Connect with us
sportradar-reports-second-quarter-2024-financial-and-operating-results sportradar-reports-second-quarter-2024-financial-and-operating-results

Latest News

SPORTRADAR REPORTS SECOND QUARTER 2024 FINANCIAL AND OPERATING RESULTS

Published

on

Reading Time: 5 minutes

 

Sportradar Group AG (NASDAQ: SRAD) (“Sportradar” or the “Company”), a leading global sports technology company focused on creating immersive experiences for sports fans and bettors, today announced financial results for its second quarter ended June 30, 2024.

Carsten Koerl, Chief Executive Officer of Sportradar, said: “Our strong second quarter results, including another quarter of record revenues are a testament to the operating momentum we are generating across our business and the clear execution against our strategies to drive outperformance versus the market. We delivered robust growth across our high-value product portfolio and strong client uptake, while continuing to strengthen our business by driving efficiencies and significant cash flow.  I am pleased to once again raise our full year guidance as we continue to build long-term shareholder value through strong topline growth, a focus on delivering additional operating leverage and increasing cash flow generation.”

 

Second Quarter 2024 Financial Highlights

  • Revenue was €278.4 million, up 29% year-over-year demonstrating continued momentum in the business.
  • Betting Technology & Solutions revenues were €229.1 million, up 30% year-over-year, and Sports Content, Technology & Services revenues were €49.3 million, up 22% year-over-year.
  • Delivered strong revenue growth globally with Rest of World up 22% and the U.S. up 59%.
  • The current quarter generated a loss of (€1.5 million) compared to a de minimis profit for the same quarter last year.
  • Adjusted EBITDA[i] was €48.8 million, up 22% year-over-year.
  • Net cash generated from operating activities since the beginning of the year was €152.6 million, up 17% year-over-year.
  • The Company’s customer Net Retention Rate[ii] was 117%, demonstrating the strength in cross selling and upselling to clients, and increasing sequentially.
  • As of June 30, 2024, the Company had total liquidity of €542.2 million as compared to €483.7 million as of June 30, 2023, benefitting from strong cash flow generation in the first half of 2024.
  • During the quarter, the company repurchased approximately 588,000 shares, for a total amount of $6.2 million. As of August 9, 2024, the Company has repurchased approximately 748,000 shares with a total value of $8.0 million.
  • The Company further raised its full-year 2024 outlook and now expects to deliver 22% year-over-year growth in revenue and Adjusted EBITDA.

 

Key Financial and Operating Metrics

 

Q2 Q2 Change   Change
in €’000 (unaudited) 2024 2023   %
Total Revenue 278.4 216.4 62.0   29%
Profit (loss) for the period from continuing operations (1.5) 0.0 (1.6)   n/a
Profit (loss) for the period from continuing operations as a percentage of revenue (0.6%) 0.0% -57 bps   n/a
 
Adjusted EBITDA 48.8 40.1 8.7   22%
Adjusted EBITDA Margin1 17.5% 18.5% -98 bps   n/a
Net Retention Rate 117% 120% -360 bps   n/a
 
Supplemental Revenue Analysis  
 
Revenue Grouping  
Betting Technology & Solutions 229.1 176.1 53.0   30%
Sports Content, Technology & Services 49.3 40.3 9.0   22%
278.4 216.4 62.0   29%
 
Revenue Grouping as % of Total Revenue  
Betting Technology & Solutions 82% 81%   1%
Sports Content, Technology & Services 18% 19%   -1%
 
Geographic  
Rest of World 217.8 178.4 39.4   22%
United States 60.6 38.0 22.6   59%
278.4 216.4 62.0   29%
Geographic as % of Total Revenue  
Rest of World 78% 82%  
United States 22% 18%  
 

Recent Business Highlights

 

Revenue

Total revenue for the current quarter was €278.4 million, up 29% year-over-year driven by growth across the portfolio, in particular Betting Technology & Solutions.

