Latest News

SPORTRADAR REPORTS SECOND QUARTER 2024 FINANCIAL AND OPERATING RESULTS

Published

1 year ago

August 13, 2024

sportradar-reports-second-quarter-2024-financial-and-operating-results

Reading Time: 5 minutes

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.

Related Topics:latest-news Press Releases

Up Next

EveryMatrix live in Ontario with DraftKings

Don't Miss

SportsGrid Secures Spot on 2024 Inc. 5000 List of Fastest- Growing Companies for Second Consecutive Year

Asia

PRONET GAMING BECOMES FIRST B2B OPERATOR TO ESTABLISH SCBPO ACCREDITED OPERATION IN THE PHILIPPINES VIA CLAYMORE SOLUTIONS

Published

17 minutes ago

November 19, 2025

George Miller

pronet-gaming-becomes-first-b2b-operator-to-establish-scbpo-accredited-operation-in-the-philippines-via-claymore-solutions

Reading Time: < 1 minute

Omni-channel turnkey provider Pronet Gaming is the first internationally-licensed B2B company in the gaming sector to establish an SCBPO-accredited operation in the Philippines via Claymore Solutions.

Claymore Solutions is accredited by the Philippine Amusement and Gaming Corporation (PAGCOR) as a Special Class BPO (SCPBO), which authorises them to provide employer of record & serviced office space to internationally licenced gaming operators enabling them to establish operations in the Philippines without taking bets or payments.

Pronet Gaming will now build out IT and Trading teams in Manila, further strengthening its operational presence and technical capabilities in the region.

Pronet Gaming CEO Alex Leese said: “Establishing an SCBPO-accredited presence in the Philippines is a milestone that aligns perfectly with our long-term strategy of expanding our footprint in Asia, in a fully compliant way. We’re happy to have made this possible through the collaboration and support of our trusted partner, Claymore Solutions.”

Paul Fox, Chairman and Co-Founder of Claymore Solutions, said: “We’re honoured to be working with Pronet Gaming, providing EoR and serviced office space solutions for their operations which underlines the quality of local staff and further boosts the Filipino economy.”

PAGCOR Chairman Al Tengco commented: “We’re delighted to have B2B operators such as Pronet Gaming establish their Trading and IT operations here through Claymore Solutions. I hope that more companies follow given the wealth of readily available Filipino talent in this sector.”

Claymore will announce additional client partnerships in the near future.

The post PRONET GAMING BECOMES FIRST B2B OPERATOR TO ESTABLISH SCBPO ACCREDITED OPERATION IN THE PHILIPPINES VIA CLAYMORE SOLUTIONS appeared first on European Gaming Industry News.

Latest News

Fairspin Casino Unveils the Royale Run Tournament Overview

Published

50 minutes ago

November 19, 2025

Master Editor

Fairspin Casino presents the Fairspin Royale Run Tournament, an event designed to offer participants access to high-value rewards. The circle of privilege is introduced as a thematic element of the tournament and is presented as part of the overall concept.

From November 15 to December 25, gameplay is structured as a progression-based format, with rewards that include a luxury car, a premium motorcycle, and a branded watch.

The Fairspin Royale Run Tournament combines entertainment with measurable advancement through Fairspin’s transparent Play to Earn system. Each action contributes to overall progress, bringing participants closer to the available prizes.

Royale Run Tournament Prestige Overview

The Fairspin Royale Run Tournament is presented as a competitive event within the platform, featuring rewards intended to highlight its premium positioning. The tournament links in-game activity with defined outcomes, offering items such as a car, a motorcycle, and a watch as part of the prize structure.

By combining an incentive-based format with these rewards, Fairspin outlines its approach to transparent, activity-driven gaming. The Fairspin Royale Run Tournament reflects the platform’s emphasis on structured progression and measurable results.

Tournament Participation Details

The Fairspin Royale Run Tournament follows a Play to Earn format in which each bet contributes to advancement on the leaderboard. A total prize pool of $50,000 USDT will be allocated among 100 winners.

Participation is outlined as follows:

Users can join the event by selecting “Participate” on the tournament page.
Users can engage in any preferred games* — each bet boosts overall ranking.

