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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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7Stars Partners Presents OnlySpins: A First-of-Its-Kind Casino With Advanced Gamification and Exclusive Playful Content

7Stars Partners is proud to announce the launch of OnlySpins — a first-of-its-kind casino brand that redefines the gaming experience, where fantasy meets interactive storytelling.
A Unique Concept That Goes Beyond Traditional Play
OnlySpins is a fully gamified environment where players interact with real models, unlock exclusive moments, and progress through personalised storylines on a paradise island. Each location introduces a stunning model with her own character, photos, and videos — turning every journey into an immersive and rewarding experience.
Engagement Through Gamification
The core of the experience is the OnlySpins Slot Machine, where players use Energy to spin and trigger outcomes such as OnlyBucks, story progression, or mini-games. These mini-games add variety and chance-based excitement, rewarding players with additional currency, Collection Cards, and progress boosts.
Players can spend OnlyBucks to send gifts and go on dates with the models, unlocking exclusive real content and progressing the Affection Meter. Each interaction deepens the storyline and provides tangible casino rewards such as bonus money, free spins, or real cash. Completing collections of Cards tied to each model unlocks special videos and further rewards — ensuring ongoing engagement and motivation to continue playing.
Interactive Intimacy That Retains Players
What truly sets OnlySpins apart is its layer of real-time live chat with models. Players can subscribe to chat directly with real models, receiving personalized messages, photos, and videos. This creates a strong sense of exclusivity and intimacy, driving repeat engagement and loyalty beyond standard bonus mechanics.
Benefits for Partners
For affiliates and partners, OnlySpins represents a powerful new revenue opportunity:
- Proven Conversion: The combination of slots, gamification, and exclusive-to-you content keeps players engaged and coming back for more fun.
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“OnlySpins is built to convert, retain, and scale,” said Krystal Tsiattalos, Head of Affiliates at 7Stars Partners. “It’s so much more than just a casino. This unique platform combines iGaming mechanics with exciting interactive entertainment, delivering measurable results for our partners. We believe this is the future of engagement in online gaming.”
About 7Stars Partners
7Stars Partners is a leader in the global iGaming affiliate industry, promoting innovative brands that merge entertainment, technology, and exceptional player experiences. With a growing portfolio of successful brands, the company continues to set new standards in retention, conversion, and partner growth.
OnlySpins is now live.
Partners can connect with the team today to learn how this groundbreaking brand can unlock new revenue opportunities.
7777 gaming
Shaping the Future of iLottery: 7777 gaming’s Izabel Hakim on Innovation and Engagement

