Latest News
Sportradar Reports Strong Growth in Second Quarter 2022 and Increases Its Revenue Outlook for Fiscal 2022 Projecting Revenue Growth of 24% to 27%

Sportradar Group AG, the leading global technology company 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 second quarter ended June 30, 2022.
Second Quarter 2022 Highlights
- Revenue in the second quarter of 2022 increased 23% to €177.2 million ($186.0 million)1 compared with the second quarter of 2021, driven by strong growth across all business segments. In particular, U.S. segment revenue grew by 66% to €29.1 million ($30.5 million) compared with the second quarter of 2021.
- Adjusted EBITDA2 in the second quarter of 2022 decreased 13% to €27.6 million ($28.9 million)1 compared with the second quarter of 2021 primarily due to costs associated with additional organic and inorganic headcount growth and new and renewed sport rights contracts and the impact of the Russia/Ukraine conflict.
- Adjusted EBITDA margin2 was 16% in the second quarter of 2022, compared with 22% over the prior year period.
- Adjusted Free Cash Flow2 in the second quarter of 2022 increased to €35.7 million, compared to negative Adjusted Free Cash Flow of €2.3 million for the prior year period. The resulting Free Cash Flow Conversion2 was 129% in the quarter.
- Net Retention Rate2, based on the last twelve months, was strong at 115% at the end of the second quarter of 2022 highlighting the continued success of the Company’s cross-sell and upsell strategy across its global customer base. For second quarter 2021, the Net Retention Rate was 120%.
- Cash and cash equivalents totaled €715.6 million as of June 30, 2022. Total liquidity available for use on June 30, 2022, including undrawn credit facilities, was €825.6 million.
- In July 2022, Sportradar prepaid €200.0 million principal amount of its €420.0 million senior secured term loan Facility B. Significant cash flow generation has allowed the Company to reduce its debt while maintaining flexibility for acquisitions and additional investment in technology and products.
- The Company upgraded its previously provided annual outlook for full-year 2022 for revenue and maintained its outlook for Adjusted EBITDA2. Please see the “Annual Financial Outlook” section of this press release for further details.
Key Financial Measures | Q2 | Q2 | Change |
In millions, in Euros € | 2022 | 2021 | % |
Revenue | 177.2 | 143.6 | 23% |
Adjusted EBITDA2 | 27.6 | 31.6 | (13%) |
Adjusted EBITDA margin2 | 16% | 22% | – |
Adjusted Free Cash Flow2 | 35.7 | (2.3) | – |
Free Cash Flow Conversion2 | 129% | (7)% | – |
____________
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 on June 30, 2022, which was €1.00 to $1.05.
2 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: “As the world’s leading provider of technology solutions to the sports betting industry, our Q2 revenue exceeded our expectations for the quarter, growing 23% year-over-year. Confident about the momentum we have built in our business, we are raising our revenue guidance for the year. Given our strong cash flow generation and demonstrated good stewards of our capital, we have also chosen to pay down about half of our outstanding debt. We remain as confident as ever in the leverage and scalability of our business, and our ability to deliver results in the face of global challenges and economic conditions.”
“Separately, our Chief Financial Officer, Alex Gersh, has decided that he will be leaving the company to accept another position in the United States where he will move with his family. I appreciate Alex’s many contributions to Sportradar and invite you to join me in wishing him well as he embarks on his next chapter. We have launched a search for a new CFO, and have named Ulrich Harmuth as interim CFO. Ulrich, who has been with the company since 2013, has served as Chief Strategy Officer since 2020 and has been a member of my management team overseeing corporate development activities, including M&A, strategic partnerships, and ventures. I am confident in Ulrich’s leadership to support Sportradar’s growth and the continued execution of our financial priorities.”
Segment Information
RoW Betting
- Segment revenue in the second quarter of 2022 increased by 21% to €95.5 million compared with the second quarter of 2021. This growth was driven primarily by increased sales of our higher value-add offerings including Managed Betting Services (MBS) which increased 65% to €32.9 million and Live Odds Services, which increased 9% to €28.5 million. MBS growth was attributable to record turnover3 and Live Odds Services grew as a result of upselling content to existing customers. Additionally, increased content sales from last year’s Synergy Sports acquisition contributed to the growth in revenue.
- Segment Adjusted EBITDA2 in the second quarter of 2022 decreased by 8% to €43.3 million compared with the second quarter of 2021. Segment Adjusted EBITDA margin2 decreased to 45% from 59% in the second quarter of 2021 driven by the impact of the Russia/Ukraine conflict, acquisition of new sport rights as well as temporary savings in sport rights and scouting costs in the prior year due to the COVID-19 pandemic.
RoW Audiovisual (AV)
- Segment revenue in the second quarter of 2022 increased by 9% to €39.7 million compared with the second quarter of 2021. Growth was driven by new customers and traction with our Synergy Sports acquisition, offset by the impact of the Russia/Ukraine conflict.
- Segment Adjusted EBITDA2 in the second quarter of 2022 increased 22% to €13.1 million compared with the second quarter of 2021. Segment Adjusted EBITDA margin2 increased to 33% from 29% compared with the second quarter of 2021 primarily due to lower sports rights costs.
