Sportradar increased revenue totaling $287,8 million, compared to the previous year. However, despite this revenue growth, the company reported a loss for the period, amounting to $0,65 million, contrasting with a profit of $7,3 million in the same period last year.
Several factors contributed to this loss, including a foreign currency loss of $15,7 million, significantly higher finance costs of $20,3 million, and an increase in depreciation and amortization expenses from $51,7 million to $90,7 million.
Breaking down the revenue by segment, betting technology and solutions accounted for $237,8 million, representing 82% of the total, while sports content, technology, and services contributed $51,1 million, or 18%. This marks a slight shift compared to the previous year, with a 3% increase in revenue from betting technology and solutions and a 5% increase from sports content, technology, and services.
Geographically, the US contributed 25% of the quarter’s revenue, amounting to $71,2 million, whereas operations outside the US accounted for the remaining 75%. This reflects a significant growth in profits from the US market, up 65% year-on-year, alongside a 19% increase in revenue from the rest of the world.
Revenue from betting technology and solutions saw significant growth in streaming and betting engagement, up 46%, live data and odds, up 29%, and managed betting services, up 32%. However, revenue from sports content, technology, and services experienced only a modest increase.
During Q1, Sportradar expanded partnerships with entities such as the Asian Football Confederation, Kwiff, and Bundesliga International. Additionally, the company launched a new product, FanID, and made strategic hires, including a Brazil Integrity Partnerships Manager and key executive appointments.
Overall, while Sportradar reported robust revenue growth, the loss incurred highlights the challenges and complexities faced in the evolving sports technology landscape.
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.”
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