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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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Gaming

Global release of Trophy Hunter – test your skills in the next evolution of hunting games

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On July 3, 2025, Trophy Hunter – the latest game developed by the Ten Square Games team – launched globally across major markets. With this title, the company expands its presence in the fast-growing hunting game segment, where it already has solid experience. Trophy Hunter is the third Ten Square Games project in this genre – this time designed as a skill-based game, offering an accessible yet competitive experience for a broad player base.

“- Ten Square Games was one of the pioneers in the mobile hunting games segment. Since the release of Hunting Clash, the market has grown significantly, and players’ expectations have evolved. Trophy Hunter is our response to those changes – a skill based game that emphasizes fast-paced gameplay, reflexes, and strategic decision-making. We’re building on a world we know well, but offering a new style of play that opens up fresh growth opportunities,” says Jakub Noganowicz, Product Owner of Hunting Clash and Trophy Hunter.

About Trophy Hunter

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Trophy Hunter is a hunting game designed for players who enjoy quick, dynamic gameplay and competitive PvP action. Its core mode features three-round duels where precision, reaction time, and decision-making under pressure matter most – rather than exploration or resource management. Players can upgrade their personal base (Hunter’s Lodge), customize weapons, and compete in a structured league system.

“- The launch of Trophy Hunter is a test for both an alternative gameplay model and a more hybrid approach to monetization. We see this moment as the conclusion of the game’s first development phase. Now begins the most important stage – one driven by player feedback. The success of the project will depend not only on how the game is received but also on our ability to scale the title and consistently grow its player base,” says Andrzej Ilczuk, CEO of Ten Square Games.

Trophy Hunter follows a free-to-play model with microtransactions that let players upgrade weapons and ammo. It also features rewarded video ads**, allowing revenue generation from non-paying users. Thanks to hybrid monetization and a lower entry threshold, Trophy Hunter is aimed at a broader audience. Its lower cost per acquisition offsets the lower ARPU* compared to other Ten Square Games titles. The hybrid business model allows room for scalable growth and expanding the game’s reach.

From prototype to global release

Development on Trophy Hunter began in Q1 2024. In the final production phase, the core development team included 10 directly involved contributors.

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In late June 2025, as part of pre-launch preparations, Ten Square Games removed the test version of the app from Google Play and the App Store, replacing it with the final version and opening preregistration. Over 500,000 players only on Google platform used the opportunity to ensure the fastest possible access to the game on global launch day. Those who preregistered received an exclusive in-game reward – a replica of the Beretta BRX1 rifle and 10 rounds of special ammunition. This was made possible thanks to Ten Square Games’ collaboration with the globally recognized Beretta brand, originally established for Hunting Clash.

What’s next

At launch, the game includes 9 playable arenas. The release marks the beginning of a new development chapter for Trophy Hunter. The roadmap includes progressive content expansion and ongoing testing of the game’s global scalability. If this proves successful, future updates will bring more arenas, new gameplay modes, a LiveOps system, Battle Pass, and additional features to boost player engagement and expand challenge variety.

* ARPU – average revenue per user
** Rewarded video – an ad format where players voluntarily watch a video ad in exchange for an in-game reward.

The post Global release of Trophy Hunter – test your skills in the next evolution of hunting games appeared first on European Gaming Industry News.

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Conferences in Europe

SOFTSWISS Developer Conference Highlights Engineering Strength in High-Load iGaming

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SOFTSWISS, a global igaming software provider, has hosted one of its largest internal developer conferences. The closed-door event in Warsaw brought together over 100 product and engineering specialists to share their experience on building robust iGaming infrastructure, scalability, and technology resilience.

Designed to accelerate cross-functional collaboration and drive technical excellence, the conference agenda featured ten selected talks focused on mission-critical topics such as platform architecture, high-load performance, risk management, and structured thinking – all vital to the stability and success of modern iGaming operations.

“Behind every seamless gaming experience is a robust, well-architected platform that can perform under pressure,” said Sergey Kastukevich, Deputy Chief Technology Officer at SOFTSWISS. “This conference reflects our belief that high-performance technology is the foundation of long-term operator success. It’s where ideas are tested, knowledge is shared, and better systems are built.”

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The speaker line-up was curated from a highly competitive pool, with three applications submitted for every available slot. The final agenda reflected both the technical depth and practical expertise required to operate at scale in the iGaming industry, offering value beyond core engineering topics.