United States
- Segment revenue in the second quarter of 2022 increased by 66% to €29.1 million compared with the second quarter of 2021. This growth was driven by increased sales of U.S. Betting services primarily as a result of new states legalizing betting. We also experienced growth from increased sales to media companies and a positive impact from the acquisition of Synergy Sports.
- Segment Adjusted EBITDA2 in the second quarter of 2022 was (€5.5) million compared with the second quarter of 2021 of (€4.6) million, primarily due to increased investment in the Company’s league and team solutions focused business. Segment Adjusted EBITDA margin2 improved to (19%) from (27%) compared with the second quarter of 2021 reflecting an improvement in the U.S. segment operating leverage.
____________
2 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.
3 Turnover is the total amount of stakes placed and accepted in betting.
Costs and Expenses
- Purchased services and licenses in the second quarter of 2022 increased by €10.6 million to €43.2 million compared with the second quarter of 2021, primarily resulting from increased costs of content creation and processing.
- Personnel expenses in the second quarter of 2022 increased by €17.6 million to €64.4 million compared with the second quarter of 2021 primarily resulting from additional organic and inorganic hires in the Company’s product and technology organizations. Employee headcount increased by 789 (of which 354 were inorganic) to 3,520 full-time employees at the end of the second quarter of 2022 compared with the second quarter of 2021.
- Other Operating expenses in the second quarter of 2022 remained substantially unchanged at €21.2 million.
- Total Sport rights costs in the second quarter of 2022 increased by €13.8 million to €48.7 million compared with the second quarter of 2021, primarily a result of new acquired rights in 2022 for the NHL, UEFA, ATP and a normalized schedule in many sports, including the NBA, as COVID-19 pandemic restrictions eased.
Recent Business Highlights
- In July 2022, Sportradar repaid €200 million principal amount of its €420 million senior secured term loan Facility B. Continued revenue growth and our strong liquidity position enabled the Company to prepay a portion of the outstanding term loan and the Company has confidence that future cash flow generation will allow it to invest in the business and take advantage of market opportunities as they arise.
- Sportradar partners with Turkish Basketball Federation on comprehensive rights deal. Encompassing the first-tier Turkish Basketball Super League (BLS), the second-tier Turkish Basketball First League (TBL) and all cup competitions, Sportradar will have (i) international rights to all BSL and TBL games starting with the 2023 season and (ii) domestic rights beginning in the 2024-2025 season. The partnership includes a comprehensive set of Sportradar solutions including Universal Fraud Detection Systems, Synergy Automated Camera Systems, and AI video capture technology in 27 venues in Turkey.
- Sportradar launches Athlete Wellbeing. This global program was developed for leagues and federations, teams, and collegiate governing bodies to help support athletes’ and reduce the potential impact of sports betting on their mental health. This program will offer a comprehensive curriculum including on-demand virtual sessions, pre-recorded webinars and in-person workshops.
- Sportradar bolster’s cricket offering with launch of world’s first virtual cricket in-play solution. Modeled on the popular T20 cricket format, Sportradar brings hyper-real 3D animation with over 400 million unique game situations. With over 2.5 billion cricket fans worldwide, our solution offers over 3.8 billion unique video seconds featuring the top eight teams from India’s leading T20 competition.
- Sportradar to deepen fan engagement for groupe FDJ with launch of automated near-live short-form video content. Our company is providing ParionsSport en ligne, the French operator FDJ’s online sports betting activity, with an artificial intelligence driven, near-live premium sports video content offering to create deeper engagement with the sports betting service’s customer base of sports fans.
Annual Financial Outlook
Sportradar is upgrading its revenue outlook and reiterating its Adjusted EBITDA outlook for fiscal 2022 as follows:
- Sportradar is upgrading its revenue outlook for fiscal 2022 from its previous range of €665.0 million to €700.0 million ($698.3 million to $735.0 million) 1 to a new range of €695.0 million to €715.0 million ($729.8 million to $750.8 million), representing prospective growth of 24% to 27% over fiscal 2021.
- Adjusted EBITDA2, impacted by the Russia/Ukraine conflict, is expected to remain in the range of €123.0 million to €133.0 million ($129.2 million to $139.7 million)1, representing growth of 21% to 30% over fiscal 2021.
- Adjusted EBITDA margin2 is expected to be in the range of 17% to 19%.
Latest News
NRM Group restructures and rebrands as Boomerang Digital

Andrew Ludlow, who has served as Managing Director of NRM Group since 2012 has completed a far-reaching strategic rebrand of the business culminating in the launch of Boomerang Digital.
The product of a 12-month business review Boomerang Digital brings NRM, ISD and Big Deal games into a single entity and in the process provides a frictionless touchpoint for customers across the totality of its technology-driven product range.
Expanding on the strategy Boomerang Digital co-founder and Chief Executive Andrew Ludlow said: “We are taking the NRM heritage totalling close to 30-years of ground-breaking thinking to create a platform from which to launch the next important phase of the Group’s development under the new Boomerang Digital brand.”
