Sportradar reports revenue increase in Q1

Total revenue for the first quarter was €311m, up 17 per cent year-on-year.

Press release.- Sportradar Group AG has announced financial results for its first quarter ended March 31, 2025. Total revenue for the first quarter was €311m, up €45m, or 17 per cent year-over-year, driven by 14 per cent growth in Betting Technology & Solutions and 33 per cent growth in Sports Content, Technology & Services.

Betting Technology & Solutions revenues of €250m were up 14 per cent year-over-year primarily driven by a 13 per cent increase in Betting & Gaming Content primarily from customer uptake of additional products and from US market growth. Managed Betting Services revenues were up 16 per cent driven by strong growth in Managed Trading Services from increased turnover and higher trading margins.

Sports Content, Technology & Services revenues of €61m increased 33 per cent year-over-year primarily driven by 36 per cent growth in Marketing & Media Services led by higher ad:s revenue as several sportsbooks increased spending on marketing campaigns, and from contributions from the expansion of our affiliate marketing capabilities.

The company generated strong revenue growth globally with Rest of World up 12 per cent and the United States up 31 per cent. As a percentage of total company revenues, United States revenue represented 28 per cent of total Company revenue in the first quarter as compared to 25 per cent in the prior year quarter due to continued market growth and additional customer uptake of our products.

Customer Net Retention Rate of 122 per cent further demonstrates our ability to cross-sell and up-sell to our clients, as well as the market growth in the United States.

Carsten Koerl, chief executive officer of Sportradar, said: “We had a strong start to the year with record quarterly revenue as we delivered broad-based growth across our leading product suite and diverse global footprint, while expanding margins and cash flow. The continued momentum we are generating builds upon our success from last year, demonstrating the durability of our business and our mission critical role in the expanding sports ecosystem.

“During the quarter we also further bolstered our leading content portfolio with the extension and expansion of our partnership with Major League Baseball and we signed an agreement to acquire IMG ARENA’s sports betting rights portfolio. We are excited by the unique opportunities these valuable properties will provide to our customers and look forward to generating additional value for our shareholders in 2025 and beyond.”

Profit for the period

Profit for the period was €24m, up €25m, compared to a loss of €1m in the same quarter a year ago, driven by strong operating results and a foreign currency gain of €28m in the quarter as compared to a €14m loss last year, due to unrealised currency fluctuations mainly associated with the U.S. dollar-denominated sport rights. These increases were partially offset primarily by higher share-based compensation and amortisation of capitalised sport rights licenses expenses compared with the first quarter a year ago.

Adjusted EBITDA

First quarter Adjusted EBITDA was €59m, up €12m, or 25 per cent, compared to €47m in the same quarter a year ago. The increase was largely driven by the 17 per cent revenue growth, partially offset by increased sport rights costs primarily related to the continued success of the ATP partnership deal, higher purchased services driven by investments in developing our product portfolio and increased personnel expenses to support growth initiatives.

Business highlights

– Announced agreement to acquire IMG ARENA and its global sports betting rights portfolio. Following receipt of regulatory approvals and the closing, which is currently anticipated to take place in the fourth quarter of 2025, IMG ARENA’s portfolio is expected to enhance Sportradar’s content and product offering and further strengthen its strategic position as a leading content provider in the most bet upon global sports, including tennis, soccer and basketball.

– Announced the extension and expansion of our partnership with Major League Baseball (MLB) for 8 years, beginning with the 2025 season. Sportradar will exclusively distribute ultra-low latency official MLB data, media content, including MLB Statcast Data, and audiovisual content across our global client network. Additionally, Sportradar and MLB will collaborate on the creation of AI-driven products powered by player tracking data to create immersive, hyper-personalised fan experiences.

– Expanded Alpha Odds, Sportradar’s AI-enabled premium odds calculation and risk management solution, into cricket, a sport that generates an estimated €80bn in global betting turnover annually. 

– Signed multi-year partnership with the Brazilian Volleyball Confederation (CBV) to safeguard CBV competitions from corruption and match-fixing through Sportradar’s Universal Fraud Detection System (UFDS), and to supply metrics and dynamic visualisations for coaching teams.

– Extended long-standing partnership with the Brazilian Football Confederation (CBF). Sportradar will deliver integrity monitoring for more than 8,200 men’s and women’s matches organised annually by the CBF, now including all Brazilian national championships.

Balance sheet and liquidity

The company’s cash and cash equivalents were €358m as of March 31, 2025 as compared with €348m as of December 31, 2024. The increase was primarily driven by net cash generated from operating activities of €102m due to the strong operating performance, partially offset by net cash used in investing activities of €66m, primarily from the acquisition of additional sport rights and from net cash used in financing activities of €19m, due primarily to share repurchases related to employee stock grants. Free cash flow for the first quarter was €32m, an increase of €32m compared to the same period a year ago.

Including its undrawn credit facility, the Company had total liquidity of €578m at March 31, 2025 as compared to €568m as of December 31, 2024, and no debt outstanding.

2025 annual financial outlook

Sportradar reiterated its fiscal 2025 outlook as follows:

• Revenue of at least €1,273m, representing year-on-year growth of at least 15 per cent.

• Adjusted EBITDA of at least €281m, representing year-on-year growth of at least 26 per cent.

• Adjusted EBITDA margin expansion of at least 200 basis points.

• Free cash flow conversion1 rate above the 2024 level of 53 per cent.

The 2025 guidance does not include any impact from the pending acquisition of IMG ARENA given the uncertainty around the timing of close. Guidance will be updated to incorporate the anticipated uplift resulting from this acquisition following the closing of the transaction.

Share repurchase plan

In March 2024, the board of directors approved a $200m share repurchase plan. As of May 9, 2025 the company has repurchased 4.8 million shares under the plan for a total of $86m, including 3.0 million shares in conjunction with the recently completed secondary offering.