Adjusted EBITDA2 margin of 17%.
Total Profit for the first quarter of 2023 was €6.8 million compared with €8.2 million for the same quarter last year. The Company’s Adjusted EBITDA2 in the first quarter of 2023 increased 37% to €36.7 million ($40.0 million)1 compared with the first quarter of 2022, demonstrating operational leverage from higher revenue despite increased investment into Artificial Intelligence (AI) for liquidity trading, and Computer Vision technology.
Adjusted EBITDA margin2 was 18% in the first quarter of 2023, an increase of 176 bps compared with the prior year period.
Adjusted Free Cash Flow2 in the first quarter of 2023 was €12.4 million, compared with €12.9 million for the prior year period, as a result of improved working capital management offset by an unfavorable impact from foreign currency exchange rates. The resulting Cash Flow Conversion2 was 34% in the quarter.
The Company’s customer Net Retention Ratio (NRR) was 120% in the first quarter of 2023, an improvement over the NRR from the fourth quarter of 2022 of 119%.
Carsten Koerl, Chief Executive Officer of Sportradar said: “We started fiscal 2023 on solid footing, as we continued to deliver strong top line growth, predominately by growing our value add products such as MBS and Live Odds in the Rest of World business, and strong, profitable growth in our U.S. segment. We are also demonstrating operational leverage as we continue to focus on cost discipline across the organization and invest prudently to grow our top line. We are confident that our ongoing product innovation in AI and computer vision will enable us to remain a market leader and increase shareholder value for our investors.”
Key Financial Measures
In millions, in Euros € Q1 Q1 Change
2023 2022 %
Revenue 207.6 167.9 24 %
Adjusted EBITDA2 36.7 26.7 37 %
Adjusted EBITDA margin2 18 % 16 % –
Adjusted Free Cash Flow2 12.4 12.9 (4 %)
Cash Flow Conversion2 34 % 48 % –
Segment Information
RoW Betting
Segment revenue in the first quarter of 2023 increased by 25% to €108.5 million compared with the first quarter of 2022. This growth was driven primarily by increased sales of the Company’s higher value-add offerings including MBS, which increased 40% to €37.1 million as well as Live Odds services which increased 29% year over year.
Segment Adjusted EBITDA2 in the first quarter of 2023 increased by 6% to €47.4 million compared with the first quarter of 2022. Segment Adjusted EBITDA margin2 decreased to 44% from 51% in the first quarter of 2022 due to increased investment in AI technology for MTS and Computer Vision technology. These investments will enable the Company to further grow revenue and improve its Adjusted EBITDA margin over time.
RoW Audiovisual (AV)
Segment revenue in the first quarter of 2023 decreased 3% to €44.6 million compared with the first quarter of 2022. Revenue was impacted by the expected completion of the Tennis Australia contract partially offset by growth in sales to new and existing customers.
Segment Adjusted EBITDA2 in the first quarter of 2023 increased 27% to €11.3 million compared with the first quarter of 2022. Segment Adjusted EBITDA margin2 improved to 25% in the first quarter of 2023 compared with 19% in the first quarter of 2022 due to savings associated with the completion of the Tennis Australia contract.
United States
Segment revenue in the first quarter of 2023 increased by 55% to €39.7 million ($43.3 million)1 compared with the first quarter of 2022. Results were driven by growth in core betting data products and the ad:s product.
Segment Adjusted EBITDA2 in the first quarter of 2023 was €6.8 million ($7.4 million)1 compared with a loss of (€6.4) million in the first quarter of 2022. This is the third consecutive quarter with positive Adjusted EBITDA2 indicating the strong operational leverage in the U.S. business model despite continuous investments. Segment Adjusted EBITDA margin23improved to 17% from (25%) compared with the first quarter of 2022.
Costs and Expenses
Purchased services and licenses in the first quarter of 2023 increased by €11.6 million to €48.4 million compared with the first quarter of 2022, reflecting continuous investments in content creation, greater event coverage and higher scouting costs. Of the total purchased services and licenses, approximately €14.0 million were expensed sports rights.