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Izabel Hakim, Head Project Manager at 7777 gaming, joins us for an exclusive conversation ahead of HIPTHER’s European Gaming Congress – HIPTHER Warsaw Summit 2025.
A recognized professional with a strong background in Product Development and Business Management, Izabel has nearly a decade of leadership experience in the iGaming sector. At 7777 gaming, she plays a pivotal role in driving product innovation across the company’s two key verticals: lottery and online casino.
As a General Sponsor of EGC 2025, 7777 gaming will showcase its cutting-edge iLottery solutions and 200+ game portfolio, reflecting its mission to create games for every player, niche, and taste.
Izabel, as Head Project Manager at 7777 gaming, you’ve been shaping product development in both lottery and online casino. From your perspective, how is iLottery evolving today, and why is it becoming such a central pillar of iGaming?
iLottery has evolved far beyond its traditional image of paper tickets and live draws. What we’re seeing today is the transformation of lottery into a dynamic, digital-first experience, one that resonates with modern players who value interaction, instant results, and engagement.
At 7777 gaming, we see iLottery as a bridge between tradition and innovation. It retains the thrill of chance that people love, but now enhanced with engaging visuals, storytelling, and personalized digital features. This evolution makes iLottery not just another vertical, but a central pillar of iGaming’s future, one that connects generations of players through technology and creativity.
7777 gaming is known for its bold creativity – from cinematic storytelling and unique mechanics to the expansive 7777 Multiverse. How do these innovations translate specifically into your iLottery products?
Creativity is our universal language, it flows through everything we create. The 7777 Multiverse isn’t just a feature, it’s a philosophy that connects our entire portfolio. Within iLottery, that means moving beyond static experiences and turning every game into a journey.
We weave storytelling and visual immersion into lottery formats that feel alive, games where the player isn’t just waiting for numbers but engaging with dynamic worlds, symbols, and rewarding mechanics. Our goal is simple: To make every draw feel like part of a bigger, evolving adventure. You can already see that spirit in one of our newest fully customizable Raffle Lottery products.
Only five years after launching, 7777 gaming is certified in 14 regulated jurisdictions and continues to expand globally. How does compliance ensure your iLottery solutions fit the specific needs of each market?
Compliance is one of our strongest assets. We don’t view it as a limitation, we see it as the framework that allows sustainable innovation to thrive. Every product we build is designed with regulation in mind from day one, ensuring that creativity and compliance evolve hand in hand.
When working with lotteries, the regulatory landscape can be even more complex, as in many cases the country itself is the regulatory body. That’s where our experience truly shines. We’ve successfully customized our iLottery solutions for national operators such as the National Lottery in Moldova, Azerloterya, the National Ukrainian Lottery, and others, each with its own technical, legal, and local specifics.
This hands-on experience enables us to adapt quickly to diverse jurisdictions while maintaining the creative quality, reliability, and security that define 7777 gaming. Our compliance-first mindset ensures that wherever our partners operate, our products not only meet the highest standards but also deliver the same trusted, engaging experience to every player.
Lottery has traditionally been seen as more static compared to casino gaming. How are you and your team reimagining iLottery to make it more engaging for the next generation of players?
We’re reimagining iLottery as something vibrant, social, and interactive, but also as a bridge between traditional and digital play. Many players are still accustomed to the offline lottery experience, so our goal is to guide that transition online by offering products that feel familiar, yet reimagined with fresh, engaging, and interactive twists that keep them playing longer.
Our strategy is built on variety and adaptability. We offer everything from instant win games and keno, to bingo, raffle lotteries, and themed or localized content tailored to specific markets with over 70 games for our lottery vertical. This range ensures that every player, whether they’re just discovering iLottery or already part of the digital ecosystem, can find something that resonates with their habits and preferences.
It’s all about giving players agency, connection, and excitement. We want iLottery to feel not just like a game of chance, but an evolving experience that fits naturally into how people play, connect, and engage today.
Community engagement and mentorship are passions you’ve personally championed. How do these values influence the way 7777 gaming develops products and connects with players in the iLottery space?
I’ve always believed that great products come from great teams, and great teams are built on trust, mentorship, and shared curiosity. At 7777 gaming, we nurture that culture through open collaboration, cross-functional creativity, and constant learning. Every project is a collective effort, shaped by diverse ideas and perspectives.
This mindset directly influences how we build our iLottery products. When your team feels empowered and inspired, it reflects in the final result – games that are thoughtful, well-crafted, and full of personality. It’s that internal synergy that allows us to consistently innovate and deliver experiences that stand out in the market.
Looking ahead, what can we expect next from 7777 gaming in the iLottery vertical? Are there particular innovations, markets, or partnerships that excite you most as you expand further?
The next phase of our lottery journey is all about personalization and deeper player engagement. We’re using data-driven insights to understand what excites players most and to craft experiences that truly speak to their preferences, blending the best of both verticals we work with – lottery and casino into fresh, hybrid formats that feel modern and intuitive.
We’re also entering new regulated markets and strengthening strategic partnerships that reflect our vision of responsible, engaging, and borderless entertainment. The opportunities ahead are exciting and 7777 gaming will continue to set new standards for innovation and creativity in future.
Thank you, Izabel, for sharing your insights on how 7777 gaming is redefining iLottery with innovation, compliance, and a people-first approach. We look forward to hearing more from you on stage at the European Gaming Congress 2025!
Join us at the European Gaming Congress 2025 | 30–31 October | Warsaw
Meet 7777 gaming and discover how they’re shaping the future of iLottery and iGaming.
The post Shaping the Future of iLottery: 7777 gaming’s Izabel Hakim on Innovation and Engagement appeared first on European Gaming Industry News.
Africa
BongoBongo Partnership Boosts GR8 Tech’s Expansion in Africa

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GR8 Tech has joined forces with East African iGaming brand BongoBongo. Active across Uganda, Zambia, Tanzania, and Kenya, BongoBongo is known for its bold growth strategy and sharp market focus. Now, that momentum continues with the launch of GR8 Tech’s ULTIM8 Sportsbook—a high-performance solution built for ultimate speed, scale, and competitive edge.
While the iFrame integration already powers live operations, BongoBongo is also one of the first brands to leverage GR8 Tech’s robust backend integration via API. This will enable BongoBongo to take full control of the front end, tailoring the player experience to its brand vision while relying on GR8 Tech’s infrastructure under the hood. It’s a heavyweight blend of freedom and firepower, built for operators ready to differentiate and dominate.
“As we continue to grow across Africa and expand our local teams, having a high-performance sportsbook that complements our casino-first strategy is key. GR8 Tech gives us exactly that: the freedom to shape our frontend on top of a powerful, scalable engine. With the ULTIM8 solution and API, we’re ready to raise the bar for our players,” said Randy Heyrowsky, CEO at BongoBongo.
GR8 Tech’s Proven Success in Africa
GR8 Tech has already demonstrated strong traction in Africa by delivering a custom light sportsbook frontend for a regional operator in 2024. Designed for real-world conditions typical for the region, such as slow networks, older devices, and limited bandwidth, the solution prioritized speed and performance. The results were striking: conversion from registration to first deposit rose by 12% and user retention more than doubled, from 10% to 25%.
It was a strategic localization. GR8 Tech’s ability to blend performance engineering with market-specific UX shows what’s possible when products are built to meet the moment. In Africa and beyond, this is how heavyweight platforms win.
“Every market has its own demands, and success comes from listening closely and building accordingly. With Africa, we’ve proven that smart technical decisions drive long-term value. Now, with BongoBongo, we’re doubling down on that principle. They have bold plans and deep market insight, and we’re excited to support their next phase with tech that’s fast, flexible, and built to scale with their vision,” said Yevhen Krazhan, CSO at GR8 Tech.
Connect with GR8 Tech at the upcoming SiGMA Central Europe to discover new developments and explore opportunities.
The post BongoBongo Partnership Boosts GR8 Tech’s Expansion in Africa appeared first on European Gaming Industry News.
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