The global sports tech giant achieved record revenue of €266 Million in the first quarter.
Sportradar reported its Q1 2024 earnings on Wednesday, with performance that gave CEO Carsten Koerl nothing but good things to say.
“No other company matches our scale, reach our resources, bringing together over 800 betting operators, 400 sports leagues, and 900 media partners covering nearly a million sport matches every year,” Koerl said on the company’s earnings call.
The €266 Million in first-quarter revenue increased 28% year-over-year, reaching a new high mark for Q1 revenue for the company. First quarter revenue has more than doubled in the last three years too.
Sportradar’s Betting Technology & Solutions revenues led the way across all of its business segments, booking €218.8 Million in revenue on a 35% year-over-year increase. The company’s Sports Content, Technology & Solutions revenues represented 18% of total revenue for the quarter, and this segment generated €47.1 Million on 5% YoY growth.
Koerl commented in the company’s press release:
“Fiscal 2024 is off to a great start, building on the strong momentum and progress we made last year.”
Sportradar finished 2023 with €878 Million in revenue, marking the third consecutive year of 20% growth.
Cashing Bets
The company’s Betting Technology & Solutions segment represented 82% of total company revenue in the first quarter as compared to 78% in the prior year quarter. Sportradar touts the largest AudioVisual (AV) content offering with 450,000 live AV streams across its 800 betting operators and has generated over 10 billion live odds changes. The Streaming & Betting Engagement segment grew 46% year-over-year primarily due to strong demand for the company’s ATP content and US market growth.
It also has 900 media partners who it collect, curates, and distributes almost 2 billion data points globally covering over 3 million plays and events for MLB, NHL, NBA, and NFL. The Live Data and Odds segment increased 29% year-over-year as well driven by Sportradar’s collaboration with the NBA.
Sportradar also offers Managed Trading Services (MTS), a sophisticated trading risk and liability management solution, which processed a turnover of over €9 billion in the first quarter. This represents a 28% YoY growth and ranked the company as a top bookmaker globally based on liquidity.
Other Key Highlights
The Sports Content, Technology, & Solutions segment is a major driver of growth for Sportradar given the company’s partnerships with 400 sports leagues & federations with broad content coverage of over 60 sports globally. Revenues for this segment increased 5% year-over-year driven primarily by a 6% YoY uptick in Marketing and Media Services.
Sportradar delivered over 10 billion ad impressions in Q1 alone, ranking as a top advertiser in the online betting and casino space.
The company is raising its fiscal 2024 guidance on the back of the impressive start in Q1. Revenue guidance was adjusted from €1.05 billion to €1.06 billion and adjusted EBITDA was raised from €200 million to at least €202 million.
Koerl concluded:
“It was an excellent quarter, and we are well-positioned to continue to deliver strongly in the year ahead. Our financial performance was underpinned by the depth and scale of our business fundamentals, the strategic investments we are making for the future, and our leadership team’s laser-sharp focus on execution and driving efficiency.”
