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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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Sports marketing consultancy Strive Sponsorship has brokered a multi-platform content and media partnership between SBK, the fast-growing, data-led sportsbook app, and Premier Sports, the premium sports broadcaster in Ireland and the UK.
The deal sees SBK become the official sponsor of Premier Sports’ ‘Scottish Football Social Club’ podcast – a YouTube and audio series that brings sharp, irreverent takes on all things SPFL. SBK will also support and feature in social media content for LALIGA and Scottish Premiership football throughout the 2025/26 season, marking a major step in SBK’s expansion into Ireland and broader UK football media.
In addition, Premier Sports subscriptions will be offered to SBK customers as part of exclusive promotional packages, enhancing access to premium football content and increasing brand loyalty.
“We’re proud to have connected two smart, fan-focused challenger brands in this deal,” said Malph Minns, Managing Director at Strive Sponsorship.
“This partnership brings together content, distribution and fan utility in a way that few betting brands are doing today. SBK’s focus on value aligns perfectly with Premier Sports’ growing football community and media reach. It’s exactly the type of strategic, insight-led activation we specialise in.”
This partnership follows Strive’s work building SBK’s sport sponsorship portfolio across football clubs across the UK and Ireland — with a consistent focus on content-driven, fan-relevant assets that deliver beyond traditional branding.
Adam Baylis, Marketing Director at SBK, said:
“This is a really exciting move for us. Being part of Premier Sports’ LALIGA and SPFL social content gives us powerful visibility in key communities. We’re all about giving fans more value, and with Premier Sports subscriptions now available to our customers, this partnership delivers on that promise.
“It’s been great working with Strive on this deal. What sets them apart is their ability to go beyond just brokering deals — they bring structure, insight, and creativity to the whole process. Their work continues to deliver brand value that aligns tightly with our marketing objectives.”
Shane Hogan, Head of Marketing at Premier Sports, added:
“We’re delighted to welcome SBK on board. They bring a fresh approach to the betting space and have a real focus on fan-first activation. This partnership gives our content new momentum, especially on social and podcast platforms, while giving our audience access to great offers and added value. It’s a win-win.
“Strive has been a pleasure to work with. Their expertise was clear from day one. They don’t just connect brands and rights holders — they engineer partnerships that work commercially, creatively, and for the fans. We’re excited about what this one will deliver.”
The post Strive Connects SBK and Premier Sports in Multi-Platform Football Tie-Up appeared first on European Gaming Industry News.
SOFTSWISS, a global tech provider of iGaming software solutions, has unveiled its latest report on Latin America’s iGaming landscape, providing a comprehensive, data-rich guide for operators navigating one of the industry’s fastest-evolving regions.
After becoming the first certified iGaming software provider in Brazil and obtaining further approval in Peru, SOFTSWISS has deepened its regional expertise to help operators, regulators, and stakeholders better understand and operate within the dynamic LatAm iGaming market.
As the iGaming sector turns its eyes toward emerging markets, Latin America stands out as both a challenge and an opportunity. The newly released Latin America’s iGaming Market Overview from SOFTSWISS offers a detailed, country-by-country analysis of the region’s regulatory frameworks, market potential, and player behaviour.
The report serves as a starting point for understanding gambling regulation across Latin America. It helps analysts, governmental institutions, and operators solve the problem of scattered and unclear information about the market peculiarities of the region’s countries, equipping stakeholders with the knowledge to build strategies grounded in local realities.
What’s Inside the Report?
The iGaming in Latin America Market Overview examines 19 jurisdictions and outlines their licensing conditions, taxation models, local ownership requirements, and digital infrastructure, which collectively shape the operating landscape. The 2025 edition offers:
- Detailed regulatory snapshots for land-based and online gambling in LatAm countries
- In-depth assessments of mobile penetration, payment infrastructure, and demographic trends
- Analysis of traditional betting culture and its impact on online product strategies
- Insights into upcoming reforms and their competitive implications
Many local experts note that the Latin American market is highly fragmented, with each country presenting its own unique regulatory landscape for iGaming. From Costa Rica’s legal grey zones to Paraguay’s border casinos and Brazil’s regulatory leap with Law No. 14.790, the report underscores how nuanced and fragmented the market remains. Understanding distinct frameworks is critical for any operator looking to succeed in the region, whose potential is really powerful when approached strategically.
Magnho José, President of Instituto Jogo Legal (IJL), comments: “Costa Rica’s open licensing model has positioned the country as a global hub for online gambling, serving operators from both Latin and North America. Meanwhile, border zones like Ciudad del Este in Paraguay host some of the region’s most established land-based casinos. Latin America’s market isn’t just growing, it’s geographically layered and commercially diverse.”
