Sportradar has released its financial results for the first quarter of 2024. In total, the sports technology company generated revenue of €265.9m ($287.8m), up 28% year-on-year, with adjusted EBITDA showing a similar growth rate, up 29% year-on-year to €47.2m.
However, a loss was reported for the period, going from a €6.8m profit last year to €0.6m this year. This decline can be attributed to several factors, notably a foreign currency loss of €14.5m (up from a loss of €3.7m in Q1 2023) finance costs of €18.7m, over three times as much as the €5m reported last year and an increase in depreciation and amortization from €47.6m to €76.9m.
Revenue by segment
Breaking down Sportradar’s €265.9m total revenue, €218.8m, or 82%, was made from betting technology and solutions, while the remaining €47.1m, or 18%, came from sports content, technology and services.
This shows a slight lean towards betting technology and solutions compared to last year, where these two segments accounted for 78% and 22% of Q1 2023’s total revenue, respectively. In this, betting technology and solutions revenue was up 3% year-on-year, while sports content, technology and services were up 5%
From a geographic perspective, the US accounted for 25%, or €65.5m, of the quarter’s revenue, while the remaining 75% of the quarter’s profits came from operations outside the US. This is the opposite of the results recorded when breaking revenue down by product, as last year the US accounted for 18% of total revenues, while the remaining 81% came from the rest of the world.
This is due to the sizable growth of Sportradar’s profits in the US, which were up 65% year-on-year. Revenue from the rest of the world was also up, growing 19%.
Revenue by product
Of the €218.8m made from betting technology and solutions, streaming and betting engagement was up 46%, or €26m, year-on-year. Live data and odds were also up, growing 29% or by €19m year-on-year, and managed betting services grew 32%, or by €12m.
From sports content, technology and services, marketing and media services were up 6% year-on-year, while sports performance solutions remained mostly stagnant.
Quarterly activity
During Q1, which accounts for the period from 1 January to 31 March 2024, Sportradar expanded upon several partnerships, including those with the Asian Football Confederation, Kwiff and Bundesliga International. It also launched a new product in the form of FanID in January and brought on a new Brazil Integrity Partnerships Manager in Felippe Marchetti, while also securing a supplier licence in North Carolina, which legalised sports betting in mid-March.
In the report, Sportradar also emphasised the appointment of CTO and CAIO Behshad Behzadi and CFO Craig Felenstein, who will be coming to their roles on 1 May and 1 June respectively.
Comments
On the results, Sportradar CEO Carsten Koerl said: “Fiscal 2024 is off to a great start, building on the strong momentum and progress we made last year. This quarter, we saw broad-based strength across our product portfolio.”