Personnel expenses in the first quarter of 2023 increased by €25.2 million to €77.5 million compared with the first quarter of 2022. The increase was primarily as a result of increased investment for growth which was driven by higher headcount associated with investments in AI and Computer Vision, increased share based compensation, and inflationary adjustments for labor costs.
Other operating expenses in the first quarter of 2023 increased by €1.7 million to €21.2 million, compared with the first quarter of 2022, primarily as a result of higher software license costs, higher audit fees and implementation costs for a new financial management system.
Total sports rights costs in the first quarter of 2023 decreased by €2.8 million to €51.2 million compared with the first quarter of 2022, primarily due to savings from the expected completion of the Tennis Australia contract.
Recent Company Highlights
SportradarSportradar renewed its partnership with the Big Ten Network extends partnership with the Big 10 Conference to broaden its footprint in the U.S. college space by powering its OTT platform B1G+ through the 2024-2025 college athletics season. Sportradar is providing its technology and data-driven OTT solutions to manage B1G+’s OTT web, mobile and connected TV apps, UX/UI design and third party integration.
Sportradar announced the integration of its ad:s technology into Snapchat, creating a new channel for betting operators to engage and acquire customers using the Company’s paid social media advertising service. Using Snapchat’s advanced age and location targeting capabilities to ensure only legally qualified audiences are reached, betting operators have a potential to reach Snapchat’s 350 million daily active users and over 750 million monthly active users.
Sportradar was selected as the successful bidder for the global Association of Tennis Professionals (ATP) data and streaming rights starting in 2024 as a result of the Company’s commitment to product innovation. Sportradar offers the broadest reach to tennis fans globally and has been a supplier of official ATP Tour and Challenger Tour secondary data feeds since 2022.
Sportradar published its first Sustainability Report highlighting its commitment to sustaining its business, communities and environment. The report is based on Sportradar’s five key sustainability priorities, sustainability, people, oversight, respect and technology-led (SPORT), which are aligned with the standards and framework of the Sustainability Accounting Standards Board (SASB).
Sportradar Integrity Services released its second Annual Report on Betting Corruption and Match-Fixing in 2022, revealing the Company had identified 1,212 suspicious matches across 12 sports in 92 countries, an increase of 34% year over year. The overall data confirmed that 99.5% of sporting events are free from match-fixing, with no single sport having a suspicious match ratio of greater than 1%.
Sportradar named technology executive Gerard Griffin as Chief Financial Officer effective May 9, 2023. Mr Griffin previously served as CFO of Zynga Inc., a global leader in interactive entertainment, and will be responsible for Sportradar’s accounting, finance and investor relations functions. Mr. Griffin brings more than 25 years of leadership experience in financial and operational management within the gaming, media and technology sectors.
Annual Financial Outlook
Sportradar reaffirmed its annual outlook provided on March 15, 2023, for revenue and Adjusted EBITDA2 for fiscal 2023 as follows:
Sportradar expects its revenue for fiscal 2023 to be in the range of €902.0 million to €920.0 million ($983.2 million to $1002.8 million)1, representing growth of 24% to 26% over fiscal 2022.
Adjusted EBITDA2 is expected to be in a range of €157.0 million to €167.0 million ($171.1 million to $182.0 million)1, representing 25% to 33% growth versus last year.
Adjusted EBITDA margin2 is expected to be in the range of 17% to 18%.4
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América Latina
BiS SiGMA South America by Softswiss reúne autoridades do esporte, mídia e apostas esportivas
Evento de iGaming traz nomes importantes para discussões do mercado
Entre os dias 07 e 09 de abril, no Expo Transamérica, em cidade de São Paulo será palco do maior evento de iGaming da América Latina, com debates e discussões sobre o setor e sobre como o mercado pode impactar a economia mundial. A Bis SiGMA South America by Softswiss trará autoridades de peso e dará ao publico a oportunidade de conhecer inovações e governança das apostas esportivas.
