Sportradar Sees Revenue Growth Along with Profits Decrease in Q2

The leading sports technology company delivering unique experiences for sports fans and bettors, Sportradar Group AG, released its latest financial results, revealing details regarding its performance for the second quarter of 2023. Results emerged Wednesday, revealing strong revenue growth and an increase in adjusted EBITDA for the quarter ended June 30, 2023.

Overall, Sportradar’s revenue in Q2 2023 hit €216.4 million ($237.8 million). A year-over-year comparison to the €177.2 million ($194.7 million) in revenue reported for the same period in 2022, shows that this year, the revenue grew by 22%.

Another strong growth was observed in adjusted EBITDA, considering it hit €40.1 million ($44.1 million) for the second quarter of this year. A comparison to the Q2 2022 period, when adjusted EBITDA halted at €27.6 million ($30.3 million), reveals growth of 46% this year. Judging by the latest report, the adjusted EBITDA margin increased slightly from 16% in Q2 2022 to 19% in Q2 2023.

While revenue and EBITDA increased for the second quarter of this year, Sportradar revealed that its profit for the period sustained a serious hit. Profits in Q2 this year fell to €30,000 ($32,300), down by 100% from the €22.8 million ($25.1 million) result reported for Q2 last year. In its latest trading update, the company revealed that this was the result of “a net negative impact from foreign exchange rates.”

In Q2, the Company Signed Multiple Strategic Deals

Besides the financial results, Sportradar highlighted multiple achievements during the latest trading period. The company confirmed that it continues to expand its presence in the US by expanding its long-term agreement with Caesar’s Entertainment. This collaboration designated the company as the official supplier of betting data from major sports leagues, including NHL, MLB and NBA.

Carsten Koerl, Sportradar’s CEO, shared his excitement about the latest results. He spoke about the strong performance the company demonstrated during the first half of this year and predicted that this growth will culminate in a record-setting revenue for Sportradar. “We hold a pivotal position in the global sports ecosystem and believe our talent, technology and diverse product offering positions us for strong future growth as we continue to execute against our strategic initiatives,” he added.

“We are very proud of our strong performance during the first half of 2023 and remain on track to achieve the highest annual revenue in the Company’s history.“

Carsten Koerl, CEO at Sportradar

During the second quarter, the company inked multiple strategic agreements. Back in April, Sportradar was designated as the official technology partner of the Delhi Capitals Academy, under the terms of a new agreement with the Indian Premier League franchise, the Delhi Capitals.

Then, again in April, Sportradar’s unit, Sportradar Integrity Services, joined forces with World Aquatics. Under the terms of the two-year agreement, the company agreed to safeguard international water polo matches.