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Sportradar Announces Strong Third Quarter 2021 Financial Results
Sportradar Group AG , a leading global technology platform enabling next generation engagement in sports, and the number one provider of business-to-business solutions to the global sports betting industry, today announced financial results for its third quarter ended September 30, 2021.
Third Quarter 2021 Highlights
- Revenue in the third quarter of 2021 increased 30% compared to the third quarter of 2020 to âŹ136.8 million ($158.7 million)1, driven by robust growth across all geographies and business segments
- Continued strong performance in the U.S. market with U.S. revenue in the third quarter of 2021 increasing by 119% compared to the third quarter of 2020. For the nine months ended September 30, 2021 the U.S. revenue reached âŹ48.5 million ($56.3 million)1
- Adjusted EBITDA* in the third quarter of 2021 was up 21% compared to the third quarter of 2020 to âŹ20.9 million ($24.2 million)1
- Strong Dollar-Based Net Retention Rate* of 128% at the end of third quarter of 2021, underscoring the continued success of our cross-sell and upsell strategy
- Successfully extended our partnership through 2028 with FanDuel Group, a leader in the U.S. sports betting market, covering pre-match betting services, live betting services, and betting entertainment tools
- Completed successful listing on Nasdaq, raising âŹ546 million of primary net proceeds to fund continued growth in the business, providing the Company with âŹ878 million to continue to invest in global growth
- For the full-year 2021, we expect revenue to be in the range of âŹ553 to âŹ555 ($641 to $644)1 million and Adjusted EBITDA* in the range of âŹ99.5 to 101.5 ($115.4 to $117.7)1 million.
Q3 |
Q3 |
Change |
||||
2021 |
2020 |
% |
||||
Revenue | âŹ136.8 | âŹ105.3 | +30% | |||
Adjusted EBITDA* | âŹ20.9 | âŹ17.3 | +21% | |||
Adjusted EBITDA margin* | 15% | 16% | -7% | |||
Dollar-Based Net Retention Rate* | 128% | 114% | +12% | |||
Adjusted Free Cash Flow* | âŹ32.9 | âŹ13.5 | +144% | |||
Cash Flow Conversion* | 158% | 78% | +102% |
_____________________
1 For the convenience of the reader, we have translated Euros amounts in the tables below at the noon buying rate of the Federal Reserve Bank of New York on September 30, 2021, which was âŹ1.00 to $1.16.
*Â Non-IFRS financial measure; see “Non-IFRS Financial Measures and Operating Metrics” and accompanying tables for further explanations and reconciliations of non-IFRS measures to IFRS measures.
Carsten Koerl, Chief Executive Officer of Sportradar said: “Our strong results demonstrate the value we provide to our partners and customers around the world. We are the largest provider of sports intelligence in the world and the only profitable global sports technology platform of scale. Critically, we believe we are also the most innovative in developing technology solutions that enable our league customers, media and betting partners to use our ever-increasing data to attract and engage sports fans.”
Koerl continued, “We plan to continue to make significant investments, particularly in the U.S. The U.S. represents the primary area of focus to execute on our strategic growth plans, as the U.S. region is currently only 7 percent of our group revenues, representing a significant potential business opportunity as more states legalize betting and the market expands from $1 billion in 2019 to an estimated $23 billion in the next 10 years. Our recent Nasdaq listing in the U.S. was a tremendous milestone for our team, and we look forward to building on our success in a multitude of areas in the years ahead.”
Financial Highlights for the Three Months Ended September 30, 2021
- Revenue in the third quarter of 2021 increased by 30% compared to the third quarter of 2020 to âŹ136.8 million
- Adjusted EBITDA* in the third quarter of 2021 increased by 21% compared to the third quarter of 2020 to âŹ20.9 million
- Adjusted EBITDA margin* remains strong at 15% in the third quarter of 2021, a slight decrease compared to the third quarter 2020 due to additional IPO costs of approximately âŹ5.7 million which were incurred in the third quarter of 2021. Eliminating the impact of IPO costs would result in an Adjusted EBITDA margin of 20%, illustrating our continuous ability to achieve operating leverage
- Dollar-Based Net Retention Rate*Â increased from 114% to 128% for the comparable twelve month period ending at September 30, 2020 and 2021 demonstrating continued execution of our upsell and cross-sell strategy and underscoring the quality of the products and services we provide our customers
- Adjusted Free Cash Flow* in the third quarter of 2021 increased by 144% to âŹ32.9 million which resulted in a Group Cashflow conversion of 158%
- Cash totaled âŹ768.4 million as of September 30, 2021. Total liquidity available for use at September 30, 2021, including undrawn credit facilities was âŹ878.4 million
- Total Debt at September 30, 2021 was âŹ436.7 million resulting in a net cash position of âŹ331.7 million
Segment Information
RoW Betting
- Segment revenue in the third quarter of 2021 increased by 24% compared to the third quarter of 2020 to âŹ78.6 million. This growth was driven primarily by uptake in our higher value-add offerings including Managed Betting Services and Live Odds Services, which increased by 63% and 20% respectively, as a result of new customers wins as well as increased turnover2 and volume.
