Sportradar hails US profitability as €1bn revenue target is set for 2024 

Sportradar AG has achieved all commercial and operating objectives of a ‘dynamic 2023’ as the Nasdaq sports technology group sets the target of surpassing €1bn in corporate revenues in 2024. 

Publishing its full-year 2023 accounts, Sportradar lauds its third consecutive year of double-digit growth as corporate revenues stand at €878m, 20% above FY2022 results of €730m. 

Double-digit growth in headline revenues was matched by a 33% increase in FY2023 adjusted EBITDA to €167m (FY2022: €125m). 

Year-trading saw all core business segments contribute to growth, as Sportradar ROW betting services registered a 20% increase in sales to €467m (FY2022: €389m) and a 25% increase in EBITDA to €210m (FY2022: €182m).

Growth in ROW betting services was attributed to higher +48% demand of Sportradar Managed Betting Services (MBS) and live odds services by existing clients and new partners. 

Elsewhere, Sportradar’s ROW segment registered a 14% increase in Audiovisual and media sales to €182m (FY2022: €161m) combined with an EBITDA result of €52m (FY2022: €46m). 

AV growth reflected customers engaging with new Sportradar media-rights packages for CONMEBOL in South America and exclusive NBA rights. 

Sportradar’s US business contributed FY2023 revenues of €166m, up 33% on 2022 comparatives of €127m as growth reflected strong sales of extended NBA data rights with BetMGM and Caesars, combined with an uplift in the sale of ‘add-on’ US wagering and intelligence services.

US trading saw Sportradar complete a corporate milestone, as its US segment achieved an EBITDA profitability of €19m, reversing FY2022 losses of €4m. 

Group CEO and Co-Founder, Carsten Koerl, stated: “2023 was another dynamic and successful year for the company, delivering our third consecutive year with more than a 20% increase in revenue growth, improved profitability, and margin expansion. We are pleased with our growth momentum, fueled by our best-in-class content portfolio, innovative product roadmap, and technology capabilities.”

FY2023 accounts indexed higher corporate expenditure in segments of Purchased Licences (€152m), Sports Rights (€214m), and Personnel Costs (€326m). Closing its FY2023 accounts, Sportradar declared corporate profits of €34.6m, reflecting a three-fold increase from €10.5m recorded in FY2022. 

Sportradar expects at least a 20% year-over-year growth in revenue and Adjusted EBITDA for fiscal 2024. As of December 2023, cash and cash equivalents stood at €277m, with Sportradar maintaining total liquidity, including undrawn credit facilities, at €497m. 

The company authorised a $200m share buyback program, highlighting confidence in its financial health and future. For fiscal 2024, Sportradar projects a minimum 20% increase in both revenue to €1.05bn and Adjusted EBITDA of €200m respectively, with an adjusted operating margin of 19%, with targets assumed on a Euro to USD exchange rate of 1.07.

Group CEO Carsten Koerl concluded: “For 2024, we plan to continue to scale our business globally, targeting at least a 20% growth in revenue and adjusted EBITDA. 

Given our market leadership and confidence in the long-term profitability and cash flow outlook for the company, we have authorised a $200m share buyback program. We remain laser-focused on disciplined execution of our growth strategy and delivering tremendous value for our clients and our shareholders.”