O setor financeiro já confirmou presença de nomes como Isaac Sidney Menezes Ferreira, presidente da FEBRABAN, Ricardo Silva Siqueira, diretor-presidente da Caixa Loterias e Ricardo Saad, presidente do COAF.
Já no setor de apostas Fabio Macorin, Subcretário da Secretaria de Prêmios e Apostas (SPA) estará presente.
O meio esportivo não ficará de fora, nomes como Michelle Ramalho, vice-presidente da CBF (Confederação Brasileira de Futebol) e Caio Porto Ferreira, delegado e procurador do STJD já estão na lista de autoridades que estarão no evento.
Já relacionados à mídia, Paulo Saad, vice-presidente do Grupo Bandeirantes e Vinicius Lummertz, da Revista Exame e ex-secretário de Turismo.
Os debates acontecerão em três palcos diferentes dentro do evento, com moderadores e especialistas para trazer cada vez mais conhecimento e reconhecimento do mercado para o publico.
Toda agenda pode ser encontrada no site: https://brazilianigamingsummit.com/agenda/
Sobre o BiS SiGMA South America by Softswiss
O BiS SiGMA South America by Softswiss integra o portfólio global de eventos do SiGMA Group, uma das principais plataformas internacionais dedicadas à indústria de jogos, apostas e tecnologia, com edições realizadas em diferentes regiões do mundo.
Realizado anualmente em São Paulo, o BiS SiGMA South America by Softswiss consolidou-se como o maior e mais tradicional evento de negócios do setor de iGaming e apostas da América Latina, reunindo operadores, fornecedores de tecnologia, plataformas, investidores, representantes do poder público e mídia especializada em um ambiente voltado à geração de negócios, troca de conhecimento e desenvolvimento do mercado.
Para a edição de 2026, a expectativa é receber 18.500 participantes, contar com mais de 400 expositores e patrocinadores e uma programação de conteúdo com 250+ palestrantes, reforçando a escala do evento, sua relevância internacional e o papel de São Paulo como principal hub de negócios do setor na região.
Além da feira de negócios, o BiS SiGMA South America by Softswiss oferece uma programação robusta de conteúdo, painéis, workshops e premiações, abordando temas como inovação, operações, tendências de mercado e boas práticas da indústria, contribuindo ativamente para a evolução e profissionalização do ecossistema.
The post BiS SiGMA South America by Softswiss reúne autoridades do esporte, mídia e apostas esportivas appeared first on Americas iGaming & Sports Betting News.
Game Development
Weekend Reels: Slot Drops & Trends Shaping the Market
A closer look at the latest slot releases and the mechanics driving the current design direction
The latest wave of slot releases highlights a market that is no longer driven by volume alone, but by structure, retention, and increasingly complex gameplay systems.
Across recent launches, suppliers are leaning into deeper mechanics — from progression layers and expanding grids to bonus-first formats and branded experiences designed for longer player engagement.
Rather than simply introducing new themes, the focus is shifting toward how games evolve and how players interact with features beyond the base spin.
System-Driven Design Takes the Lead
One of the clearest signals comes from Dark Waters III Power Combo: The Cursed Voyage
by Games Global in collaboration with Just For The Win®. The title combines a progression meter, expanding grid mechanics, and evolving Free Spins, creating a layered experience that extends beyond traditional session-based play.

Similarly, MONOPOLY MEGAPOTS
from Big Time Gaming demonstrates how branded content is evolving. Instead of relying purely on recognition, the game integrates high-density mechanics, scaling multipliers, and multiple feature layers, aligning familiar IP with modern gameplay expectations.
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Branded Content Evolves Beyond Recognition
The release of Game of Thrones
by Blueprint Gaming further reinforces this shift. Built around a progression-based structure, including a “Seven Kingdoms” map and feature modifiers, the title reflects a broader move toward IP-driven games that offer depth and continuity rather than surface-level branding.

Expanding Core Mechanics
Several releases highlight how established mechanics are being extended rather than replaced.
Candy Links Bonanza 3 by Stakelogic builds on a proven framework by introducing additional layers and enhanced jackpot features.

