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Sportradar Reports Strong First Quarter 2023 Results

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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%.

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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 % –

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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.

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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

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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:

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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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GiG: Extension of agreement with Betsson enables expansion into new and regulated markets

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GiG Software Plc, a leading B2B iGaming technology provider, is pleased to announce that it has extended its existing partnership with Betsson Group, a leading global online gambling operator with over 20 online gaming brands.

The Contract builds on an existing partnership established in 2022, and seeks to enhance Betsson’s principal Zecure brand. Going forward, GiG will deploy its innovative technology, including its cutting-edge AI ecosystem which features machine learning tools, LogicX and DataX, and industry-leading managed services, providing Betsson with highly scalable foundations from which to grow and expand.

The existing partnership previously enabled Betsson to widen its operational footprint by establishing itself in nine regulated markets. This includes Betsson’s recent brand launches in Serbia, Germany, and Peru.

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The Contract is central to GiG’s growth strategy to further leverage the Company’s long-standing relationships with established global operators. By capitalising on its market-leading reputation, GiG continues to prove highly successful at helping to support opportunities for growth and expansion amongst operators through its new suite of innovative solutions.

Richard Carter, Chief Executive Officer of GiG, commented: “We are delighted to be extending our existing partnership with Betsson, a key strategic relationship we have cultivated over a number of years. As a trusted partner, we have focused on providing a technology stack that delivers security, confidence, and flexibility, creating a solid foundation for success for one of our sector’s most ambitious and discerning operators. We look forward to driving Betsson’s success further as we navigate and expand into new and established regulated markets together.”

Paul Murphy, Commercial Director at Betsson Group, added: “This extension to our long-established partnership is a testament to the strength of our working relationship. Our relationship so far has empowered Betsson’s Zecure brands to be able to provide the best gaming experience for our clients in the markets we serve.”

The post GiG: Extension of agreement with Betsson enables expansion into new and regulated markets appeared first on European Gaming Industry News.

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Set Sail for Festive Fun in Play’n GO’s Boat Bonanza Christmas!

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It’s time to don your Santa hat and take to the icy seas in Boat Bonanza Christmas! This holiday twist on the beloved Boat Bonanza series invites players to brave the frosty waters to reel in some seasonal catches. But, be warned – the ocean is just as unpredictable as ever, even with a layer of festive cheer!

The latest release brings a jolly makeover to the hit sea slot series. Following the sun-soaked fishing trips in Boat Bonanza Colossal Catch and the Australian adventure of Boat Bonanza Down Under, this holiday-themed instalment transforms the high seas into a winter wonderland. Players can look forward to unique festive surprises, including bauble-bedecked marine life and a Swordfish dressed in seasonal cheer.

Players will spin across the 5×4 reels, lining up symbols beneath two holiday-themed fishing boats that sit atop the reels, casting their nets for a chance to scoop up Instant Win fish. The game’s special features, including the Mega Catch Feature and the Free Spins round, come with festive twists to keep players engaged. The exclusive Swordfish symbol is wrapped in holiday colours and delivers big multipliers, adding to the excitement of the sea slots experience!

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Fans of Boat Bonanza and other popular sea-themed slots like Mega Don Feeding Frenzy and Sea Hunter will feel right at home, with added holiday magic throughout. The game’s visuals also embrace the season, with snow-topped reels, sparkling buoys, and a beautifully frosty coastline, creating an ideal winter-themed experience for players seeking festive entertainment.

George Olekszy, Head of Game Retention at Play’n GO said: “We wanted to bring some holiday cheer to our beloved Boat Bonanza series, and Boat Bonanza Christmas does exactly that. It’s the same gameplay our players know and love, enhanced with festive touches to keep things engaging. We can’t wait to see players reel in some big holiday hauls this season!”

Boat Bonanza Christmas adds festive charm to the Play’n GO portfolio, giving fans a cheerful time as they chase wintry waves.

The post Set Sail for Festive Fun in Play’n GO’s Boat Bonanza Christmas! appeared first on European Gaming Industry News.

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Scatters Club Streamers Awards 2025: The World’s Only Online Awards for Streamers Returns with New Nominations Open!

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Gear up, gaming fam! Scatters Club Awards, the first-ever online awards exclusively for gambling streamers, is back for its second year with nominations now open! This time, it’s an award for everyone — whether you’re a seasoned streamer, an enthusiastic fan, a media creator, or a valued partner in the gaming industry.

The big event will air live on February 27th, 2025, but the journey starts here. With new and revamped categories, this year’s awards shine a spotlight on community spirit, honoring every contributor to the streaming universe. With a stronger focus on fan-voted awards, the Scatters Club Awards 2025 is truly an Award FOR Everyone!

FOR streamers: it’s time to show off your personality, skills, and style

From gut-busting reactions to out-of-this-world outfits, we’ve got a category for every type of streamer. Whether you’re the life of the party, the master of cringe, or the ultimate fan favorite, we want you to take the stage. And this isn’t just about winning – it’s about bringing your unique self to the community and making your mark. Here’s a peek at some of our main categories:

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  • Most hilarious reaction to a win. The kind of reactions that make everyone feel the joy. 
    • Most bright reaction to a lose. It’s all about rolling with the punches, showing positivity, and making even the losses fun.
  • Coolest background. Flex your style with the most creative backgrounds – virtual or real!
  • Craziest outfit. Wild looks, eye-popping costumes, and unforgettable streaming style.
  • Best streamer collaboration. For those who know that two streamers are better than one. Double the fun, double the win!
  • Community champion. For those who go above and beyond to keep their fans engaged and connected.
  • Rising star. Recognizing new legends-in-the-making in the gambling streaming world.
  • The best cringe. Because sometimes, it’s the awkward moments that make the best memories.
  • Streamer bestie. For the most-loved streamer, chosen by the fans themselves.
  • The best female streamer. Celebrating the incredible women making waves in gambling streaming.

FOR fans: back your favorite streamers and enjoy the view

Let’s face it: fans are the real MVPs. Without you, there would be no one to cheer on those epic wins (or laugh at the spectacular fails). Not only do you get to vote and send your favorite streamers straight to the top, but you can also enjoy the chance to snag some loot yourself! So, get ready to show some love, vote like crazy, and who knows? Maybe your streamer will win, and you’ll walk away with a prize too!

FOR partners: let’s build a stronger iGaming world

This one’s for our partners – you’re the foundation of the iGaming universe! It’s your chance to join forces with the most creative, innovative, and downright legendary streamers and fans. Together, we’ll keep pushing the boundaries of entertainment and create a space where engagement and pure awesomeness go hand in hand. You bring the spark, and we’ll keep the fires burning with some seriously fun vibes. Let’s make the iGaming world stronger, louder, and just a little bit more outrageous.

FOR media: get in on the most hilarious and inspiring moments

Think you’ve seen it all? Think again! The Scatters Club Awards 2025 is where streaming culture goes off the rails in the most unexpected and hilarious ways. We’re talking laughs, tears (of joy, mostly), and unforgettable moments that will make your feed the talk of the town. Covering this event is like finding a goldmine of meme-worthy content, fan interactions, and jaw-dropping reactions.

The post Scatters Club Streamers Awards 2025: The World’s Only Online Awards for Streamers Returns with New Nominations Open! appeared first on European Gaming Industry News.

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