The SOFTSWISS overview gives operators a clear, data-informed view of where the region stands today – and where it is headed next.
Dario Leiman, Head of Business Development in Latin America at SOFTSWISS, shares his excitement: “With Brazil’s full-scale iGaming regulation now in place, SOFTSWISS is fully ready to operate in the market. In parallel, we’ve been evaluating opportunities in other Latin American countries. This report is more than a regional snapshot – it’s a practical tool for any operator looking to eliminate the guesswork from market entry and make informed decisions.”
The Latin America report is part of a broader effort by SOFTSWISS to deliver strategic, market-specific intelligence for iGaming professionals. Earlier this year, the company released the iGaming in South Africa 2025 report – an in-depth analysis of one of Africa’s most promising regulated markets.
About SOFTSWISS
SOFTSWISS is an international technology company with over 15 years of experience developing innovative solutions for the iGaming industry. SOFTSWISS holds 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 35,000 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 counts over 2,000 employees.
The post SOFTSWISS Releases 19-in-1 Market Overview: iGaming in Latin America appeared first on European Gaming Industry News.
GR8 Tech is bringing the fight to SBC Lisbon 2025 with a clear mission: Activate the Heavyweight. Building on the momentum of its Heavyweight Club, GR8 Tech will showcase how elite operators turn ambition into measurable results: through mindset, execution, and technology that wins under pressure.
“The Heavyweight Club is built on results, not rhetoric,” said Sergey Ghazaryan, CRO at GR8 Tech. “After launching it with great success, we’re bringing that momentum to SBC Lisbon 2025 too—this time with an even stronger call to action: Activate the Heavyweight. It’s where we’ll show exactly how GR8 Tech turns ambition into championship results. If you’re ready to lead from the front, we’ll be in your corner every step of the way.”
The Heavyweight Club unites leaders who build for performance, not appearances. Inspired by GR8 Tech’s partnership with Ready to Fight and the discipline and focus of Oleksandr Usyk, the Club champions resilience, clarity, and execution. It’s for operators who value outcomes over promises and expect a partner to match that intensity.
Activate the Heavyweight: What’s on Show in Lisbon
GR8 Tech will run hands-on demos across its high-performance stack, engineered for scale, speed, and profitability with geo-specific precision:
● Hyper Turnkey — a complete, end-to-end iGaming solution designed for speed and precision. Featuring a no-code, widget-based frontend for instant UI updates, an AI-powered CRM for deep personalization, and geo-specific presets for fast, fully compliant market entry.
● ULTIM8 Sportsbook iFrame — customizable, fast-to-market sportsbook that adapts to any brand and market. Launch in days, personalize deeply, and keep margins tight with AI-powered features.
● Infinite Casino Aggregation — single-API access to a vast content portfolio with powerful promo tools and analytics for smarter monetization.
The Heavyweight Standard: Results Under Pressure
Here’s what Heavyweight performance looks like in practice:
- Breakeven in under 12 months in Tier-2 and 3 markets with geo-specific presets that launch fast and land right.
- +30% engagement powered by AI that identifies player preferences with 99% accuracy, driving precision personalization at scale.
- Retention built in with advanced gamification: quests, leaderboards, and achievements that turn participation into loyalty.
- 180,000+ in-play events traded monthly on our own tech stack, delivering depth, speed, and control to operators.
- 96% uptime and lightning-fast load times worldwide thanks to our geo-distributed, high-performance architecture.
Don’t just watch the next era of iGaming leadership—step into the ring.
Meet GR8 Tech at booth C350 during SBC Lisbon 2025, September 16–18, and discover how to scale fast, localize smart, and compete where it’s toughest. Heavyweight results start here.
GR8 Tech. Platform for Champions
GR8 Tech is an award-winning provider, delivering high-performance sportsbook and iGaming solutions that empower operators to lead and win in competitive markets. Key elements of GR8 Tech’s comprehensive portfolio include the Hyper Turnkey solution, ULTIM8 Sportsbook iFrame, Infinite Casino Aggregation, and Platform Acceler8 suite, featuring its proprietary affiliate management platform, Aff.Tech.
With a geo-specific approach to solutions, a focus on practical innovations, and an operator-first mindset, GR8 Tech helps its clients achieve measurable results in their target markets quickly and efficiently. Trusted by top operators worldwide, GR8 Tech has over 100 successful cases and earned multiple recognitions, including the title of the Best Sports Betting Provider in CEE by GamingTECH Awards 2025.
The post Activate the Heavyweight Experience with GR8 Tech at SBC Lisbon 2025 appeared first on European Gaming Industry News.
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