Ultra Buffalo Hold and Win from Booming Games follows a similar path, expanding the classic Hold and Win model with grid expansion and additional bonus elements.

Meanwhile, Fortune Dragon Joy by Habanero leans into high-volatility gameplay, combining traditional thematic elements with strong multiplier potential and feature carry-over.

Broader Market Activity
Alongside these standout releases, a range of additional titles reflects the industry’s current baseline:
- Wazdan – Magic Fruit$: Oranges
- PG Soft – Mayan Destiny
- GAMOMAT – Frooty Troupe – Game On!
- Pragmatic Play – Jelly Express
- Greentube – Rumble Riches
Haulin’ Gold
- BGaming – Sugar Merge Up

- BGaming / Perfect Position – Gates of Power
- RAW iGaming – Fortune Teller’s Charm 6 BONUS RUSH
These releases continue to explore variations of bonus mechanics, thematic diversity, and mobile-first design, reinforcing broader industry trends.
From Games to Systems
Taken together, the latest releases point to a clear transition in slot development.
The focus is shifting from standalone gameplay experiences to structured systems built around retention, where progression, persistence, and feature layering play a central role.
As competition intensifies, differentiation is no longer achieved through theme alone, but through how effectively a game can sustain engagement over time.
The post Weekend Reels: Slot Drops & Trends Shaping the Market appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Behind the Game
Behind the Game: Retention That Drives Revenue
Traffic performance isn’t just about volume or source. What really matters is how well the product turns the first deposit into repeat ones. That’s what drives conversion, retention, repeat deposits, and ultimately LTV — and that’s what defines a partner’s real revenue.
Behind the Game is a series of expert-driven articles where N1 Partners’ gambling affiliate program teams break down what’s happening inside the product and which decisions actually move key metrics.
In this edition, we focus on retention and how it impacts product sustainability and partner earnings.
Why Retention Turns Traffic Into Revenue
Retention is the clearest indicator of whether your traffic matches the actual value of the product. If players don’t come back after their first deposit, the product simply doesn’t convert in the long run.
In Tier-1 GEOs, acquisition costs can reach hundreds of euros. If players don’t make repeat deposits, both the operator and the partner lose.
That’s why success isn’t just about acquisition — it’s about product quality. The N1 Partners portfolio includes high-converting brands with Reg2Dep reaching up to 70% and strong LTV, allowing partners to monetize traffic more efficiently and reach profitability faster.
1. What “Healthy Retention” Looks Like in 2026
In 2026, retention is no longer measured by a single metric. It’s a combination of signals across the entire post-FTD journey.
The key is not just how many players return, but where they drop off.
What key indicators help quickly assess retention quality after FTD?
The core metrics are funnel progression and cohort analysis. Players who move quickly through stages like 1–6 / 1–8 deposits typically form a loyal, active base.
All further communication and retention flows are built to increase transition rates across these stages.
Where does the player journey usually break after the first deposit, and how is it reflected in the data?
The most sensitive point in the FTD funnel is the 1-2 deposit transition. After the first deposit, players start actively testing the product.
At this stage, retention is influenced by several factors: product UX, game variety, overall experience, and withdrawal speed.
All of these pain points are taken into account when building communication flows.
2. Why Retention Drops and What Can Be Fixed Fast
Retention drops are usually caused by mismatched expectations, bonus fatigue, weak personalization, or poor timing in communication.
Some issues can be fixed quickly via CRM and offer adjustments, while others require deeper product-level changes.
What are the top 3 reasons for retention drop across projects? What can be fixed quickly vs. what requires systemic changes?
Retention issues can be divided into three main groups.
Technical and operational issues: payment methods, access to the product, mirrors. These directly impact churn and can usually be fixed quickly. Solutions include alternative payment options, explanatory communication, temporary bonuses, and updated access points.
Product and retention mechanics: weak offers, low engagement. These require revisiting promo strategies, segmentation, and retention flows, and cannot be fixed instantly.
