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SPORTRADAR REPORTS SECOND QUARTER 2024 FINANCIAL AND OPERATING RESULTS

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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.”

 

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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

 

Revenue

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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:

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  • 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

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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.

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

Latest News

Firesand launches Firesand Shield to combat rise in iGaming account fraud attacks

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Firesand, a leader in iGaming security services and software, has developed a cutting-edge Anti-Account Fraud solution to safeguard iGaming operators and platform providers from escalating credential-based cyber threats.

Firesand Shield is a best-in-class product that has been designed to address the growing complexity of account fraud that has impacted the global iGaming industry in recent times, which in some cases has resulted in loss of business, damaged reputation and regulatory fines. Common examples of account fraud include credential stuffing, dictionary attacks, and common password exploitation.

The new solution provides proactive, intelligent detection and prevention against the full spectrum of account compromise techniques, without relying on user-disruptive CAPTCHAs or blunt blocking mechanisms, to ensure the end user experience remains uninterrupted.

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Unlike legacy or bot-only detection tools, Firesand Shield leans on the company’s specialism as a penetration testing service provider to focus on attack patterns, regardless of whether the source is human, bot, or hybrid, offering unmatched insight and agility in protecting operator user accounts and platform integrity. It includes in-depth attack analysis and reporting to provide greater transparency and clarity over the source of each security vulnerability.

With a product upgrade roadmap that includes geolocation anomaly detection, VPN usage analysis, and AI-powered behavioural profiling, Firesand Shield is set to offer operators and platforms significant peace of mind to stay ahead of security threats as they evolve.

Chris Blake, Director at Firesand, said: “Account fraud is a growing threat to the global iGaming industry. There have been multiple cases in the previous year alone where user data has been breached, leading to a detrimental impact for businesses targeted.

Firesand Shield has been designed to support operators and platform providers of all sizes to sharpen their security capabilities as these attacks become more common and sophisticated. Underpinned by our superior iGaming security excellence, we are well positioned to further strengthen online systems on a global scale.”

With a proven track record of developing bespoke security platforms for a range of industries, Firesand brings unmatched credibility and expertise to the iGaming space, combining technical solutions with practical, actionable defence capabilities for high-risk digital environments.

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The post Firesand launches Firesand Shield to combat rise in iGaming account fraud attacks appeared first on European Gaming Industry News.

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Industry Awards

Soft2Bet Named Acquisition & Retention Partner and Industry Innovator of the Year by SBC Europe Awards 2025

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Soft2Bet has secured two major wins at the SBC Awards Europe 2025, being recognised by excellence for Acquisition & Retention Partner of the Year and Industry Innovation of the Year. Its flagship brand Betinia also earned a Silver Award in the Casino Operator of the Year category, highlighting a company’s ability to create performing brands in saturated and highly competitive key markets.

The awards recognise the continued success of Soft2Bet’s powerful turnkey solutions and Motivational Engineering Gaming Application (MEGA), which has played a central role in driving player engagement and retention across key markets. During the last 12 months, the impact of Soft2Bet’s cutting-edge gamification solutions for casino and sportsbook has played a major role in enhancing customer experience, loyalty, and engagement, delivering ROI-driven performance that goes beyond retention. MEGA was key in achieving a 128% retention uplift for Campobet in Denmark and 106% for Betinia in Sweden, further proving the solution’s impact.

“SBC Europe Awards recognition is a testament to the vision of our technology and its impact on building strong brands, long-term player relationships, and product excellence that goes beyond retention. MEGA continues to lead the European, Nordic and North America market in creating unique experiences that combine innovation, a strong regulatory framework, high performance results from the start,” stated Oksana Tsyhankova, CMO at Soft2Bet.

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Earlier in 2024, Soft2Bet was also recognised at the SBC Awards, winning in Innovation in Mobile and Innovation in Casino Entertainment categories. Soft2Bet now holds 19 licences across 12 jurisdictions and continues to expand both its B2B and B2C footprint in Europe and beyond. With brands like Betinia, CampoBet, Don.ro, Tooniebet, and Quickcasino, the company remains focused on delivering innovative, localised, high-performance iGaming experiences.

