Sportradar, a global leader in sports technology that specialises in creating enthralling experiences for sports betting enthusiasts, recently presented its financial and operational results for Q1 2024.
Reportedly, the industry titan achieved a significant boost in revenue, hitting a record-breaking €266 million ($289 million USD), which is a robust increase of 28% when stacked against the figures of the first quarter of the previous year.
Simultaneously, the firm further noted the wide-ranging resilience exhibited across its spectrum of product offerings.
Highlighting the Financial Figures of Q1 2024
Additionally, the business performance review for the quarter concluding on March 31, 2024, highlighted a notable YoY revenue growth of 35% for the Betting Technology & Solutions division, hitting €218.8 million ($237 million USD), which contributes to a considerable 82% of the total income of Sportradar
.
Meanwhile, the Sports Content, Technology & Solutions segment reported a more modest 5% rise in revenue, amounting to €47.1 million ($51.1 million USD), forming 18% of the corporation’s overall revenue.
Sportradar’s results indicated a strong global presence, with non-US operations – termed as the Rest of the World – showing a 19% growth, contributing to 75% of total revenue.
Revenue from their United States operations was remarkable as well, with an exponential increase of 65%, making up 25% of the overall revenue.
Notwithstanding these revenue gains, Q1 2024 also reported a loss of €0.6 million ($651,525 USD), a drastic contrast to the profit of €6.8 million ($7.38 million USD) secured in Q1 2023.
The non-IFRS Adjusted EBITDA metric hit €47.2 million ($51.2 million USD) – an impressive 29% YoY growth, primarily influenced by the strong revenue expansion and various operational efficiencies that led to heightened sports rights costs.
In the foreground, non-IFRS Adjusted EBITDA Margin marked 18%, indicating a slight upturn relative to Q1 2023.
As for the Customer Net Retention Rate (on a non-IFRS basis), Sportradar announced an impressive figure of 116% for Q1 2024, outperforming the 111% recorded in Q4 2023, thereby demonstrating the company’s proficiency in selling more services to existing customers.
The company’s total liquidity for Q1 2024, as of March 31, was announced to be €494.6 million ($536.7 million USD), which reflects a significant increase from €459.6 million ($498.8 million USD) in Q1 2023.
Striding Towards a Promising Start
Chief executive officer, Carsten Koerl, has expressed optimism about Sportradar’s fiscal year 2024. According to him, the company has commenced its year strongly, building upon the substantial progress made in the preceding year.
Additionally, he noted the company’s robust customer embrace of their ATP and NBA product portfolios and lauded their “strong business fundamentals” which paved the way for the upgrade of the yearly financial forecast.
Koerl also stated that Sportradar welcomes the new appointments of Craig Felenstein as the chief financial officer and Behshad Behzadi as the chief technology officer and chief AI officer, amid their initiation of transactions under the share buyback programa.