 

Betting Technology & Solutions

Betting Technology & Solutions revenues were €229.1 million, up 30% year-over-year primarily driven by:

  • Streaming & Betting Engagement, up €26.2 million or 41% year-over-year, and Live Data and Odds up €18.6 million or 27% year-over-year, with both benefitting from existing and new customer uptake of our products and premium pricing, as well as from the strong U.S. market growth.
  • Managed Betting Services, up €8.5 million or 21% year-over-year, primarily driven by strong growth in Managed Trading Services due to higher trading margins and increased betting activity from existing and new customers.
  • As a percentage of total company revenues, Betting Technology & Solutions represented 82% of total company revenue in the current quarter as compared to 81% in the prior year quarter.

Sports Content, Technology & Solutions

Sports Content, Technology & Solutions revenues were €49.3 million, an increase of 22% year-over-year primarily driven by:

  • Marketing and Media Services were €7.7 million, up 28% year-over-year, with strong growth in European and North America ad:s revenue as several sportsbooks launched marketing campaigns.
  • Sports Performance was broadly flat year-over-year.
  • As a percentage of total company revenues, Sports Content, Technology & Solutions represented 18% of total company revenue in the current quarter as compared to 19% in the prior year quarter.

 

Costs and Expenses

  • Purchased services and licenses were €72.6 million, up €22.0 million or 44% year-over-year. Of the total purchased services and licenses, €28.9 million was expensed sport rights. Excluding expensed sport rights, purchased services were €43.7 million, up €10.5 million or 32% year-over-year driven primarily by the Company’s investments in its product portfolio.
  • Personnel expenses were €89.1 million, up €4.7 million or 6% year-over-year and down approximately 700 bps as a percentage of revenue, as we continue to closely manage our resources and focus on delivering operating leverage.
  • Other Operating expenses were €22.6 million, up €1.6 million or 8%, down approximately 160 basis points as a percentage of revenue, as we further leveraged our existing infrastructure.
  • Total sport rights costs were €95.9 million, up €43.6 million or 83% year-over-year, driven by new rights, in particular our ATP and NBA partnership deals.

 

Share Repurchase Program

In March of this year the Board of Directors approved a $200 million share repurchase program and commenced purchases during the second quarter. As of August 9, 2024, the Company has repurchased approximately 748,000 shares under the plan for a total of $8.0 million.

 

Updated 2024 Annual Financial Outlook

Sportradar is further raising its fiscal 2024 outlook for revenue and Adjusted EBITDA as follows:

  • Revenue of €1,070 million compared with prior outlook of €1,060 million, up 22% year-over-year and representing a 1-percentage point improvement in our full year growth rate outlook.
  • Adjusted EBITDA of at least €204 million compared with prior outlook of €202 million, up 22% and representing a 1-percentage point improvement in our full year growth rate outlook.
  • Adjusted EBITDA margin of approximately 19%.

 

Conference Call and Webcast Information

Sportradar will host a conference call to discuss the second quarter 2024 results today, August 13, 2024, at 8:30 a.m. Eastern Time. Those wishing to participate via webcast should access the earnings call through Sportradar’s Investor Relations website. An archived webcast with the accompanying slides will be available at the Company’s Investor Relations website for one year after the conclusion of the live event.

[i] Non-IFRS measure. See the sections captioned “Non-IFRS Financial Measures and Operating Metric” and “IFRS to Non-IFRS reconciliations” for more details.

[ii] Non-IFRS Operating Metric. See the section captioned “Non-IFRS Financial Measures and Operating Metric” for more details.

The post SPORTRADAR REPORTS SECOND QUARTER 2024 FINANCIAL AND OPERATING RESULTS appeared first on European Gaming Industry News.

Andres Troelsen

Andres Troelsen has been appointed EGT Digital’s Regional Sales Director iGaming for LATAM

Published

on

andres-troelsen-has-been-appointed-egt-digital’s-regional-sales-director-igaming-for-latam

 

EGT Digital is pleased to announce that Andres Troelsen has joined the company’s team. Effective from 01 August, he takes on the position of Regional Sales Director iGaming for the LATAM region.

