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SPORTRADAR REPORTS SECOND QUARTER 2024 FINANCIAL AND OPERATING RESULTS

Published

1 year ago

August 13, 2024

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Sportradar Group AG (NASDAQ: SRAD) (“Sportradar” or the “Company”), a leading global sports technology company focused on creating immersive experiences for sports fans and bettors, today announced financial results for its second quarter ended June 30, 2024.

Carsten Koerl, Chief Executive Officer of Sportradar, said: “Our strong second quarter results, including another quarter of record revenues are a testament to the operating momentum we are generating across our business and the clear execution against our strategies to drive outperformance versus the market. We delivered robust growth across our high-value product portfolio and strong client uptake, while continuing to strengthen our business by driving efficiencies and significant cash flow. I am pleased to once again raise our full year guidance as we continue to build long-term shareholder value through strong topline growth, a focus on delivering additional operating leverage and increasing cash flow generation.”

Second Quarter 2024 Financial Highlights

Revenue was €278.4 million, up 29% year-over-year demonstrating continued momentum in the business.
Betting Technology & Solutions revenues were €229.1 million, up 30% year-over-year, and Sports Content, Technology & Services revenues were €49.3 million, up 22% year-over-year.
Delivered strong revenue growth globally with Rest of World up 22% and the U.S. up 59%.
The current quarter generated a loss of (€1.5 million) compared to a de minimis profit for the same quarter last year.
Adjusted EBITDA[i] was €48.8 million, up 22% year-over-year.
Net cash generated from operating activities since the beginning of the year was €152.6 million, up 17% year-over-year.
The Company’s customer Net Retention Rate[ii] was 117%, demonstrating the strength in cross selling and upselling to clients, and increasing sequentially.
As of June 30, 2024, the Company had total liquidity of €542.2 million as compared to €483.7 million as of June 30, 2023, benefitting from strong cash flow generation in the first half of 2024.
During the quarter, the company repurchased approximately 588,000 shares, for a total amount of $6.2 million. As of August 9, 2024, the Company has repurchased approximately 748,000 shares with a total value of $8.0 million.
The Company further raised its full-year 2024 outlook and now expects to deliver 22% year-over-year growth in revenue and Adjusted EBITDA.

Key Financial and Operating Metrics	Q2	Q2	*Change*	*Change*
in €’000 (unaudited)	*2024*	*2023*	€	%
Total Revenue	278.4	216.4	62.0	29%
Profit (loss) for the period from continuing operations	(1.5)	0.0	(1.6)	n/a
Profit (loss) for the period from continuing operations as a percentage of revenue	(0.6%)	0.0%	-57 bps	n/a

Adjusted EBITDA	48.8	40.1	8.7	22%
Adjusted EBITDA Margin¹	17.5%	18.5%	-98 bps	n/a
Net Retention Rate	117%	120%	-360 bps	n/a

Supplemental Revenue Analysis

Revenue Grouping
Betting Technology & Solutions	229.1	176.1	53.0	30%
Sports Content, Technology & Services	49.3	40.3	9.0	22%
	278.4	216.4	62.0	29%

Revenue Grouping as % of Total Revenue
Betting Technology & Solutions	82%	81%		1%
Sports Content, Technology & Services	18%	19%		-1%

Geographic
Rest of World	217.8	178.4	39.4	22%
United States	60.6	38.0	22.6	59%
	278.4	216.4	62.0	29%
Geographic as % of Total Revenue
Rest of World	78%	82%
United States	22%	18%

