Sportradar Reports Record 28% Rise in Revenue for Q1

Leading global sports technology company creating immersive experiences for sports fans and bettors, Sportradar, has published its Q1 2024 financial and operating results. 

The company that focuses on creating immersive experiences for sports fans and bettors achieved a record increase in revenue to €266 million ($289 million), up 28% compared to the first three months of 2023. 

At the same time, the group recorded broad-based strength across its portfolio of products.

Q1 2024 Financial Highlights 

Sportradar’s financial results for the three months ended March 31, 2024, also included a 35% YoY in revenue to €218.8 million ($237 million) for Betting Technology & Solutions, accounting for 82% of total revenue. 

Similarly, Sports Content, Technology & Solutions reported a 5% revenue increase to €47.1 million ($51.1 million), which represented 18% of the group’s total revenue.

Sportradar reported the total revenue recorded by the Rest of the World went up 19%, accounting for 75% of total revenue. 

The US revenue increased by 65% and accrued for 25% of total revenue.

Q1 2024 also generated a €0.6 million loss ($651,525) compared to a reported profit of €6.8 million ($7.38 million) in Q1 2023.

Adjusted EBITDA (non-IFRS) reached €47.2 million ($51.2 million), marking an increase of 29% on a YoY basis year, mostly triggered by solid revenue growth and operating efficiencies that led to higher sports rights costs.

At the same time, Adjusted EBITDA Margin (non-IFRS) reached the 18% mark, signaling a minor improvement compared to Q1 2023.

In terms of the group’s customer Net Retention Rate (non-IFRS), Sportradar reported a percentage of 116% for the first quarter of the current year compared to 111% reached in Q4 2023. 

This proved the company’s skill in upselling and cross-selling to clients.

Concerning the first quarter’s total liquidity as of March 31, 2024, the group announced a figure of €494.6 million ($536.7 million) from €459.6 million ($498.8 million) in Q1 2023.

“Off to a Great Start”

According to chief executive officer, Carsten Koerl, Sportradar’s fiscal year 2024 “is off to a great start, building on the strong momentum and progress” made in the previous year.

The CEO also mentioned the group’s “strong client adoption” of its ATP and NBA product offerings and “strong business fundamentals” which allow them to raise the full-year outlook.

Koerl added the group was initiating purchases under the share repurchase program while welcoming Craig Felenstein as the newly appointed chief financial officer and Behshad Behzadi as the new chief technology officer and chief AI officer.