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Sportradar Soars in Q1, Raises 2024 Forecast

May 16, 2024 World iGaming & GamblingIndustry Updates

Leading sports technology company Sportradar broke records in first-quarter sales in 2024, bringing in €265.9 million ($288 million), a 28% increase over the previous year. The company raised its full-year forecast as a result of this remarkable performance.

With a 35% increase to €218.8 million ($237 million), their Betting Technology & Solutions business led the increase. The revenue from sports content, technology, and solutions climbed by 5% to €47.1 million ($51 million).

Geographically, the US market performed better than the rest of the world, accounting for 75% of total sales with a 65% increase to €65.5 million ($70.94 million).

In the first quarter of 2023, the company had a profit of €6.36 million ($7.38 million), whereas losing €0.6 million ($0.65 million) despite the rise in revenue.

Nonetheless, considerable revenue and expense savings allowed adjusted EBITDA to rise by 29% to €47.2 million ($51.12 million).

In light of the Q1 results, Sportradar increased its revenue forecast for 2024 to €1.06 billion ($1.15 billion), a 21% increase over the previous year.

Current projections for adjusted EBITDA place it at “at least €202 million ($218.8 million),” a 21% rise.

“Fiscal 2024 is off to a great start,” confirmed Carsten Koerl, CEO of Sportradar. “We are raising our full-year outlook… and commencing share repurchases.”

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Original Story by: Asian Gaming Brief

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