Sports technology company Sportradar has announced record revenue for the first quarter of the year, hitting €265.9 million ($288 million), up by 28 percent yearly, causing the company to up its forecasts for 2024.
The group’s Betting Technology and Solutions segment drove revenue, at €218.8 million ($237 million), up 35 percent yearly. The other 12 percent was derived from its Sports Content, Technology & Solutions arm, which saw a 5 percent rise, to €47.1 million ($51 million).
Overall, Rest of World revenue totaled three-quarters of the total, growing by 19 percent, while the United States saw an impressive 65 percent rise, to €65.5 million ($70.94 million).
Despite the results, the company saw a loss of €0.6 million ($0.65 million), compared to a profit of €6.8 million ($7.36 million) in 1Q23.
Adjusted EBITDA was up by 29 percent yearly, to €47.2 million ($51.12 million), ‘primarily due to strong revenue growth and operating efficiencies which offset higher sports rights costs’.
Based upon the strong first quarter results, Sportradar has upped its full year revenue forecast to €1.06 billion ($1.15 billion), a 21 percent yearly rise. Adjusted EBITDA is now predicted to hit ‘at least €202 million ($218.8 million)’, also a 21 percent yearly increase.
Speaking of the results, Sportradar CEO, Carsten Koerl noted “Fiscal 2024 is off to a great start, building on the strong momentum and progress we made last year. This quarter, we saw broad-based strength across our product portfolio including strong client adoption of our ATP and NBA product offerings. In light of our strong business fundamentals, we are raising our full year outlook and are commencing purchases under our share repurchase program.”
