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Angel Hristov November 16, 2022 3 min read
Sportradar Posts Q3 Results, Improves Guidance
Sportradar, a leading B2B global sports betting technology company, has published its financial results for the third quarter of 2022. The company’s performance highlighted its strengths as metrics rose across the board.
Sportradar’s Metrics Rose
Sportradar reported Q3 revenue of $175.2 million, which represents a 31% year-on-year increase compared to Q3 2021. The final sum was largely thanks to the RoW betting segment, which grew by 28% to $98.9 million and was responsible for 56% of the total revenue.
The sports specialist reported an adjusted EBITDA of increase of a whopping 75% to $35.8 million for the period. This was driven by strong revenue growth and continued investments in Sportradar’s business. AEBITDA margin was 20%, representing an increase of 500 bps.
Thanks to the substantial increase in revenues, Sportradar raised its financial and AEBITDA guidance for FY 2022. It now expects revenue of between $703.6 million to $708.5 million for the year, as well as adjusted EBITDA of $121.5 million to $124.5 million. Sportradar was also able to pay back $207 million of its outstanding debt.
The Company Inked Important Agreements
Sportradar also listed a few major achievements that boosted its business in Q3 2022. One of them is a long-term NBA-centered deal with FanDuel that will see the sports specialist supply the operator with a suite of betting products and entertainment tools.
At the same time, Sportradar also inked cricket-oriented agreements with Australian Premier Cricket competitions. It renewed existing agreements with the top-tier competitions in Tasmania, Queensland and Western Australia and now has a presence in every Australian state.
The sports tech company struck an integrity agreement with the International Golf Federation, agreeing to help it prevent fraud. Sportech also reaffirmed its commitment to tennis by partnering with Tennis Data Innovation.
CEO Koerl Praised the Results
Carsten Koerl, Sportradar’s chief executive officer, applauded his company’s strong performance, which exceeded expectations. He said that the company managed to consistently grow its revenue, profitability and cash flows in spite of the economic headwinds.
Koerl noted that Sportradar’s business in the United States greatly helped the company improve its financial metrics.
We are proud of the continuous success of our U.S. operations. We managed to generate a U.S. profit for the first time in the third quarter, displaying solid operational leverage in the business model.Carsten Koerl, CEO, Sportradar
Koerl Concluded that the partnership with FanDuel is a highlight that attests to the quality of Sportradar’s products.
Ulrich Harmuth, Sportradar’s interim chief financial officer, noted that the company is growing almost three times faster than the betting market.
As a result of this strong momentum and based on what we can see today, our 2023 preliminary expectations are for revenue to grow in the mid-20’s percent while expanding Adjusted EBITDA margin above 2022 levels.Ulrich Harmuth, interim CFO, Sportradar
Spotradar’s higher-ups will discuss the company’s performance in a conference call at 8 am Easter Time today. Those who wish to learn more should visit Sportradar’s Investor Relations page.