Traffic quality. This is the most complex area, as the issue may lie either in the traffic itself or in how it is processed. It requires behavioral analysis, source comparison, and hypothesis testing across offers, channels, and mechanics. In some cases, this leads to a full revision of the traffic strategy.
What traffic red flags almost always lead to weak retention?
- A high share of players with only one deposit and an untouched balance is a major red flag and often indicates fraud.
- Another common case is bonus hunters. These users exploit welcome offers and then either create duplicate accounts or move on to other brands with the same intent.
3. Reactivation and Bringing Players Back
Reactivation plays a critical role in extending LTV. Players may lose interest, shift habits, or move to other products — but that doesn’t mean they’re gone for good.
What are the key advantages of the reactivation funnel across N1 Partners projects?
The reactivation approach combines team experience with flexible scenarios. Multiple return flows are used, each with different types and values of offers.
Additionally, a system has been implemented to increase engagement after the player returns, which helps grow the share of repeat deposits within this segment.
Another key factor is the speed of identifying players who are about to churn. This is achieved through platform updates, filtering systems, and accumulated behavioral insights.
These elements, combined with a variety of offers and alternative communication channels such as SMS and call centers, make it possible to bring back players who are typically considered “lost.”
4. Mechanics That Actually Retain Players
Retention works best when the product taps into different player motivations: emotion and chance, progress and achievement, status and competition.
What unique features or promos across N1 Partners projects stand out and why do they work for retention?
With deeper analytics, the team gained a better understanding of player behavior and preferences. Promos are now built around real data: favorite games, average bets, and behavioral patterns, making them significantly more effective.
Key mechanics include front-facing features like Bonus Shop and Lucky Spin & Lucky Box. Around 60% of the loyal user base makes at least one purchase in the bonus shop monthly, while over 70% engage with randomizer mechanics.
Puzzle Hunt has also shown strong results, combining randomness with gamification through puzzle collection and a high-value final reward. This mechanic performs especially well among VIP players.
5. Building the Habit: Missions, Calendars, and Loyalty
Strong retention comes from giving players a reason to come back regularly.
Why do missions, calendar-based activities, and loyalty progression drive retention and LTV?
Gamification and FOMO play a key role. Mechanics are designed to drive continuous engagement:
- Earning in-product points
- Daily bonus loops (“come back every day”)
- Loss aversion (miss a day – lose rewards)
Instant reward missions are especially effective. Players complete a task, get rewarded immediately, and return for the next one.
With a younger audience, the “here and now” principle becomes one of the strongest engagement drivers.
6. Loyalty and VIP: Why Progression Beats One-Off Bonuses
Loyalty programs outperform one-time bonuses when players have a clear sense of progression. Levels and checkpoints create momentum and give players a reason to keep coming back.
The key is balance: early levels must feel rewarding and accessible, while higher tiers and VIP rewards should motivate high-value players.
How can you tell if a loyalty program truly drives retention rather than just distributing bonuses?
Effectiveness is measured through impact on behavioral and financial metrics. Key indicators include repeat deposits, ARPU, GGR per player, retention, and churn rate.
It’s also critical to compare program participants with a control group. If participants generate higher revenue and stay active longer, the program is delivering value.
If bonus costs increase without corresponding growth in GGR or LTV, the program is likely just giving away money.
Why Retention Equals Long-Term Revenue
Retention determines whether traffic turns into long-term profit. When done right, the first deposit becomes the start of a cycle of repeat activity — not a one-off event.
If there’s one key criterion for choosing a RevShare brand, what should it be?
Repeat deposit rate. In RevShare models, partner revenue depends on player lifetime. The more often players deposit, the higher the total earnings.
This is exactly why it’s crucial to work with products that already deliver solid performance across key metrics. N1 Partners gambling affiliate program brings together 14+ casino and betting brands across 10+ Tier-1 GEOs, offering competitive scaling conditions — CPA up to €700 for top partners and RevShare up to 45% + NNCO.
A product that consistently retains players and grows LTV delivers stable, long-term revenue — and that’s what makes it worth scaling.
Be number one with N1 Partners
The post Behind the Game: Retention That Drives Revenue appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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