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SPORTS BETTING

Switzerland – Sportradar’s revenue up 24 per cent in Q1 driven by MBS and Live Odds

By - 11 May 2023

Sportradar Group generated revenue in the first quarter of 2023 increased 24 per cent to €207.6m compared with the first quarter of 2022.

The RoW Betting segment, accounting for 52 per cent of total revenue, grew 25 per cent to €108.5m, primarily driven by strong performance from Managed Betting Services (MBS) and Live Odds.

The US segment revenue grew 55 per cent to €39.7m compared with the first quarter of 2022, driven by higher sales of betting products as well as the company’s digital advertising (ad:s) product. The US segment generated positive Adjusted EBITDA for the third consecutive quarter with an Adjusted EBITDA margin of 17 per cent.

Total Profit for the first quarter of 2023 was €6.8m compared with €8.2m for the same quarter last year. The company’s Adjusted EBITDA in the first quarter of 2023 increased 37 per cent to €36.7m compared with the first quarter of 2022, demonstrating operational leverage from higher revenue despite increased investment into Artificial Intelligence (AI) for liquidity trading, and Computer Vision technology.

The company’s customer Net Retention Ratio (NRR) was 120 per cent in the first quarter of 2023, an improvement over the NRR from the fourth quarter of 2022 of 119 per cent.

Carsten Koerl, Chief Executive Officer of Sportradar said: “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 U.S. segment. We are also demonstrating operational leverage as we continue to focus on cost discipline across the organization and invest prudently to grow our top line. 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.”

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