Mr. Troelsen holds a degree in Business Administration and Management from the prestigious Universidad de Palermo in Buenos Aires. He brings business experience with a strong focus on the gaming sector, most recently serving as Commercial Director LATAM at Belatra. Earlier in his career, he held leadership roles across diverse sectors, including winemaking, shipbuilding, legal services, media, and entertainment. Throughout his career, he has consistently delivered strong results, significantly enhancing company performance and helping position those organizations among the leaders in their respective industries.

“I am happy that EGT Digital is giving me this opportunity,” said Mr. Troelsen. “It will be a challenge for me to further increase the brand’s presence in a highly competitive region such as Latin America. I believe that I will successfully cope with the task thanks to my extensive experience in the gaming industry and deep relationships with key operators throughout the local markets. Adding to this the fact that the company’s innovative developments already have an excellent reputation as high-quality solutions able to satisfy the tastes of every type of player, I am confident that we will very quickly position EGT Digital as a top-tier player in LATAM.

Nadia Popova, Chief Revenue Officer and Vice President Sales & Marketing at EGT, also expressed her positive expectations regarding the appointment: “Latin America holds enormous potential for our products, which makes it a region of strategic importance for EGT Digital. Andres Troelsen is the ideal choice, with the skills and leadership needed to achieve our ambitious goals.”

The post Andres Troelsen has been appointed EGT Digital’s Regional Sales Director iGaming for LATAM appeared first on Gaming and Gambling Industry in the Americas.

Continue Reading

Latest News

SOFTSWISS Joins Forces with TechIsland to Support Fire-Affected Areas in Cyprus

Published

on

softswiss-joins-forces-with-techisland-to-support-fire-affected-areas-in-cyprus
Reading Time: 2 minutes

 

During a challenging time for Cyprus, which is currently facing the devastating consequences of recent wildfires, SOFTSWISS, the global tech company providing software for iGaming, stands in solidarity with local communities. The company is actively participating in TechIsland’s fundraising initiative, aimed at providing immediate relief to those affected and supporting recovery efforts.

As a member of the local tech ecosystem, SOFTSWISS is contributing to the broader TechIsland initiative, which brings together Cyprus’s IT and innovation community to provide immediate emergency relief and long-term recovery support.

The company has made a financial donation, which will be directed toward three key areas:

  • Wildfire prevention and fire protection infrastructure;

  • Installation of early warning systems;

  • Urgent assistance for families impacted by the fires.

This initiative reflects a broader pattern of social responsibility. SOFTSWISS consistently responds promptly to natural disasters, especially in countries where its employees, clients, or partners are based. In 2023, the company launched the HELP Brazil campaign following catastrophic floods and also supported a charitable initiative in Poland under similar circumstances.

Through these efforts – from Latin America to Europe and now Cyprus – SOFTSWISS reinforces its commitment to standing with communities in times of crisis. The company continues to lead not only as a tech innovator, but as a responsible global citizen.

“Supporting the country that hosts our employees and partners is not just a responsibility – it is a moral commitment. We have been closely monitoring the situation with deep concern and wanted to provide tangible aid to the fire-stricken areas, beyond words of solidarity. We are proud to be part of the TechIsland initiative and remain open to offering further support wherever it is needed,”  stated Ivan Montik, Founder of SOFTSWISS.

With its contribution, SOFTSWISS hopes to inspire more companies within and beyond the tech industry to act swiftly and decisively in times of crisis. Supporting the communities we live and work in is not just a responsibility – it’s a core part of who we are.

 

About SOFTSWISS

SOFTSWISS is an international technology company with over 15 years of experience developing innovative solutions for the iGaming industry. SOFTSWISS holds a number of gaming licences and provides comprehensive software for managing iGaming projects. The company’s product portfolio includes the Online Casino Platform, the Game Aggregator with over 35,000 casino games, the Affilka Affiliate Platform, the Sportsbook Software and the Jackpot Aggregator. In 2013, SOFTSWISS revolutionised the industry by introducing the world’s first Bitcoin-optimised online casino solution. The expert team counts over 2,000 employees.

The post SOFTSWISS Joins Forces with TechIsland to Support Fire-Affected Areas in Cyprus appeared first on European Gaming Industry News.