The post Soft2Bet Named Acquisition & Retention Partner and Industry Innovator of the Year by SBC Europe Awards 2025 appeared first on European Gaming Industry News.

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Affiliate Industry

Meet MegaList: The Rising Force in iGaming Affiliation

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There are affiliate networks, and then there’s MegaList – a performance-first, hype-last kind of operation built for casino and sportsbook brands that prefer results over buzzwords.

In an industry that sometimes feels like it’s powered by vague metrics and recycled content, MegaList steps in as the “Mega Map” – a practical, data-driven network guiding both players and operators to higher ground. Less “look at our reach,” more “here’s your conversion rate.”

So no, this isn’t just another logo-stamped brand promising traffic and delivering bounce rates. This is a carefully engineered affiliate engine built on smart SEO, qualified leads, and just enough caffeine-fueled obsession with results to make even the most skeptical operators pay attention.

The iGaming Affiliate World: Why It (Still) Matters

Let’s be honest – the affiliate space in iGaming has had its fair share of bad actors and empty promises. But when done right, affiliate marketing is still one of the most effective and efficient ways to connect licensed operators with the right players.

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Players want fewer popups, more clarity. Operators want actual ROI, not vague impressions.
Enter: the data-driven affiliate network.

It’s simple:

  • Informed players make better choices.
  • Strategic affiliates deliver better traffic.
  • Everyone wins. Except, of course, the shady operators who preferred it the other way.

Meet the MegaList Brands

These aren’t vanity microsites. Each MegaList brand has a specific mission, actual humans behind the content, and a reputation for, well… telling it like it is.

MegaCasinoList


Let’s face it – players don’t need another affiliate promising “top 10 casinos” based on whatever ad paid the most. They need honest, transparent, expert-backed reviews.

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That’s where MegaCasinoList comes in – a platform that filters out the noise and delivers legit info on licensed casinos, security, fairness, and gameplay. Slots? Live dealer games? Payout speed? Yep, it’s all in there, and it’s all vetted.

They work with reliable operators only, because – and here’s a crazy idea – not every shiny site deserves your deposit.

MegaTipsList

If you like sports predictions that read like a 20-page legal document, you’re in the wrong place.

MegaTipsList is built for bettors who want real insights, fast reads, accurate tips, and actual value. It delivers predictions, sports news, and timely promotions – minus the fluff and with none of that “win guaranteed” nonsense.

Designed for bettors who like to stay informed without needing a PhD to understand the odds.

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MegaBetList

For the practical bettor who just wants the facts: which sites are legit, which ones pay fast, and what to expect before placing your first wager.

MegaBetList reviews betting platforms with a clear, no-nonsense voice. It’s not trying to dazzle; it’s trying to help people bet smarter – and it’s doing a pretty solid job of it.

From licensing to promotions to usability, everything is covered – and everything is filtered through what actually matters to sports fans.

Why This All Matters (And Why It’s Working)

The iGaming world doesn’t need more noise. It needs better filters, smarter partners, and affiliates that actually care whether the traffic leads somewhere useful.

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That’s where MegaList comes in – not to impress with buzzwords, but to perform, to scale, and to make sure both operators and players are on the same page for once.

And if we may drop in a little vision while we’re at it:

“At MegaList, we believe informed players and strategic operators shape a stronger, smarter iGaming industry.”

For once, a statement that isn’t just inspirational filler.

So the next time someone pitches you an affiliate network, ask one thing: “Do they have a plan, or just a landing page?”

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 MegaList has both, and a track record to prove it.

Explore MegaList’s network:
🔗 MegaAffiliatesList.com

The post Meet MegaList: The Rising Force in iGaming Affiliation appeared first on European Gaming Industry News.

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