Sportradar, a leading provider of professional sports data, has announced an expansion of its partnership with Caesars Entertainment.
Sportradar will now offer Caesars access to optical tracking for NBA games, a move that opens up new forms of in-game betting for Caesars Sportsbook. Chief Commercial Officer Ed Blonk of Sportradar said in a statement:
“As in-play betting increases in prominence in the US, the fast, accurate and reliable data that Sportradar curates will play a critical role in contributing to Caesars’ efforts to maximize revenue opportunities. We look forward to working closely with Caesars to help them deliver engaging experiences for customers while we monetize our league partnerships.”
What optical tracking means for Caesars Sportsbook
Optical tracking is a relatively new technology. It allows a firm like Sportradar to track players in real-time, giving the company real-time data about a player’s position and orientation. Optical tracking of NBA games is an exclusive right of Sportradar, thanks to the company’s partnership with the NBA.
For Sportradar, offering optical tracking gives the company an edge in the sports data industry. Exclusive data can lead to exclusive deals or the expansion of existing deals with sportsbooks.
For Caesars, access to optical tracking data allows the company to provide new forms of in-play betting and same-game parlays. As US sports betting grows and sportsbooks grapple over market share, new wrinkles to Caesars’ betting menu can give it a crucial advantage in markets big and small.
“We’re always looking at ways to bring a best-in-class experience to our customers,” Caesars Digital COO Kenneth Fuchs said in a Sportradar press release. “Our partnership with Sportradar will provide us new and valuable data to further expand our unique offerings.”
Sportradar looking to build on positive Q1 results
The latest announcement from Sportradar is another win for a company that’s had a fair amount of success so far in 2023.
The company’s Q1 results revealed $226.2 million in revenue, a 24% increase year-on-year. The company expanded its US revenue by 55%.
Additionally, Sportradar noted that the company was finding a good balance between investing money in technology like optical tracking and generating revenue from partnerships like the one it has with Caesars Sportsbook.
CEO Carsten Koerl said during Sportradar’s Q1 earnings call:
“There is a bright future from the number of people who have access to legal sports betting in the US. We saw an acceleration last year and we are seeing it also this year. We see a trend in the US that will go into more live betting, and we always said this.”