A legal sports betting technology company is continuing to drive profits.
Sportradar reported $211.8 million in revenue in Q3 2023 — a 12% increase year-over-year. The increase in revenue for the Switzerland-based company was sparked by growth across all segments. Sportradar’s U.S. business, which includes sports betting operations, posted $36.9 million in revenue in Q3 2023, up 11% compared to the same period last year. The segment’s results were driven by a 19% sales increase in betting, gaming, and audiovisual products.
"For 2023, we remain on track to deliver a strong growth year and are well positioned to maintain that momentum into 2024."
- Sportradar CEO Carsten Koerl
Sportradar’s Rest of World segment generated $118.2 million in revenue during the quarter — an 11% uptick compared to Q3 2022 — behind an increase in sales of live odds and live data.
“As the leader in our industry, we aim to consistently deliver value to our clients, partners, and shareholders,” said Sportradar CEO Carsten Koerl in a statement. “For 2023, we remain on track to deliver a strong growth year and are well positioned to maintain that momentum into 2024.”
Sportradar projects full-year revenue to range between $915 million and $926 million in 2023. The company expects to close the fiscal year with an adjusted EBITDA of at least $170 million.
Despite the promising outlook, Sportradar has announced that it will be reducing its global workforce. It cited strategic growth initiatives as the reason for the forthcoming layoffs.
Diverse portfolio
Sportradar has steadily solidified its presence throughout the global gaming industry through a series of partnerships.
The company extended its partnership with Caesars Sportsbook in July to provide the gambling operator with access to NBA optical tracking data. The deal follows Sportradar being named the NBA’s exclusive provider of tracking data in 2021. Sportradar’s products allow Caesars to create new player prop markets, live betting options, and improve same-game parlay offerings. BetMGM has also taken advantage of Sportradar’s deal with the NBA with an expanded partnership to provide access to products and services that include the league’s tracking data.
Sportradar has also expanded its reach through the world’s most popular sport — soccer. In August, the company secured a partnership with U.S. Soccer. The deal provides Sportradar with exclusive rights to collect, license, and distribute the federation’s official betting and media data.
The company has also landed a partnership with a fellow technology provider. Last month, Sportradar announced a pact with Huddle — a technology provider for iGaming operators.
Huddle believes Sportradar’s products and services will optimize pricing strategies for prop and micro-betting markets. The deal also allows Huddle to provide its clients with official stadium data for the NHL, MLB, and NBA through Sportradar’s existing partnerships with those leagues.