- Segment Adjusted EBITDA* in the third quarter of 2021 increased by 36% compared to the third quarter of 2020 to âŹ44.7 million. The Segment Adjusted EBITDA margin* improved from 52% to 57% in the third quarter of 2021 driven by growth in higher margin products.
_____________________
2Â Turnover is the total amount of stakes placed and accepted in betting.
RoW AV
- Segment revenue increased in the third quarter of 2021 by 13% compared to the third quarter of 2020 to âŹ29.0 million. This growth was impacted by COVID related schedule changes in 2020, when more matches than usual were played in Q3 2020. Adjusting for schedule changes Q3 2021 growth was approximately 30%, driven by volume growth as we were able to sell more matches (such as Soccer and Baseball) as well as growth from additional, new content (such as Copa America, Horse Racing and eSports) being sold to existing and new customers.
- Segment Adjusted EBITDA* in the third quarter of 2021 increased by 220% compared to the third quarter of 2020 to âŹ9.6 million. The Segment Adjusted EBITDA margin* improved from 12% to 33% in the third quarter of 2021 driven by lower cost of some content.
United States
- Segment revenue in the third quarter of 2021 increased by 119% compared to the third quarter of 2020 to âŹ19.6 million. This result was driven by growth in our US Betting services and increased revenue from our customers as the underlying market and turnover grew. We also experienced strong adoption of our ad:s product, growth in US Media and a positive impact from the acquisition of Synergy Sports in the second quarter of 2021.
- Segment Adjusted EBITDA* in the third quarter of 2021 increased by 24% compared to the third quarter of 2020 to -âŹ(6.6) million. The Segment Adjusted EBITDA margin* improved from (-60%) to (-34%) in the third quarter of 2021 which reflects the scalability of this business and clear path to profitability while continuing to invest in the US market.
Costs and Expenses
- Personnel expenses in the third quarter of 2021 increased by âŹ20.0 million compared to the third quarter of 2020 to âŹ51.3 million resulting from additional hires in new business lines (2.849 FTE in the third quarter of 2021 vs 2.235 FTE in the third quarter of 2020), stock-based compensation, and reversal of temporary COVID 19 cost savings in the third quarter of 2021 compared to the third quarter of 2020.
- Other Operating expenses in the third quarter of 2021 increased by âŹ15.7 million compared to the third quarter of 2020 to âŹ25.2 million mainly driven by incurred costs for IPO, compliance costs relating to operating as a publicly listed company in the US and M&A costs.
- Total Sport rights costs in the third quarter of 2021 decreased by âŹ9.0 million compared to the third quarter of 2020 to âŹ28.7 million resulting from fewer major sporting events in the third quarter of 2021 compared to the third quarter of 2020.
- Adjusted EBITDA* in the third quarter of 2021 was negatively impacted by IPO costs of âŹ5.7 million. Eliminating this impact would result in an Adjusted EBITDA* of âŹ26.6 million.
Recent Business Highlights
- Issued and sold 19 million shares in connection with the closing of our IPO on Nasdaq raising âŹ546 million of primary net proceeds
- Signed integrity partnerships with leading sports leagues and federations such as cricket’s Tamil Nadu Premier League (TNPL), Badminton Europe and the Austrian Tennis Association
- Secured a multi-year exclusive official data and media rights deal with Ligue Nationale de Basket (LNB), France’s top basketball league
- Implemented full Computer Vision models for Grand Slam tennis events including Wimbledon and US open
- Combined newly developed AI tools with our Managed Trading Services, Sportradar’s holistic trading service for sportsbook operators, to more accurately detect potential betting related match-fixing
- Announced partnership extension with US market leader FanDuel Group through 2028
- Announced a five-year deal with US betting and iGaming operator, Bally’s Interactive, to help support and grow sportsbook operations in the US
- Celebrated three wins at the EGR B2B Awards in the Best Customer Service and Live Streaming Supplier categories, as well as the recently acquired Fresh Eight being shortlisted for Best Marketing and PR Supplier
Financial Outlook
For the full-year 2021, the Company currently expects:
- Revenue in the range of âŹ553 million to âŹ555 million, representing growth of 36.6% to 37.1% for fiscal 2021
- Adjusted EBITDA* in the range of âŹ99.5 million to âŹ101.5 million, representing growth of 29.4% to 32.0% for fiscal 2021
Conference Call and Webcast Information
Sportradar will host a conference call to discuss the third quarter 2021 financial results on November 17, 2021 at 8:00 a.m. Eastern Time (“ET”). The conference call can be accessed live over the phone by dialing 1-877-423-9813, or for international callers 1-201-689-8573. A replay will be available from 11:00 a.m. ET on November 17, 2021 through November 24, 2021, by dialing 1-844-512-2921, or for international callers 1-412-317-6671. The replay passcode will be 13724560.