“Most of the topics revolved around strategic challenges aimed at improving efficiency, stability, speed, cost, and process optimisation. That defines who we are as a company: we are a global tech company with 16 years of experience, our products are mature, and what matters now is how we process large volumes of data reliably and build scalable knowledge bases. These are applied, enterprise-level issues,” highlighted Stanislau Biarkovich, Principal Architecture Manager and one of the internal organisers of the conference.

 

Among the standout sessions were:

“An Economist’s Guide to Architecting and Building Web-Scale Platforms” – a talk connecting infrastructure decisions with economic principles, delivered by Brian Azzopardi, Head of Engineering.

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“How Risk Management Techniques Could Make Business – and Your Life – More Effective” – a session by Sergei Laiter, Risk and Process Manager, highlighting the strategic thinking behind resilient tech systems.

Attendees included engineers and product leaders from SOFTSWISS offices across Europe.

As part of its broader commitment to innovation and community engagement, SOFTSWISS also participated in Code Europe 2025, one of the continent’s top tech festivals. Representing the company on the public stage, Artem Bychkov, Deputy Chief Security Officer, delivered a keynote titled “Groundhog Day: Lessons from 20 Years in Security”, shedding light on recurring cybersecurity blind spots and their impact on digital business resilience – including in iGaming.

With demand for stable, scalable, and secure platforms at an all-time high, SOFTSWISS continues to invest in its global engineering culture to ensure that its partners –  including operators, aggregators, and affiliate programs – can grow with confidence.

 

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About SOFTSWISS

SOFTSWISS is an international technology company with over 15 years of experience in developing innovative solutions for the iGaming industry. SOFTSWISS complies with a number of gaming licences and provides comprehensive software for managing iGaming projects. The company’s product portfolio includes the Online Casino Platform, the Game Aggregator with over 30,000 casino games, the Affilka Affiliate Platform, the Sportsbook Software and the Jackpot Aggregator. In 2013, SOFTSWISS revolutionised the industry by introducing the world’s first Bitcoin-optimised online casino solution. The expert team, based in Malta, Poland, and Georgia, counts over 2,000 employees.

The post SOFTSWISS Developer Conference Highlights Engineering Strength in High-Load iGaming appeared first on European Gaming Industry News.

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Compliance Updates

HIPTHER Launches Responsible Gambling Assessment Tool Across Its Global Gaming Media Network

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HIPTHER, a leading media and events brand in the Gaming and Tech industries, has launched a new Responsible Gambling Assessment Tool, now live across all of its gaming media platforms. This quick, anonymous self-test is designed to help players better understand their relationship with gambling, encouraging safer play through awareness and early self-checks.

The “Play Responsibly” tool is backed by clinical research and built with user privacy at its core, based on the globally recognized Problem Gambling Severity Index (PGSI) – a 9-question framework used to assess gambling risk levels, from low to moderate or high.

No sign-up needed. No Cost. No data collected. No Judgement. Just honest insight.

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Whether you’re simply curious or looking to take a proactive step toward support, this free tool delivers instant results and practical next steps – all in under two minutes.

Key Features:

  • Completely anonymous – no registration or personal data required
  • Instant results with tailored guidance
  • Available in 5 languages
  • Mobile-first and accessible across all devices
  • Fully GDPR compliant

Designed to meet WCAG 2.1 AA accessibility standards, the tool ensures a smooth and inclusive user experience for everyone. With multilingual support and local resource integration, it helps diverse populations connect with trusted support networks in their region.

While our media platforms primarily serve the B2B side of the industry, we know they’re also visited by players looking for insights and updates. That’s why it’s important for us to go beyond headlines and contribute real tools that support safer play. This assessment is one small, meaningful step toward that.” – Zoltán Tűndik, Co-Founder and Head of Business at HIPTHER.

Take the assessment today and share it with your community.
Because gambling should always be safe, informed, and fun.

Try it now on any of HIPTHER’s gaming media platforms:

By launching this tool, HIPTHER reaffirms its ongoing commitment to promoting transparency, responsibility, and player well-being in the global gaming industry. Together with our partners and audiences, we continue working toward a safer, more informed future for players everywhere.

The post HIPTHER Launches Responsible Gambling Assessment Tool Across Its Global Gaming Media Network appeared first on European Gaming Industry News.

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