Recent Business Highlights

Sportradar Managed Trading Services (MTS) customer pipeline had a strong first half of 2024. 46 new customers have signed up for MTS year-to-date, which will bring total customers to over 200 worldwide, expanding coverage in fast growing sports betting territories including Latin America & Africa.
UEFA and Sportradar extend and expand partnership. The expanded agreement covers all UEFA Club and National team competitions, over 900 high-profile matches, a 33% increase from the previous relationship. The agreement also expands its existing, exclusive betting data rights and Integrity partnership to include non-exclusive right to distribute data to non-betting media.
Sportradar launches audio and expands digital-out-of-home advertising channels to increase operators’ reach and brand awareness. Sportradar announced the launch of ad:s for audio and an enhanced digital-out-of-home offering, expanding the reach of the company’s leading marketing services to podcasts, streaming services, internet radio and over 600,000 digital outdoor screens across move than 100 countries.
Sportradar launches industry-first social media video ads featuring live sports and betting data. Initially launched across Meta’s social media platforms, Sportradar’s proprietary technology creates and delivers tailored social media video advertisements, which update in real-time to reflect betting market movements, including live odds, as well as casino games and jackpot value, to aid customer retention and drive revenue.

Revenue

Total revenue for the current quarter was €278.4 million, up 29% year-over-year driven by growth across the portfolio, in particular Betting Technology & Solutions.

Betting Technology & Solutions

Betting Technology & Solutions revenues were €229.1 million, up 30% year-over-year primarily driven by:

Streaming & Betting Engagement, up €26.2 million or 41% year-over-year, and Live Data and Odds up €18.6 million or 27% year-over-year, with both benefitting from existing and new customer uptake of our products and premium pricing, as well as from the strong U.S. market growth.
Managed Betting Services, up €8.5 million or 21% year-over-year, primarily driven by strong growth in Managed Trading Services due to higher trading margins and increased betting activity from existing and new customers.
As a percentage of total company revenues, Betting Technology & Solutions represented 82% of total company revenue in the current quarter as compared to 81% in the prior year quarter.

Sports Content, Technology & Solutions

Sports Content, Technology & Solutions revenues were €49.3 million, an increase of 22% year-over-year primarily driven by:

Marketing and Media Services were €7.7 million, up 28% year-over-year, with strong growth in European and North America ad:s revenue as several sportsbooks launched marketing campaigns.
Sports Performance was broadly flat year-over-year.
As a percentage of total company revenues, Sports Content, Technology & Solutions represented 18% of total company revenue in the current quarter as compared to 19% in the prior year quarter.

Costs and Expenses

Purchased services and licenses were €72.6 million, up €22.0 million or 44% year-over-year. Of the total purchased services and licenses, €28.9 million was expensed sport rights. Excluding expensed sport rights, purchased services were €43.7 million, up €10.5 million or 32% year-over-year driven primarily by the Company’s investments in its product portfolio.
Personnel expenses were €89.1 million, up €4.7 million or 6% year-over-year and down approximately 700 bps as a percentage of revenue, as we continue to closely manage our resources and focus on delivering operating leverage.
Other Operating expenses were €22.6 million, up €1.6 million or 8%, down approximately 160 basis points as a percentage of revenue, as we further leveraged our existing infrastructure.
Total sport rights costs were €95.9 million, up €43.6 million or 83% year-over-year, driven by new rights, in particular our ATP and NBA partnership deals.

Share Repurchase Program

In March of this year the Board of Directors approved a $200 million share repurchase program and commenced purchases during the second quarter. As of August 9, 2024, the Company has repurchased approximately 748,000 shares under the plan for a total of $8.0 million.

Updated 2024 Annual Financial Outlook

Sportradar is further raising its fiscal 2024 outlook for revenue and Adjusted EBITDA as follows:

Revenue of €1,070 million compared with prior outlook of €1,060 million, up 22% year-over-year and representing a 1-percentage point improvement in our full year growth rate outlook.
Adjusted EBITDA of at least €204 million compared with prior outlook of €202 million, up 22% and representing a 1-percentage point improvement in our full year growth rate outlook.
Adjusted EBITDA margin of approximately 19%.

Conference Call and Webcast Information

Sportradar will host a conference call to discuss the second quarter 2024 results today, August 13, 2024, at 8:30 a.m. Eastern Time. Those wishing to participate via webcast should access the earnings call through Sportradar’s Investor Relations website. An archived webcast with the accompanying slides will be available at the Company’s Investor Relations website for one year after the conclusion of the live event.

