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Sportradar Upgrades 2024 Forecast Following Surge in Q1 Revenue

May 15, 2024 1 min read

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Sportradar Group AG, a Swiss sports technology company, has reported a significant 28% increase in revenue for the first quarter of 2024, amounting to €266 million. This growth is largely attributed to the company's Betting Technology & Solutions segment, which saw a 35% year-over-year increase, contributing €218.8 million to the total revenue. Additionally, the Sports Content, Technology, and Solutions segment also experienced a rise, bringing in €47.1 million. Geographically, revenue from the United States surged by 65%, while the Rest of the World accounted for 75% of total revenue with a 19% growth.

Despite the substantial revenue growth, Sportradar faced a profit loss of €0.6 million in Q1, a downturn from the €6.8 million profit reported in the same period last year. The loss has been linked to factors such as foreign currency loss, finance costs, and increased depreciation and amortization. Nonetheless, the company remains optimistic about its financial future, raising its full-year 2024 outlook to anticipate at least 21% growth in both revenue and adjusted EBITDA. This aligns with CEO Carsten Koerl's strategic ambitions for the company.

In addition to financial updates, Sportradar has made strategic expansions and leadership appointments. The company has renewed partnerships with key sports organizations, secured a supplier license in North Carolina, and entered a multi-year strategic partnership with Oddin.gg to enhance its esports content offerings. To bolster its executive team, Sportradar named Craig Felenstein as Chief Financial Officer and Behshad Behzadi as Chief Technology Officer and Chief Artificial Intelligence Officer. The company's updated full-year revenue forecast now stands at €1.06 billion, reflecting confidence in its continued growth trajectory.

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