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Sportradar Q4 Earnings Show Over 20% Revenue Growth For 3rd Consecutive Year

Written By Katarina Vojvodic on March 22, 2024 - Last Updated on March 25, 2024
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Data and technology firm Sportradar Group announced financial results for its fourth quarter and full year, ending Dec. 31, 2023, revealing year-over-year growth in both revenue and profit.

Carsten Koerl, chief executive officer of Sportradar, emphasized that 2023 was “another dynamic and successful year” for the company. He said that while the company delivered its third consecutive year of over 20% revenue growth, it improved profitability and margin expansion. Koerl explained via Sportradar news release:

“We are pleased with our growth momentum, fueled by our best-in-class content portfolio, innovative product roadmap and technology capabilities.”

Sportradar Group Q4 2023 financial highlights

During the last quarter of 2023, Sportradar’s revenue increased 22% year-over-year, showing growth across all segments.

Total profit from continuing operations for Q4 2023 was $25.2 million, compared to a loss of $36.2 million in Q4 2022.

Furthermore, the company’s Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) rose 13% to $42.9 million for the same period. Meanwhile, the adjusted EBITDA margin was 16% in Q4 2023, compared to 17% in the prior year.

As of Dec. 31, 2023, cash and cash equivalents grew to $301 million, while total liquidity available for use on Dec. 31, 2023, including undrawn credit facilities, was $540 million.

Sportradar’s full year 2023 highlights and latest accomplishments

As mentioned, the company’s full-year revenue saw a 20% annual increase, reaching a high of $951.4 million. According to the press release, the record revenue is a result of strong performance from the company’s:

  • Rest Of World Betting segment, which grew 20%
  • The US gambling division, which rose nearly 30%

Likewise, the company’s profit from continuing operations reached $37.6 million compared to $11.4 million during 2022.

Furthermore, Sportradar’s Adjusted EBITDA for the full year of 2023 increased 33%.

Total profit from continuing operations for the full year 2023 was 4% compared to 1% reflecting 2022.

During 2023, Sportradar signed several new partnerships. The company entered into agreements with NASCAR, the South American Football Confederation (CONMEBOL) and the Bundesliga, Germany’s premier soccer league, for exclusive global data rights.

Also, Sportradar signed deals with BetMGM and Caesars Sportsbook for official NBA tracking data.

Most recently, Sportradar was licensed in North Carolina to be a sports betting data provider.

The company also emphasized receiving several industry awards, including:

  • Best Live Streaming Supplier at EGR B2B Awards 2023
  • Marketing & Services Provider of the Year at SBC Awards 2023
  • Sports Betting Provider of the Year at Sigma Asia Awards 2023

A $200M share buyback program gives confidence in the long-term outlook

Looking ahead, Koerl expressed his pleasure at the results and optimism about the company’s future:

“For 2024, we plan to continue to scale our business globally, targeting at least 20% growth in revenue and adjusted EBITDA. Given our market leadership and confidence in the long-term profitability and cashflow outlook for the company, we have authorized a $200 million share buyback program. We remain laser-focused on disciplined execution of our growth strategy and delivering tremendous value for our clients and our shareholders.”

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Katarina Vojvodic

Katarina Vojvodic is a lead writer for PlayUSA who lives in Toronto. Vojvodic provides coverage of the US gambling industry with a focus on US online casinos. Previously, she covered Ontario’s online gambling industry for PlayCanada.com. Vojvodic holds a master’s degree in journalism from the University of Belgrade. Outside working hours, she can be found near the water with her husband and their two kids.

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