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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.

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“Rock the Month”: Spinmatic’s monthly promos to power operator growth

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As summer reaches its peak, so do the opportunities for operators partnering with Spinmatic. The premium Slot developer has launched two new exclusive offers as part of its ongoing Rock the Month campaign – a high-impact promotional series featuring targeted incentives, exclusive discounts and seasonal themes designed to support long-term operator growth.

After a strong debut in July with Fruit Fiesta and Summer Splash, Rock the Month has quickly become a key initiative for many partners, offering unique commercial advantages each month, exclusively to Spinmatic clients.

For August, the provider turns up the heat with two new offers: Summer Crash and Freespin Hype. Both are available to apply for until July 25 and designed to help operators during the summer’s most critical weeks.

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This August’s promotions offer Spinmatic’s partners the chance to unlock up to 60% off in Revenue Share, depending on the offer selected. Full activation details – including game selection and placement requirements – are reserved exclusively for Spinmatic’s operator network.

“Our goal with Rock the Month is to bring consistent value to our partners,” said Norbert Mathies, Managing Director at Spinmatic. “We know operators are constantly under pressure to keep players engaged, so with our monthly promotions, we aim to offer something that’s genuinely useful. With two offers available each month, operators can choose the one that best fits their market. At the same time, we’re helping them get more out of their campaigns and explore new games with reduced risk.”

Spinmatic encourages operators and industry stakeholders to stay tuned, as new Rock the Month promotions will continue to be rolled out monthly. For those looking for innovative ways to increase player loyalty and revenue, now is the perfect time to get involved.

The post “Rock the Month”: Spinmatic’s monthly promos to power operator growth appeared first on European Gaming Industry News.

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Aristocrat Technologies

Hasbro Strikes New Multi-Year Casino Licensing Partnerships

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Hasbro, a leading games, IP, and toy company, announced a new slate of multi-year licensing partnerships aimed at transforming and expanding its most popular brands across the casino category. After a comprehensive review and market evaluation, Hasbro has selected Aristocrat Technologies, Evolution, Galaxy Gaming, and Bally’s as its newest partners in casino licensing. The new partners join existing licensee Sciplay.

The announcement underscores Hasbro’s “Playing to Win” strategy, revealed in February 2025, which focuses on innovation, partnerships, and bringing beloved brands to life across more formats than ever.

“We’re all about play—and that means meeting our fans wherever they are, from the game table to the casino floor. These visionary new partners have the expertise and imagination to reimagine our brands in bold, exciting ways for adult audiences,” said Claire Hunter Gregson, Director of Gaming Relationships.

Hasbro has a nearly 30-year history of licensing its age-appropriate IP to the gambling sector. With this new lineup of partners, the company is expanding access to entertainment experiences that reimagine its brands for a growing base of adult fans and gamers.

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Following is the list of partners:

• Aristocrat Technologies – B2B manufacturer land-based slot machines (MONOPOLY)

• Evolution – B2B developer for online slots and live casino (MONOPOLY, Hasbro Games)

• Galaxy Gaming – B2B developer and manufacturer for casino table games (MONOPOLY, YAHTZEE, BATTLESHIP)

• Bally’s – B2C Online casino operator (MONOPOLY)

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With new titles launching in January 2026, adult fans will see some of Hasbro’s beloved brands integrated into new and existing casino formats, including land-based gaming slots, online gaming slots, casino table games, and online casinos.

The post Hasbro Strikes New Multi-Year Casino Licensing Partnerships appeared first on Gaming and Gambling Industry in the Americas.

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Apollo

Apollo Funds Complete Acquisitions of International Game Technology’s Gaming & Digital Business and Everi; Combined Enterprise to Operate as IGT

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Apollo announced the completion of the previously announced acquisitions of International Game Technology PLC’s (doing business as Brightstar Lottery) Gaming & Digital Business and Everi Holdings Inc. (Everi) by a holding company owned by funds managed by Apollo affiliates (the Apollo Funds). The all-cash transaction, valued at approximately $6.3 billion, brings together complementary businesses to form a privately held global leader in gaming, digital and financial technology solutions.

The two companies will be integrated into a combined enterprise in the coming months. Headquartered in Las Vegas, the combined enterprise will operate under the IGT name, while retaining the Everi brand in select markets and product lines. IGT will be organized into three business units: Gaming, Digital, and FinTech, creating a customer-first enterprise supported by a people-first culture that values talent, collaboration, and innovation.

“This is a defining moment for our industry. By uniting two leading organizations, we are building an enterprise with the scale, talent and technology to lead the future of gaming. With Apollo’s support, we are very well-positioned to deliver exceptional content across land-based and digital experiences, along with integrated financial solutions and casino management that enhance the player journey and drive value for our customers. I’m honored to be part of this exciting chapter and to help shape the future of IGT,” said Nick Khin, Interim CEO of IGT.

As previously announced, Hector Fernandez is expected to assume the role of CEO of IGT in the fourth quarter of 2025, following the expiration of a customary non-compete period. Until then, Mr. Khin will lead the organization and transition into the role of CEO of IGT’s Gaming business unit upon Mr. Fernandez’s arrival.

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“Bringing together highly complementary businesses creates a more competitive, agile and well-capitalized platform built for long-term growth. We are confident that IGT is well positioned to deliver differentiated content and capabilities that better serve customers across the globe. We look forward to working closely with Hector, Nick and the rest of the talented IGT team to lead the industry forward,” said Daniel Cohen, Partner at Apollo.

The post Apollo Funds Complete Acquisitions of International Game Technology’s Gaming & Digital Business and Everi; Combined Enterprise to Operate as IGT appeared first on Gaming and Gambling Industry in the Americas.

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