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Sportradar Announces Strong Third Quarter 2021 Financial Results

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Sportradar Announces Strong Third Quarter 2021 Financial Results
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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 €136.8 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 €48.5 million ($56.3 million)1
  • Adjusted EBITDA* in the third quarter of 2021 was up 21% compared to the third quarter of 2020 to €20.9 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 €546 million of primary net proceeds to fund continued growth in the business, providing the Company with €878 million to continue to invest in global growth
  • For the full-year 2021, we expect revenue to be in the range of €553 to €555 ($641 to $644)1 million and Adjusted EBITDA* in the range of €99.5 to 101.5 ($115.4 to $117.7)1 million.

 

Q3
Q3
Change
2021
2020
%
Revenue €136.8 €105.3 +30%
Adjusted EBITDA* €20.9 €17.3 +21%
Adjusted EBITDA margin* 15% 16% -7%
Dollar-Based Net Retention Rate* 128% 114% +12%
Adjusted Free Cash Flow* €32.9 €13.5 +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 €1.00 to $1.16.
* 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 €136.8 million
  • Adjusted EBITDA* in the third quarter of 2021 increased by 21% compared to the third quarter of 2020 to €20.9 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 €5.7 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* 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 €32.9 million which resulted in a Group Cashflow conversion of 158%
  • Cash totaled €768.4 million as of September 30, 2021. Total liquidity available for use at September 30, 2021, including undrawn credit facilities was €878.4 million
  • Total Debt at September 30, 2021 was €436.7 million resulting in a net cash position of €331.7 million

Segment Information

RoW Betting

  • Segment revenue in the third quarter of 2021 increased by 24% compared to the third quarter of 2020 to €78.6 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 €44.7 million. The Segment Adjusted EBITDA margin* improved from 52% to 57% in the third quarter of 2021 driven by growth in higher margin products.

_____________________
2 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 €29.0 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 €9.6 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 €19.6 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 -€(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 €20.0 million compared to the third quarter of 2020 to €51.3 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 €15.7 million compared to the third quarter of 2020 to €25.2 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 €9.0 million compared to the third quarter of 2020 to €28.7 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 €5.7 million. Eliminating this impact would result in an Adjusted EBITDA* of €26.6 million.

Recent Business Highlights

  • Issued and sold 19 million shares in connection with the closing of our IPO on Nasdaq raising €546 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 €553 million to €555 million, representing growth of 36.6% to 37.1% for fiscal 2021
  • Adjusted EBITDA* in the range of €99.5 million to €101.5 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.

Latest News

Play’n GO add a little romance to their Arthurian Legend series with the 15 Crystal Rose: A Tale of Love

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Play’n GO add a little romance to their Arthurian Legend series with the 15 Crystal Rose: A Tale of Love
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Play’n GO add a little romance to their Arthurian Legend series with the 15 Crystal Rose: A Tale of Love.

This is a legendary tale of love of the greatest kind, the tale of the 15 Crystal Roses. Sir Lancelot has declared his love for Princess Elaine. As a symbol of true devotion, he must seek out the 15 Crystal Roses, buried deep in the enchanted woods.

As the fourth game in Play’n GO’s popular Arthurian Legend series, 15 Crystal Roses: A Tale of Love is already on the path to success. The game opens with a narrator telling us the story of the 15 Crystal Roses and continues throughout the game.

When it comes to features, we’re particularly interested in the Legendary Free Spins, which see random spins land the Crystal Rose Scatter symbols that can also be stacked. But the key is that players’ chances to trigger Free Spins are heightened as they only need one reel full of Scatters to unlock this feature.

Amongst the many features of this game, there is one that isn’t so common in the industry (so far). Players have the ability to keep track of their progress. How? The Quest Map.

The Quest Map not only shows the location of the 15 Crystal Roses, but it will also open at the beginning and the end of Free Spin sessions to show how many crystals the player has collected. Driving narrative, player engagement and immersion into the world of this epic tale.

Head of Games, Charlotte Miliziano, said:

“Every time we develop an Arthurian Legend game, we get to push narratives further and further.

“We’ve seen the likes of King Arthur, Merlin and Queen Guinivere, but now we’re getting to delve into the lives and adventures of secondary characters who may play a role in the adventures of the main protagonists – but they also have their own story to tell.”

