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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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Here are this weeks latest slots releases compiled by European Gaming
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Blueprint Gaming
is kicking off the festive season with the launch of Saint Nicked 3 Present Tense, the first of three Christmas-themed releases that see some of its most iconic series reimagined with charming festive visuals, enriched graphics and immersive seasonal experiences designed to delight operator player bases worldwide.
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The post Week 47/2025 slot games releases appeared first on European Gaming Industry News.
European Gaming Media
HIPTHER’s European Gaming Media Joins Forces with Frank Gaming in a Strategic Media Partnership
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HIPTHER’s flagship media outlet, European Gaming Media, is delighted to announce a new Media Partnership with Frank Gaming – the strategic nexus connecting game providers, casino operators, and industry leaders worldwide.
This collaboration marks a shared mission to accelerate partnerships, amplify exposure, and empower sustainable growth within the global iGaming ecosystem. Through this agreement, Frank Gaming will feature HIPTHER’s renowned international events across its platform, providing its expansive network with direct access to some of the industry’s most influential conferences.
In exchange, European Gaming Media will provide ongoing editorial and social media coverage for Frank Gaming’s key announcements, while Frank Gaming representatives will receive complimentary passes to attend HIPTHER’s premium events, including the Prague Gaming & TECH Summit, European Gaming Congress (HIPTHER Warsaw Summit), and the MARE BALTICUM Gaming & TECH Summit.
A Partnership Built on Shared Vision and Reach
Frank Gaming serves as a powerful connector within the iGaming ecosystem, driving measurable results through strategic networking, exclusive events, and actionable industry intelligence. Their ecosystem features over 500 verified suppliers, 250 active operators, 1,200 successful connections, and 50+ exclusive events – all designed to foster collaboration and growth.
The platform’s comprehensive toolkit includes a Supplier Directory, Strategic Networking, Industry Intelligence, Exclusive Events, Custom Marketing, and Strategic Advisory services, making it a go-to destination for gaming businesses seeking to scale with purpose.
As a leading media voice reaching over 300,000 monthly readers, European Gaming Media delivers trusted news, interviews, and insights across gaming, betting, esports, and tech innovation. The partnership strengthens both brands’ commitment to building bridges and driving excellence across the gaming value chain.
Statements from the Partners
Zoltán Tűndik, Co-founder of HIPTHER, commented: Our collaboration with Frank Gaming is a natural fit, rooted in a shared commitment to strengthening the core of the iGaming industry. We are focused on delivering crucial insights, and Frank Gaming excels at creating actionable connections. With a joint effort we can offer immense value, ensuring that the critical discussions taking place at our HIPTHER events are amplified across their robust network of suppliers and operators.
Julian Arabadjiyski, Frank Gaming strategic advisor added: Partnering with HIPTHER is a strategic step forward in our mission to connect innovation with opportunity across the global iGaming landscape. HIPTHER brings industry-shaping insights and global reach through their events and media, while Frank Gaming empowers suppliers and operators to turn those insights into growth. Together, we’re bridging knowledge and execution ensuring the right voices are heard and the right connections are made.
About Frank Gaming
Frank Gaming is the strategic nexus connecting game providers, casino operators, and industry leaders across the global iGaming ecosystem. With over 500 verified suppliers, 250 operators, and 1,200 successful connections, the platform accelerates partnerships and drives growth through strategic networking, exclusive events, and targeted intelligence.
About European Gaming Media
Part of HIPTHER, European Gaming Media (EuropeanGaming.eu) is one of the most trusted publications in the iGaming and gambling sector, reaching more than 300,000 readers monthly. The outlet delivers daily news, in-depth interviews, regulatory updates, and event coverage, shaping the future of gaming and betting across Europe.
About HIPTHER
HIPTHER is a global brand dedicated to connecting people and businesses through innovative media, PR, and events. With leading conferences and media outlets spanning Gaming, Tech, and Fintech, HIPTHER empowers industries through connection, collaboration, and creativity.
