Sportradar reported strong financial results in 2022 driven by the growing popularity of legal sports betting in America.
The sports data aggregator generated $781.3 million in revenue in FY2022 — marking a 30% increase year-over-year. Sportradar exceeded its own expectations for revenue, as the Switzerland-based company projected revenue in FY2022 to range between $760 million and $765 million.
Sportradar benefited from its U.S. segment in FY2022, which saw revenue increase by 78% compared to the year prior. The company’s Rest of World segment grew 26% year-over-year.
“I am very pleased with our strong results driven by exceptional execution this past year,” said CEO Carsten Koerl in a statement. “We saw excellent performance across all of our key performance metrics despite challenging macroeconomic conditions.”
Sportradar projects revenue to range between $955 million and $974 million in FY2023.
Expanding reach
Sportradar reported growth despite investments to build its products and portfolio of clients.
In September 2022, the company secured a multi-year partnership with Hard Rick Digital to bring live-streaming sports content to the Hard Rock Sportsbook. That same month, Sportradar signed a multi-year bet monitoring agreement with the European Table Tennis Union and landed a partnership deal with the Caribbean Premier League to capture and distribute data.
In December 2022, Sportradar was awarded a gaming license in the Buckeye State. Sports betting in Ohio was legalized on January 1. The state generated $208.9 million in revenue from betting that month. As of March 15, Sportradar holds 44 licenses across the U.S. and Canada.
Sportradar also launched Athlete Wellbeing in 2022. The program, which was developed for sports leagues, federations, teams, and governing bodies, provides resources to educate athletes about the impact sports betting can have on mental health.
“As the global leader in providing integrity services, the launch of this program is a natural step in continuing to protect the integrity of sport for all,” said Head of Integrity Services Jim Brown.
Off to a strong start
Sportradar has wasted no time in 2023 picking up where it left off the year prior.
In January, the company signed an expanded partnership with Betway, which will see one of the top online sports betting sites utilize Sportradar’s multi-channel marketing platform and Audio Visual services.
Earlier this month, Sportradar was selected as a successful bidder to land ATP data and betting streaming rights starting in 2024. The company was among five bidders to submit proposals for a six-year deal.
Sportradar has also supplied ATP Tour secondary data feeds since last year.