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Latest News

Week 2/2022 slot games releases

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Week 2/2022 slot games releases
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Here are this weeks latest slots releases!

Yggdrasil and ReelPlay are kicking off the year with a fun-filled fiesta in Money Mariachi Infinity Reels™. The high volatility hit sees a border town preparing for the iconic Dia de los Muertos celebrations, with the Magical Money Mariachi band creating melodic and celebratory party music to wake the dead. The entry game 3×4 reel grid contains the hugely popular Infinity Reels™ mechanic, which adds another reel and respin for every successful win, as well as an increasing multiplier.

Yggdrasil and ReelPlay prepare for a party in Money Mariachi Infinity Reels™

 

 

Lady Luck Games invites players to let fate decide their destiny in Madame Clues, a mysterious one-reel slot set in the abandoned arcade of an amusement park. Those brave enough to gaze deep into the Fortune Teller’s crystal ball will see that this one-of-a-kind game displays just one symbol every time the reel is spun, awarding players up to 12x their bet during base gameplay. At any given time, one of two special symbols could appear courtesy of the Clairvoyant, these can lead to players winning up to 23,040x their bet.

Step right up and reveal your fate in Lady Luck Games one-reel slot Madame Clues

 

 

Relax Gaming,  invites players to join Alice on an unforgettable adventure to Plunderland, a world of curiosity and wonderment. This quirky, high-volatility fantasy title tasks players with registering winning clusters of symbols on a 7×7 set of reels, while also trying to trigger a host of memorable bonus features. A White Rabbit Wild symbol is present on every spin, and if it makes its way onto a designated hot spot it will expand to 2×2 or 5×5 in size. The White Rabbit Wild also features a multiplier that increases by one every time it is involved in a cluster win.

Relax Gaming begins 2022 with an unforgettable trip to Plunderland

 

Fresh year, new mind-boggling games. Nolimit is kicking off the new year with a bang, and we’re in for a blast from the past with a sequel to the notoriously volatile Tombstone, which was launched back in 2019 and properly cemented xNudge® as a hugely rewarding mechanic. Tombstone R.I.P presents 5 reels with row setup as 23331, and the mechanics in this one are designed to give those that caused havoc a long and unpleasant experience; xNudge Wilds® and xSplit Wilds® will definitely put them in their place.

Its the end of the line for Nolimit’s first Western, enter Tombstone R.I.P

 

 

Blueprint Gaming’s first release of 2022, 7’s Deluxe: Fortune Spins, builds on the success of a classic with the introduction of a proven feature to deliver an exciting new gameplay. The addition of the popular Fortune Spins feature ensures the game’s longevity continues with its loyal following and marks the latest iteration of the much-loved Reel Time Gaming (RTG) title that Blueprint successfully adapted from retail to online. Fortune Spins, first made popular in Blueprint’s hit slot Luck O’ The Irish, allows players to experience the 7’s Deluxe gameplay across four reel sets simultaneously when activated at 20x bet.

Blueprint goes flaming wild with 7's Deluxe: Fortune Spins

 

Kalamba Games invites players on a hunt for clues and riches in thrilling new slot Holmes: Reel Detective. Join Detective Sherlock Holmes and Dr Watson as they set off on an extraordinary slot adventure through Victorian London. There is nothing elementary about the remarkable features in this title, with graphics and sound that are sure to engage players of all demographics as they assist the renowned duo in finding clues to unlock big wins. Kalamba’s K-Cash feature is triggered by matching fingerprint symbols left by the game’s villain with the famous detective’s magnifying glass. Matching multiple symbols can award a win of up to 200x a player’s bet.

Kalamba Games introduces crime solving title with Holmes: Reel Detective

 

Pragmatic Play, invites players on an aquatic journey filled with Free Spins, Wilds and Scatters in brand new release, Wild Depths™. Played out on a submerged set of reels surrounded by colourful coral, the underwater adventure provides players with up to 40 ways to win and the potential to win up to 5,000x their bet. High value symbols arrive in the form of blue, yellow and orange fish, while medium value symbols are represented by starfish and two colourful seashells. Landing five of the same symbol provides players with payouts worth up to 20x their bet.