The post HIPTHER’s European Gaming Media Joins Forces with Frank Gaming in a Strategic Media Partnership appeared first on European Gaming Industry News.
N1 Partners is heading to Bangkok to talk about growth, partnerships, and high-converting products. The team will be present not only at the main conference — Affiliate World Asia 2025 on December 3–4 — but also across the key side events, including Affiliate Drinks Meetup Bangkok 2025 and partner activities at Fridman Palace.
“Affiliate World Bangkok is one of the most valuable events of the year. We’re excited to meet partners, showcase what we’ve built, and exchange insights that drive the industry forward. N1 Partners enters 2026 stronger than ever — with new brands, new achievements, and big plans ahead.”
— Alexa Bond, Head of Affiliates at N1 Partners
Meet N1 Partners at Affiliate Drinks Meetup Bangkok 2025
The Affiliate Drinks Meetup Bangkok 2025 by Conversion Club is an evening of targeted networking during Affiliate World Asia week — a “drinks & deals” format built for quick, meaningful introductions and real partnerships between affiliates, advertisers, agencies, and tech partners in a relaxed setting off the expo floor.
N1 Partners joins Affiliate Drinks Meetup as a supporting partner and active participant, bringing our affiliate managers to meet decision-makers, discuss new traffic opportunities, and strengthen relationships with existing and future partners.
- Location: Anantara Siam Bangkok Hotel, Bangkok
- Date & time: 3 December 2025, 20:00–23:00
Affiliate Space Awards 2025
The Affiliate Space Awards 2025 by Conversion Club is an annual gala that celebrates standout brands, companies, and personalities in affiliate marketing across key verticals — including iGaming, finance, dating and more — with live voting and winners announced at a gala dinner in Bangkok.
N1 Partners is shortlisted in three major categories at the Affiliate Space Awards 2025:
- The Best Gambling / Betting Affiliate Program
- The Best Brand of the Year
- The Best Online Casino Operator of the Year.
Together, these nominations recognize N1 Partners’ position as a top-performing affiliate program and operator with guaranteed and fast payouts, flexible deal models, a VIP approach and strong support for partners, consistently high-converting Tier-1 brands, a strong and consistent brand image (boosted in 2025 by the buzz around the N1 Puzzle Promo), and a data-driven approach to player value, retention, LTV, and long-term partner results.
- Location: Anantara Siam Bangkok Hotel, Bangkok
- Date & time: 4 December 2025, 20:00–23:00
Fridman Palace – where N1 Partners meets industry leaders
You can also find N1 Partners at Fridman Palace in Bangkok — a premium business and lifestyle space where market leaders meet, share real cases, and talk openly beyond the conference schedule.
FridmanTower offers a curated environment with private meeting areas and networking zones tailored for meaningful conversations and high-level deal-making.
N1 Partners is the sponsor of a smoking lounge for relaxation and networking, giving partners a comfortable, premium space to meet our affiliate managers, talk strategy, and plan next steps throughout Affiliate World week.
- Location: FridmanTower, Bangkok
- Dates: 1–5 December 2025
Book a Meeting with Our Affiliate Managers
Maximize your time in Bangkok — book a meeting with N1 Partners in advance, whether at Affiliate World Asia, Affiliate Drinks Meetup, Affiliate Space Awards, or Fridman Palace.
Meet the N1 Partners affiliate team in Bangkok:
- Aleksei Gusarov – Team Lead of Affiliates
- Viktoriia Sokolenko – Affiliate Manager
- Roman Tsyganov – Affiliate Manager
- Batikhan Omarbayev – Affiliate Manager
- Pavel Sysoev – Account Manager
Book your slot — let’s talk business, growth, and opportunities with N1 Partners.
About N1 Partners
N1 Partners is a multi-brand affiliate program and direct advertiser, uniting 14+ casino and betting brands. The company has a strong presence in 10+ Tier-1 GEOs, Reg2Dep rates of up to 70%, and a trusted network of 10,000+ affiliates worldwide. N1 Partners delivers competitive deals for top partners: CPA up to €700 and RevShare up to 45% to ensure partners always are number one!
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