*All games are eligible for the tournament, except those listed in Section 7.1.2.

Results are determined by the number of TFS tokens accumulated during the event. TFS is Fairspin’s digital asset used to reflect activity within the platform. Higher token totals correspond to higher positions on the leaderboard.

The winners will receive the following prizes:

1st place: 20,000 USDT or a car certificate
2nd place: 10,000 USDT or a motorcycle certificate
3rd place: 6,000 USDT or a watch certificate
97 finalists will share 14,000 USDT in additional rewards

Each action recorded during the tournament contributes to overall standing and eligibility for the listed prizes.

TFS Token Usage Overview

TFS tokens are used within the Fairspin ecosystem beyond the tournament period. They function as a mechanism for in-platform utility, as accumulated TFS can be converted into game currency, staked for defined returns, or exchanged in the Fairspin Store for items such as bonus funds, free spins, free bets, and selected technology products.

The platform outlines its token mechanics, withdrawal processes, and loyalty structure as part of its overall operating model, with each action contributing to measurable activity within the system.

About Fairspin Casino

Since its inception in 2018, Fairspin Casino has been at the forefront of innovation, combining a rewarding gaming experience with unparalleled blockchain transparency. With more than 10,000 games from over 100 top-notch developers, fast withdrawals, and enticing promotions, Fairspin continues to set the gold standard in the online casino industry.

The introduction of Fairspin’s TFS token has adjusted engagement dynamics on the platform. TFS is accumulated through rakeback and progression within Fairspin’s 10-level loyalty program. Tokens can be staked for defined returns or exchanged for a range of available benefits, including additional gameplay options and platform rewards.

Contact

TFS PR

TFS

Fairspin

[email protected]

Latest News

Vegangster Partners with Cevro AI to Scale AI-Powered Player Support

Published

59 minutes ago

November 19, 2025

Master Editor

iGaming operators on the Vegangster platform can now deliver enterprise-level, hyper-personalised player support without expanding headcount.

Platform provider Vegangster has partnered with Cevro AI, the leader in iGaming AI support agents, to embed empathic and intelligent AI agents directly into the Vegangster ecosystem.

The integration enables even lean operator teams to provide 24/7, compliant, and personalised player support across casino and sportsbook brands. From onboarding and account questions to more complex payments, bonuses, and responsible gaming assistance, Cevro AI agents resolve issues instantly, take action on the Vegangster platform, and seamlessly hand off tickets to live agents when needed. The result is faster service, reduced workload for human teams, and higher player satisfaction at scale.

Cevro AI transforms customer support into a growth channel, combining automation, compliance, and empathy-driven engagement. Its agents operate across multiple languages and channels, providing VIP-level service while reducing operational load and improving retention.

“We build our platform to give operators the sharpest tools to launch quickly and scale with confidence. Partnering with Cevro AI means our clients can now provide round-the-clock support that is both personal and efficient, without increasing headcount.”
— Michael Oziransky, Chief Product Officer at Vegangster

Powered by advanced reasoning, deep iGaming expertise, and real empathy, Cevro AI transforms every support interaction into a seamless, trust-building experience. Through direct integration with Vegangster’s player account and engagement systems, it delivers a unified support solution that not only responds to issues but also resolves them. The AI takes real actions inside the operator’s back office and adapts to each brand’s size and growth stage.

“We are proud to join forces with Vegangster, a partner that shares our commitment to innovation in iGaming,”
— Chaim Heber, Chief Executive Officer at Cevro AI

About Vegangster

Vegangster provides a full-stack iGaming platform engineered for speed, scalability, and operator control. Its turnkey, white-label, and sweepstakes solutions integrate casino and sportsbook content, payments, CRM, compliance, and social features into a single mobile-first system. With Vegangster, operators can launch quickly and scale with confidence.

About Cevro AI

Cevro AI was built to transform how iGaming operators deliver support. Purpose-built for the industry, it combines deep domain expertise, human-level communication, seamless integrations, and compliance-first automation to resolve issues quickly and accurately. Cevro delivers personalised, human-quality support at scale so every player feels like a VIP while reducing workloads and eliminating the need to grow headcount.

Press Contact:
Romans Kozlovskis
Senior Content & PR Manager
Vegangster