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HomeNewsEuropeSportradar delivers 38 percent increase in 3Q23 adjusted EBITDA, cuts workforce

Sportradar delivers 38 percent increase in 3Q23 adjusted EBITDA, cuts workforce

Global sports technology company Sportradar has announced that recorded a 12 percent yearly increase in revenue during the third quarter, to 201.03 million euros ($212.74 million) and a 38 percent adjusted EBITDA rise, to 50.48 million euros ($53.42 million).

According to results published on Wednesday, the figures come despite a 64 percent drop in profit, to 4.6 million euros ($4.87 million).

The group notes that its United States operations brought in just 35.07 million euros of the total revenue, while Rest of World (ROW) betting totaled 112.16 million euros ($37.11 million), and Rest of World AV (audiovisual) betting brought in 38.03 million euros ($40.25 million).

Rest of World betting comprised some 56.09 million euros ($59.36 million) in adjusted EBITDA, while Rest of World AV betting totaled 13.29 million euros ($14.06 million).

The group has now adjusted its expectations for fiscal 2023 to 870-880 million euros ($920.7-931 million) in revenue, growth of 19 to 21 percent, while adjusted EBITDA is expected to range from 162-167 million euros  ($171.4-176.7 million) – up 29-33 percent).

Carsten Koerl, Sportadar, Founder and CEO
Carsten Koerl, CEO, Sportradar

Speaking of the results, the company’s CEO, Carsten Koerl, noted that “for 2023 we remain on track to deliver a strong growth year and are well positioned to maintain that momentum into 2024.”

Despite the results, the group has announced a reduction in its global workforce. The CEO noted the move was “part of a broader set of strategic initiatives that will enable us to further strengthen our client-centric organization and focus on the market opportunities ahead of us.”

The process to ‘streamline’ will cut some 10 percent in its labor costs and ‘contribute positively to future operating leverage’, notes the company.

AGBrief Editorial
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The AGBrief Editorial Team is a group of contributors living around the world that are connected to Asia Gaming Brief. They are active members in pursuing the sources of our news, making them reliable and accurate for our readers.

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