Leading global sports betting industry provider Sportradar reported net profit of $23 million, up 49 percent on a year-on-year basis.

The company had reported net profit of $15.6 million during the same quarter last year.

Revenue in the second quarter of 2022 increased 23 percent to €177.2 million ($186.0 million) compared with the second quarter of 2021, driven by strong growth across all business segments, the company press-release read.

In particular, U.S. segment revenue grew by 66 percent to €29.1 million ($30.5 million) compared with the second quarter of 2021.

This growth was driven by increased sales of U.S. Betting services primarily as a result of new states legalizing betting.

The company also experienced growth from increased sales to media companies and a positive impact from the acquisition of Synergy Sports.

RoW Betting

Rest of the World (RoW) Betting segment revenue in the second quarter of 2022 increased by 21 percent to €95.5 million compared with the second quarter of 2021.

This growth was driven primarily by increased sales of our higher value-add offerings including Managed Betting Services (MBS) which increased 65 percent to €32.9 million and Live Odds Services, which increased 9 percent to €28.5 million, the release read.

MBS growth was attributable to record turnover and Live Odds Services grew as a result of upselling content to existing customers.

Additionally, increased content sales from last year’s Synergy Sports acquisition contributed to the growth in revenue.

RoW Audiovisual

Whereas Rest of the World (RoW) Audiovisual segment revenues in the second quarter of 2022 increased by 9 percent to €39.7 million compared with the second quarter of 2021.

Growth was driven by new customers and traction with our Synergy Sports acquisition, offset by the impact of the Russia/Ukraine conflict.

In case of the US segment revenues Segment revenue in the second quarter of 2022 increased by 66 percent to €29.1 million compared with the second quarter of 2021.

This growth was driven by increased sales of U.S. Betting services primarily as a result of new states legalizing betting.

The company also experienced growth from increased sales to media companies and a positive impact from the acquisition of Synergy Sports.

Management

Carsten Koerl, Chief Executive Officer of Sportradar said: “As the world’s leading provider of technology solutions to the sports betting industry, our Q2 revenue exceeded our expectations for the quarter, growing 23 percent year-over-year. Confident about the momentum we have built in our business, we are raising our revenue guidance for the year. Given our strong cash flow generation and demonstrated good stewards of our capital, we have also chosen to pay down about half of our outstanding debt. We remain as confident as ever in the leverage and scalability of our business, and our ability to deliver results in the face of global challenges and economic conditions.”

Chief Financial Officer, Alex Gersh, has decided that he will be leaving the company to accept another position in the United States where he will move with his family, the release read. The company has launched a search for a new CFO, and has named Ulrich Harmuth as interim CFO.

Ulrich, who has been with the company since 2013, has served as Chief Strategy Officer since 2020 and has been a member of my management team overseeing corporate development activities, including M&A, strategic partnerships, and ventures. I am confident in Ulrich’s leadership to support Sportradar’s growth and the continued execution of our financial priorities, the release read quoting CEO Koerl.