Lofty goals lose that quality when you end up surpassing them. That premise applies to Sportradar earnings for the fourth quarter and full year of 2022.
Sportradar shared its latest financial update Wednesday and it’s nothing but positive for investors. The company not only achieved its fiscal targets last year but exceeded them.
Sportradar fourth quarter earnings highlights
The book is closed on Sportradar’s performance in 2022 as a company. All things considered, it’s a book the company probably can’t put down.
From all products and services worldwide, Sportradar saw revenue of $781.3 million in 2022. That’s a 30% increase from 2021. It also led to realizing a profit of $11.05 million for the year. The final quarter of 2022 played a significant role in that success.
During the last three months of 2022, Sportradar realized revenues of $220.7 million, a 35% uptick from the final quarter of 2021. Perhaps of greatest relevance to investors, Sportradar used its cash on hand during the quarter to prepay the last of its outstanding debt. Thus, the company began 2023 debt-free.
How did Sportradar achieve such heights in 2022? The report gives a lot of credit to its US online gambling products and services.
US online gambling fuels Sportradar’s growth
According to Sportradar’s report, its business in the United States played a major role in its 2022 success. Among other things, Sportradar provides data and streaming services for sporting events to regulated sportsbooks in the US. For example, the ATP just selected Sportradar as the provider for its data and betting streaming rights.
During the fourth quarter of 2022, Sportradar saw a 77% increase in its US revenue due to “an increase in cross-selling non-data products to betting operators as well as benefiting from growth in the underlying betting market due to new states legalizing betting.”
The launch of legal online New York sports betting along with the same in Maryland and the run-up to the launch in Ohio benefited Sportradar. Additionally, the financial report points out that it renewed contracts with sportsbooks like FanDuel and sports properties like NASCAR.
For the entire year, Sportradar says its US online gambling revenue grew 101%. Sportradar has forecast even more growth this year. With zero debt and hundreds of millions of dollars in cash, it’s in a position to make that a reality.