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MANCHESTER CITY TO MARK GLOBAL PARTNERSHIP WITH SUPER GROUP-OWNED BETWAY AT THE NEW YORK STOCK EXCHANGE
Manchester City has today announced a new multi-year partnership with leading global online betting and gaming brand, Betway.
As part of the clubâs pre-season tour of the United States, and to mark this significant deal, leading figures from Manchester City and Super Group will be on-site for the iconic NYSE bell-ringing ceremony later today. Ferran Soriano, CEO of City Football Group, along with Neal Menashe, Super Group CEO, will ring The Opening Bell at 9:30am EDT.
The agreement will see Betway become the clubâs Official Global Betting Partner from the start of the 2024/25 season, as Manchester City joins the brandâs extensive sports sponsorship portfolio which includes teams from across the Premier League, La Liga, NBA and more.
Ferran Soriano, City Football Group CEO, said: âWe are pleased to announce Betway as our Official Global Betting Partner today. As a globally recognised brand, Betway has a strong pedigree and history of working with high-profile brands within the sports space and weâre excited to work together throughout the partnership.â
Super Group CEO, Neal Menashe, commented: âWe are absolutely delighted to become Manchester Cityâs Official Global Betting Partner. This agreement cements our place in the top tier of Premier League partners, ensuring that our Betway brand reaches fans in all corners of the globe.â
Throughout the duration of the partnership, Manchester City and Betway will collaborate on a number of activations and exclusive content opportunities, in addition to the brand featuring across digital and in-stadia assets.
Manchester City and Betway will also work together to provide all players, coaches, management and staff in-depth, industry leading training on all relevant codes of conduct relating to betting integrity and responsible gambling. This is in addition to the work Manchester City already does to support players and staff in this area.
The Opening Bell ceremony can be viewed live.
Compliance Updates
Acquiring a Curacao Online Gaming License in 2024: Comprehensive Analysis of Financial & Procedural Aspects with Costs & Timelines Detailed
The “Acquiring a Curacao Online Gaming License, 2024: Comprehensive Analysis of Financial & Procedural Aspects with Costs & Timelines Detailed” report has been added to ResearchAndMarkets.com’s offering.
This report includes valuable insights into the financial and procedural aspects, including detailed information on costs and timelines associated with acquiring a Curacao license.
In 2023, Curacao introduced the “Landsverordening op de kansspelen” (Ordinance on Games of Chance) to modernize and regulate gambling legislation. Since March 2020, the Gambling Control Board (GCB) has been authorized to regulate offshore gambling games and oversee the issuance of Curacao licenses. As of 2023, there are 16 companies providing legal services for registration and licensing in the territory of Curacao. The license fee, as per GCB regulations, is 36,000 ANG or 19,800 USD, payable upon license issuance.
Research Timeline and Data Relevance
The research was conducted in two stages. The first stage, studying the regulator and Open Data Search, took place in December 2023. The second stage, writing the report and partially updating the data from the first stage, took place from the end of April to the end of May 2024.
Goals and Objectives
- Describe the information about the Curacao license and the issuing regulator.
- Describe the requirements and conditions for obtaining a Curacao license.
- Describe the costs and timelines for obtaining a Curacao license.
- Briefly study the market, find and suggest the following lists:
- Legal companies offering services for company registration and obtaining a Curacao license;
- Communication agents and integrators working with the Curacao license;
- Suppliers and vendors working with the Curacao license;
- Payment systems working with the Curacao license.
Key Topics Covered:
1. Goals and Objectives
2. Research Timeline and Data Relevance
- Document Markup
- Raw and Combined Data
- Terms & Glossary
3. General Information
- The Regulator
- Registration of Operators With Sublicense
- Application for an Online Gaming License
4. Requirements and Conditions for Obtaining a License
License Conditions
- General Prohibitions
- Safe and Secure Environment
- Equipment and Application Software
- Player Registration
- Payment Transactions
- Games
- Terms of Use
- Resolution of Complaints
- Administrative Responsibilities
- Publicly Available Information
- Reports
- Policies and Procedures
- Suspension and Revocation of License
- Additional Conditions
- Supervision
Recommendations or Minimum Requirements for the Business Plan
5. The Cost of the License
6. Decision Term and the Validity of the License
7. Application Method and Forms
8. Contact Information
9. Companies for Registration and Licensing
10. Integration Companies
11. Suppliers and Vendors
12. Payment Systems
13. META
14. Appendix: Terms & Glossary
For more information about this report visit researchandmarkets.com/r/izeo6g
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