Sportradar Posts Exceptional Q4 and Full Year 2023 Results

The leading global sports technology company, Sportradar, released its latest financial update, uncovering details regarding its performance for the fourth quarter and full year 2023. The company confirmed that its revenue for 2023 hit €877.6 million ($957.3 million) a result that marked a 20% year-over-year increase. The growth was driven primarily by an increase in the revenue for the US sector, which saw an uptick of 30%, complemented by an increase in the Rest of World Betting operations of 20%.

The total profit reported by Sportradar for 2023 hit €34.6 million ($37.7 million). This figure represented a significant increase, considering the €10.5 million ($11.5 million) result for 2022. In 2023, adjusted EBITDA soared to €166.8 million ($181.9 million), marking a solid 33% increase year-over-year.

The results were not surprising, considering Sportradar’s ambitious goals for 2023 and the strategic objectives the company completed. In fact, the total revenue reported for last year was in the upper end of the expected revenue range between €870.0 million ($948.9 million) and €880.0 million ($959.8 million). Similarly, adjusted EBITDA was also at the upper end of the set range for the year.

Carsten Koerl, Sportradar’s CEO, was excited about the latest results of the company. He said that 2023 represented a successful year for the company which saw significant revenue growth. “We are pleased with our growth momentum, fueled by our best-in-class content portfolio, innovative product roadmap and technology capabilities,” added Koerl.

Focusing on 2024, the executive said that Sportradar anticipates 20% growth in adjusted EBITDA and revenue. He explained: “Given our market leadership and confidence in the long-term profitability and cashflow outlook for the Company, we have authorized a $200 million share buyback program.” Finally, Koerl reiterated the company’s commitment to delivering value for its shareholders by executing its growth strategy.

The Company Closes 2023 with Successful Q4

Besides 2023, Sportradar posted a strong performance for the fourth quarter as well. For the quarter ended December 31, 2023, the company reported €252.6 million ($275.5 million) in revenue. A year-over-year comparison showed an increase of 22%. Moreover, Sportradar highlighted growth across all operating segments when compared to Q4 2022.

The Q4 2023 profit from continuing operations was €23.2 million ($25.3 million), while adjusted EBITDA hit €39.5 million ($43.1 million), a result that showed an increase of 13% year-over-year. Not unexpectedly, Sportradar said that the strong adjusted EBITDA figure was “primarily due to strong revenue growth.”

Additionally, Sportradar highlighted a significant increase in its customer Net Retention Rate (NRR). In Q4 2023, customer NNR was up 111% when compared to the corresponding period the prior year. This result reaffirmed Sportradar’s ability to upsell and cross-sell services to its clients.