Sportradar, a leading provider of sports data and betting technology, recently published its financial results for Q3 2024, showcasing robust performance with substantial growth across multiple segments. Driven by gains in betting technology and global market expansion, Sportradar recorded a 27 percent increase in total revenue compared to Q3 2023.
In Q3 2024, Sportradar’s total revenue reached €255 million, representing a notable 27 percent increase compared to the same period in 2023. Betting technology saw a remarkable 32 percent growth in Q3 2024. This growth reflects Sportradar’s commitment to innovation, which has been instrumental in expanding its offerings and capturing market demand.
The Sports Content, Technology & Services sector experienced an 8 percent increase. This segment’s growth underscores Sportradar’s ability to consistently enhance its sports content services and leverage technology to improve user experiences.
Sportradar’s US market was a standout performer, with revenue increasing by 46 percent to €51.1 million. The US now contributes 20 percent of Sportradar’s total revenue, highlighting its growing importance. In the rest of the world, Sportradar also expanded in other international markets, with a 23 percent rise, amounting to €204.1 million.
CEO’s vision for growth
Carsten Koerl, Sportradar’s CEO, emphasised the company’s strategic advantages and focus on long-term growth. By leveraging Sportradar’s position within the sports ecosystem and adopting a growth-focused strategy, Koerl believes Sportradar can continue delivering significant value to shareholders.
Koerl stated, “Our competitive advantages within the sports ecosystem, coupled with our growth-oriented strategy, are driving broad-based outperformance. We continue to deliver more value to our clients and partners, building shareholder value.
“We are at an important inflection point to drive operational leverage and cash generation, demonstrated by our expanding EBITDA margin and strong cash flow this past quarter. The significant cash flow has further strengthened our balance sheet and we are deploying our capital to execute on our growth strategy while returning capital to shareholders.
“Additionally, we continue to show strong momentum in the US, which we expect to be further bolstered by the growth of in-game betting and with the start of the NBA and NHL seasons,” Koerl further added.
Profit surge analysis
The company’s profit saw a dramatic jump from €4.1 million in Q3 2023 to €37.1 million in Q3 2024. This 800 percent increase was due to several factors, including solid operating results and favourable currency movements.
Adjusted EBITDA grew by 30.3 percent to reach €65.8 million, indicating a balanced approach to managing revenue growth with increased costs. The customer net retention rate improved to 126 percent, indicating strong customer loyalty. During Q3 2024, Sportradar repurchased approximately 721,000 shares for $8.3 million. Year-to-date, the total stands at 1.7 million shares repurchased, costing close to $20 million.
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