Sportradar revenue up 23.6% in Q1

The quarter was eventful for Sportradar. The company penned a number of new deals with organisations such as cricket team Delhi Capitals and World Aquatics.

Sportradar also expanded deals with Biathlon Integrity Unit and Big Ten Network, as well as launching its Insight Tech Services suite.

Carsten Koerl, CEO of Sportradar, said that the quarter was bolstered by top line growth – which was due to the success of Sportradar’s Managed Betting Services (MBS) and Live Odds in the period.

“We started fiscal 2023 on solid footing, as we continued to deliver strong top line growth, predominately by growing our value add products such as MBS and Live Odds in the rest of world business and strong, profitable growth in our US segment,” said Koerl. “We are also demonstrating operational leverage as we continue to focus on cost discipline across the organisation and invest prudently to grow our top line.”

Koerl added that, going forward, Sportradar’s developments in the artificial intelligence (AI) space would help the business to continue its growth.

“We are confident that our ongoing product innovation in AI and computer vision will enable us to remain a market leader and increase shareholder value for our investors.”

First quarter results

Revenue generated from rest of world betting totalled at €108.5m, a rise of 25.1% compared to Q1 2022. This accounted for 52.2% of the total revenue for the quarter.

The remaining revenue came from rest of world AV, which totalled at €44.6m, and revenue from the US, which was €39.7m.

Numerous costs greatly affected Sportradar’s revenue. Personnel expenses hit €77.4m for the quarter. Purchased services and licence costs – which exclude depreciation and amortisation – were the second highest for the period, totalling at €48.4m.

Depreciation and amortisation costs were the third highest, hitting €47.6m. This was followed by other operating expenses at €21.2m.

The remaining costs consisted of impairment loss on trade receivables and other financial assets, share of loss of equity-accounted investees, foreign currency losses and finance costs.

After taking €4.8m in finance income and €5.3m in internally-developed software capitalised cost into consideration, the pre-tax net income was €10.7m.

Following income tax expense at €3.9m, the total profit for the quarter was €6.8m, a rise of 17.0%.