[i] Non-IFRS measure. See the sections captioned “Non-IFRS Financial Measures and Operating Metric” and “IFRS to Non-IFRS reconciliations” for more details.

[ii] Non-IFRS Operating Metric. See the section captioned “Non-IFRS Financial Measures and Operating Metric” for more details.

The post SPORTRADAR REPORTS SECOND QUARTER 2024 FINANCIAL AND OPERATING RESULTS appeared first on European Gaming Industry News.

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REEVO has announced that its innovative portfolio of in-house games is now live with Microgame, one of Italy’s leading gaming service providers.

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The post REEVO Goes Live with Microgame, Expanding Its Reach in Italy appeared first on European Gaming Industry News.

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Sneaky Slots reveals a bunch of freaks in its second release, Freak Show Revelation

Published

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October 29, 2025

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The show is about to begin… so find your seats, sit back and enjoy The Freak Show Revelation! B.T Parnum has gathered the freakiest freaks and created a program that is meant to shock the people! This is the second release from Sneaky Slots since the launch of Nip Tuck last month, with Gopnik and Gods Go Pew Pew up next!

Reel Area

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Host Multiplier: Awards a random Multiplier 5x, 10x, 25x and 50x.
The Generous Host: The Host will expand to cover the entire reel and acts like a wild.
Host Cash: Instant cash prize will be awarded and the Host will add a random multiplier between 2x and 10x.

xBomb®

Well, well, well… look what decided to make an surprise appearance! It’s one of Nolimit City’s iconic xMechanic, xBomb®, making its first ever appearance in another provider’s game!

In Freak Show Revelation, xBomb® explodes removing all adjacent symbols and increases the Multiplier for the next collapse.

Pick Your Bonus!

The beauty of this show is that get to choose between Heaven and Hell. Land 3 Bonus Symbols and choose between either the Heaven Spins or Hell Respins. Landing 4 Bonus Symbols will unlock the choice for the Super Variants of each bonus.

Heaven Spins

So, you think you have a good cocnscious. When selecting the Heaven Spins, you get 10 free spins. During this feature the Host activation increase in frequency. A single Bonus Symbol will activate Super Heaven Spins and will award +3 Spins.

Super Heaven Spins

The difference between Heaven and Super Heaven Spins is that the Host is guaranteed to land at least once in each spin.

Hell Respins

Maybe you’re feeling a little mischievous. When selecting the Hell Respins Bonus, you are award 3 respins where the only symbols that can land are; Multipliers between 1x-10x, Blank, Bonus and the Host.

When a multiplier lands on the reels, it’s value will be added to the current multiplier on top of the relevant reel.

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Super Hell Spins

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Sneaky Buy

Do you want the best seat in the house? The Sneaky Buy feature lets you jump straight into the action:

The Host – Guaranteed to land at least 1 Host symbol
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Sneaky Boost

Sneaky Boost makes for an unforgettable performance in Freak Show Revelation.

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Super Sneaky Boost can be activated for 5 times the base bet for an increased chance of triggering the Super Bonus feature. Landing 1 Super Sneaky symbol will trigger a normal Bonus and landing 2 Super Sneaky symbols will trigger a Super Bonus.

The Stats

Max Win: 13,000x

Volatility: Extremely Volatile

Ivelina Balova, Product Owner at Sneaky Slots, said: “We’ve gotten great reception after our first release and now we’re looking to capitalise off that momentum. Freak Show Revelation has been in the works for a while, we have even changed the name a few times, but the Host? He has always been the star of the show. Sit back, enjoy the spectacle and keep an eye out for those easter eggs!”

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The post Sneaky Slots reveals a bunch of freaks in its second release, Freak Show Revelation appeared first on European Gaming Industry News.

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The post Land Colourful Cluster Wins in BGaming’s Merge Up™ 2 appeared first on European Gaming Industry News.