Global sports technology company Sportradar reported an almost 30 percent year-on-year rise in revenue to a record amount of €278.4 million ($306.2 million) in the second quarter of 2024, as most of its business segments saw improved performance.
Carsten Koerl, CEO of Sportradar, highlighted the company’s strong performance, stating that the “record revenues” reflect “robust operating momentum across the business”.
In the company’s financial report, Koerl expressed satisfaction in raising the full-year guidance, attributing it to the company’s continued efforts in delivering strong topline growth, enhanced operating leverage, and increased cash flow.
Sportradar’s revenue surged by 29 percent year-over-year to €278.4 million ($306.2 million), driven by strong performance across its portfolio. The Betting Technology & Solutions segment led this growth with revenues of €229.1 million ($252.0 million), representing a 30 percent increase from the previous year.
Similarly, the Sports Content, Technology & Services segment experienced a significant 22 percent increase in revenue, reaching €49.3 million ($54.2 million).
The company experienced broad-based growth across regions, with revenues in the Rest of the World rising by 22 percent and the US market expanding by an impressive 59 percent.
Despite the substantial revenue growth, Sportradar reported a net loss of €1.5 million ($1.7 million) for the quarter, compared to a marginal profit in the same period last year. However, Adjusted EBITDA increased by 22 percent to €48.8 million ($53.7 million), reflecting the company’s focus on operational efficiencies.
Net cash generated from operating activities reached €152.6 million ($167.9 million) year-to-date, a 17 percent increase year-over-year. As of June 30, 2024, the company’s total liquidity stood at €542.2 million ($596.4 million), up from €483.7 million ($532.1 million) in the previous year.
Sportradar continued to strengthen its market position through strategic initiatives. The company expanded its Managed Trading Services (MTS) customer base, signing 46 new clients in the first half of 2024.
Additionally, Sportradar extended its partnership with UEFA, covering all club and national team competitions, and launched innovative advertising solutions to enhance operators’ reach. During the quarter, Sportradar also executed a share repurchase program, buying back approximately 748,000 shares for $8.0 million as of August 9th, 2024.
Reflecting its strong performance, Sportradar raised its full-year 2024 financial outlook. The company now expects to achieve revenue of €1 billion ($1.17 billion), up 22 percent year-over-year, and adjusted EBITDA of at least €204 million ($224.4 million), also representing a 22 percent increase.