Continue Reading

Conferences in Europe

SBC Summit 2025 to Tackle Regulation and Retention in Europe’s Most Competitive Gaming Markets

Published

on

sbc-summit-2025-to-tackle-regulation-and-retention-in-europe’s-most-competitive-gaming-markets
Reading Time: 2 minutes

 

SBC Summit 2025 will sharpen its focus on one of the world’s most tightly regulated and commercially significant regions with the launch of the Global Markets – Western Europe track.

Taking place on Wednesday, 17 September at Lisbon’s Feira Internacional de Lisboa (FIL), the track will deliver strategic insights into how major operators are navigating escalating compliance demands, shifting player expectations, and intensifying global competition.

As part of the summit’s broader Global Markets programme, the Western Europe track will equip delegates with actionable strategies for thriving in regulation-heavy markets like Italy, the Nordics, the Netherlands, and Portugal. From revised licensing frameworks to new consumer protection mandates, the sessions will unpack the real-world challenges and opportunities facing operators on the ground. Whether expanding regionally or maintaining position in legacy markets, attendees will gain critical tools to drive innovation, compliance, and player retention in a changing European landscape.

Rasmus Sojmark, Founder and CEO of SBC, said: “Western Europe has long set the standard for gambling regulation, but the landscape continues to evolve. Today’s leading operators must build strong relationships with regulators, drive responsible innovation, and retain customers in an increasingly complex global environment. This track provides the practical insight and expert guidance delegates need to succeed in Western Europe.”

The track will open with the European Leaders Panel: Old World, New Way Forward How the Most Established Brands Are Rethinking Regulation and Retention, bringing together some of the industry’s most prominent voices to discuss how operators can navigate tightening regulations, foster player loyalty, and remain competitive. Pascal Chaffard (CFO & Strategy Officer, FDJ), Axel Hefer (CEO, Tipico), Vlad Kaltenieks (CEO, BoyleSports), Mattias Wedar (CEO, LeoVegas), and moderator Martin Collins (Chief Business Development Officer, Soft2bet) will share their strategies for maintaining compliance while continuing to innovate, engage players, and thrive in Western Europe’s highly regulated markets.

Conversation will then turn to Italy’s post-licensing landscape in Italy’s New Online Gambling Regime: A Game-Changer for the Industry. The session will explore how stricter regulations, higher licensing fees, and enhanced player protection measures are reshaping the market. Industry leaders Fabio A. Bufalini (Country Director Italy, Stake), Marco Castaldo (CEO, Microgame), Will Shuckburgh (CEO, eCogra), Nicola Tani (Chief Editor, Agipro), Stefano Tino (Managing Director Italy, Betsson), and Marco Tiso (Managing Director, Sisal), will examine whether this transition has the potential to strengthen market sustainability or create unforeseen roadblocks, as they offer delegates practical strategies for navigating Italy’s new framework.

The session Portugal: Smooth Sailing or Danger Ahead? will bring together Tiago Bessa (Partner, Vieira de Almeida), Tomas Goncalves (Managing Director, Apostas Sociais (Santa Casa)), Americo Loureiro (Director, Solverde), Rui Magalhães (CEO, Estoril Sol Digital), Bernardo Neves (Secretary General, APAJO), and Tiago Pereira (Head of Portugal, LeBull.pt) to examine the current state of Portugal’s sports betting and iGaming market. With iCasino activity growing while sports betting declines, the panel will consider whether this could signal tighter regulation.

Other sessions featured in the track include Over the Finnish Line: Regulation in the Nordics, which will analyse Finland’s upcoming move to open its market to private operators, and Dutch Courage: Collaboration in the Changing Face of Regulations, which will look at Dutch proposals to raise the age threshold for online slots and introduce stricter deposit limits.

The Global Markets – Western Europe track forms part of SBC Summit 2025’s Global Markets series. Other markets explored across 16–18 September include Global Markets – Latin America and Brazil, and Global Markets – North America, each offering delegates region-specific insights to support international growth and strategic market entry.

Secure your ticket to SBC Summit 2025 today.

The post SBC Summit 2025 to Tackle Regulation and Retention in Europe’s Most Competitive Gaming Markets appeared first on European Gaming Industry News.

Continue Reading

Trending