 

PRAGMATIC PLAY VENTURES BENEATH THE SURFACE IN WILD DEPTHS™

 

Play’n GO add a little romance to their Arthurian Legend series with the 15 Crystal Rose: A Tale of Love. This is a legendary tale of love of the greatest kind, the tale of the 15 Crystal Roses. Sir Lancelot has declared his love for Princess Elaine. As a symbol of true devotion, he must seek out the 15 Crystal Roses, buried deep in the enchanted woods. As the fourth game in Play’n GO’s popular Arthurian Legend series, 15 Crystal Roses: A Tale of Love is already on the path to success. The game opens with a narrator telling us the story of the 15 Crystal Roses and continues throughout the game.

Play’n GO add a little romance to their Arthurian Legend series with the 15 Crystal Rose: A Tale of Love

 

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Affiliate Industry

Affilka by SOFTSWISS Launches a New Affiliate Program with JustBit.io

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Affilka by SOFTSWISS Launches a New Affiliate Program with JustBit.io
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Affilka by SOFTSWISS is pleased to announce a new partnership with JustBit.io, an online casino operating under a Curacao licence. The new affiliate programme is called JustAffiliates. Justbit.io’s partnership with the affiliate marketing platform Affilka will enable the company to build strong and mutually beneficial relationships with affiliates, as well as attract quality traffic to their casino. 

JustBit.io is a young and ambitious crypto-brand specialising in slots and live tables. Among the key reasons for choosing Affilka as the main partner for launching an affiliate program, Justbit.io mentioned its user-friendly payment module and commission constructor, allowing the company to customise a partner to the smallest detail. Multiple filtering options in statistics reports also help the brand do affiliate analysis faster.

The affiliate tracking software Affilka, created in 2018, is a cross functional solution for easy and fast iGaming brand promotion. Affilka is currently one of the most effective tools for affiliate marketing. Its advantages include:

  • Multiple built-in payment systems
  • Detailed affiliate and player reports, including advanced segmentation, filtering, and data grouping
  • Synchronisation with a Casino/Sportsbook platform and data update on every 15 minutes
  • Various creative solutions: banners and landings for affiliates
  • Classical (RevShare, Hybrid, CPA) or customised payment strategies

“I am pleased to announce JustAffiliates – the first affiliate program, launched in the new year by Affilka, in partnership with JustBit.io! The gambling industry is an extremely competitive field. Therefore, in order to be successful, you need to choose the most reliable and reputable partners. Affilka fits the bill perfectly, since its reputation and more than a hundred satisfied clients speak for themselves,” said Anastasia Borovaya, Product Owner of Affilka by SOFTSWISS. 

“I would like to thank the Affilka team for the professionalism and focus on the  customer service they demonstrated during the JustAffiliates affiliate program launch. We have already experienced the benefits of working with Affilka, so I can confidently say that JustBit.io made the right choice. I expect our affiliate program to be a great place to work productively with affiliates, growing and evolving together with our casino!” commented the Head of Affiliates at JustAffiliates.

 

About SOFTSWISS

Affilka by SOFTSWISS is an affiliate management platform for iGaming operators. The platform enables operators to manage affiliate partners across multiple brands, optimise marketing spend, and analyse player ROI from partners.

SOFTSWISS is a widely-acclaimed iGaming expert, supplying certified software solutions for managing online gambling operations. The company has an international team, which counts 1,000+ employees and has an official presence in Malta, Belarus, Poland and Georgia. SOFTSWISS holds a number of gaming licences, including Curacao, Malta, Estonia, Belarus, Belgium, Sweden, Nigeria, Ghana, Serbia and Greece. The company has a vast product portfolio, which includes an Online Casino Platform, Game Aggregator with thousands of casino games, the Affilka affiliate platform, Sportsbook Platform and the Jackpot Aggregator. In 2013 SOFTSWISS was the first in the world to introduce a bitcoin-optimised online casino solution.

 

About JustBit.ioThe casino primarily addresses customers who want to process their deposits and withdrawals in Bitcoin. JustBit is operated by Casbit Group N.V. The company is registered and licensed in Curacao. The approval of the Caribbean state ensures absolute security for the players. Although the casino was founded in 2021, it has reinvented itself and is fast growing as one of the most modern and extensive casinos to this day. There are huge live casino offers, attractive loyalty bonuses, website in English and Japanese and more. JustBit.io – Easy way for crypto play.

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