Triple Hit: The Spectacular Rise And Rise And Rise of Sportradar

Somebody give that man a bonus. A big fat bonus. For the third Financial Year in succession coming sports media betting and data company Sportradar has posted 20 percent plus revenue growth.

This FY23, elite Nasdaq Global Select-listed Sportradar–co-founded in 2001 by current CEO Carsten Koerl in Trondheim, Norway, and now headquartered in St. Gallen, Switzerland–delivered revenue of €877.6 million £750.56m), up 20.2 percent year-on-year.

The good news–powered by Sportradar’s 30 percent growth in the dynamic US market and its subsequent decision to launch a €200 million (£171.04m) shares buy-back programme–triggered an 11.3 percent surge in the data kings’ stock market value on the New York Nasdaq.

Sportradar posted a total profit of €34.6 million (£29.59m) in 2023, up a spectacular 229.5 percent from the previous year.

EBITDA increased 32.6 percent, over 2022, to €166.8 million (£142.65m), hitting the bullseye of published expectations.

With an estimated €497.2 million (£425.22m) in available liquidity, the company has now authorised the €200 million share buy-back scheme.

Laser-focused

“2023 was another dynamic and successful year for the company delivering our third consecutive year of more than 20 percent revenue growth, improved profitability, and margin expansion,” CEO Koerl told market watchers.

“We are pleased with our growth momentum, fuelled by our best-in-class content portfolio, innovative product roadmap and technology capabilities.”

During Q4 in the booming US online sports betting market, Sportradar revenue was up 28.2 percent, year-on-year, to €52.7 million (£45.07m).

Sportradar’s US client base has grown, significantly, to embrace data tracking deals with Entain-MGM Resorts International joint-venture BetMGM and the National Basketball Association.

The company’s Rest-of-World sector also top performed in Q4, with revenue–driven by Sportradar’s Managed Betting Services, Audiovisual, and Live Odds verticals–rising by an impressive 24.6 percent to €132 million (£112.89m).

Sportradar is now looking to take annual revenue to at least €1 billion (£855.3m).

Added Koerl: “[For 2024] we plan to continue to scale our business globally, targeting at least 20 percent growth in revenue and adjusted EBITDA.

“We remain laser-focused on disciplined execution of our growth strategy and delivering tremendous value for our clients and our shareholders.”

Indeed, few can dispute that his company remains very much on the iGaming radar.