He added: “Because Boomerang Digital is a single entity offering a range of solutions it means that customers can now talk to us much more holistically about their requirement for end-to-end solutions. Under Boomerang we can ensure that the technology ecosystem is appropriate and streamlined.”
Confirming that there will be no job losses as a result of the restructure Andrew Ludlow stated: “To grow the business, we need the right calibre people and we will continue to recruit the additional talent that we require. I am delighted to say that Chris Wrigley will be moving to the newly created post of COO with Wayne Forster becoming Director of Product, membership and mobile.”
Boomerang Digital’s first industry appearance will be as part of the Bingo Hub at the EAG Expo (16-18 January, ExCeL London) and Ludlow confirmed the importance of the event. He stated: “We’ve got lots to talk about, lots to share and lots of exciting plans for the future. In order to meet the entertainment and engagement demands of tech-savvy consumers our customers have evolved and so have we. It’s a really exciting time and the team cannot wait to bring the Boomerang Digital vision to life. EAG can’t come quickly enough!”
Compliance Updates
BOS rejects the government’s proposal to raise the gambling tax

The Swedish Trade Association for Online Gambling (BOS) today submits its advisory statement to the Ministry of Finance on the memorandum “Increased gambling tax”.
The memorandum proposes an increase in gambling tax from 18% to 22%, to apply from 1 July 2024. BOS rejects the proposal.
– The government can hardly time its proposal to raise the gambling tax to a worse time. We are in a situation where fewer and fewer players choose to play on the safe licensed market, and more and more on the unregulated, unlicensed gambling market. That the government proposes to raise the tax for licensed gambling is the best Christmas present you can think of – to the unregulated and unlicensed gambling market, says Gustaf Hoffstedt.
The memorandum in English can be found below:
Referral statement Fi2023/02665, Increased gambling tax
About BOS
The Swedish Trade Association for Online Gambling (BOS) is here issuing its opinion on
the memorandum “Increased gambling tax”, in which it is proposed that the excise tax
on gambling be increased from 18 to 22 percent as of July 1, 2024.
BOS represents twenty gambling companies that operate on the Swedish gambling
market.1 This makes us the largest trade association in Sweden within our industry. All
members have a license/permit issued by Spelinspektionen.
BOS recommendation
BOS rejects the proposal to raise the gambling tax.
Our motives for the rejection
The goal of the gambling market, as described by the government, “is a healthy and
safe gambling market under public control”. In addition, according to the government,
revenues for the common good must be protected, the negative consequences of
gambling must be reduced, gambling for money must be covered by strong consumer
protection and cannot be misused for criminal activities.
BOS believes that the proposal for a tax increase is in conflict with all of the government’s stated goals for the gambling market. It is connected with the fact that the implementation of a tax increase on gambling will lead to a reduced channelization to the
Swedish regulated gambling market, something that is also expressed by several other
reference bodies, including the Swedish Gambling Authority.
In contrast, the un-licensed and not infrequently illegal gambling market in Sweden will gain market share
if the proposal to raise the gambling tax is implemented.
It is connected with the fact that a tax increase on licensed gambling further
strengthens the competitiveness of unlicensed gambling in Sweden, which
correspondingly increases in attractiveness when Swedish gambling consumers have
to make decisions about where their gambling will take place. A product subject to
high tax is less attractive than a comparable product subject to low or no tax.
Channelization
The concept of channelization refers to what proportion of Swedes’ gambling takes
place on the licensed market designated by the state, and what proportion takes place
on the unlicensed market in Sweden. Ideally, all gambling should take place on the
licensed market, but in practice this is impossible to achieve, especially when it comes
to online gambling, which by its very nature is cross-border. Sweden’s unofficial
channelization target has therefore been set at 90 percent. In other words, it is
acceptable (but not desirable) with a leakage to the unlicensed gambling market of no
more than 10 percent. If the leakage becomes greater than that, the goals of the
gambling policy are considered to be unachievable.
Unfortunately, Sweden’s channelization target must now be described as “unofficial”,
with reference to the fact that the government seems to have distanced itself from the
target in recent years. What was initially a clearly defined goal from both the government and the Riksdag, at least in the political debate, has in recent years rather been referred to as an expectation, assessment or forecast.
To the extent that a government and Riksdag decision is needed to establish Sweden’s
90 percent target, we strongly recommend that the government take this initiative,
and thus not distance itself from this gambling policy goal by calling it something other
than a goal or objective (for example assessment). It is in the government’s own
interest that there is a channelization goal and any way to distance oneself from this
harms the government and the legitimacy of the licensing system, and what is worse
harms Sweden’s gambling consumers.
The reason why the government should under no circumstances undermine the goal of
at least 90 percent channelization is that a high ditto is a basic prerequisite for all other
goals of gambling policy. A high channelization goal is a goal to reach all other goals.
These other goals can be summarized as:
– That consumer protection is strong
– That unhealthy gambling is kept to the lowest possible level
– That crime is pushed back
– That the state receives good tax revenue from gambling
– That the licensed gambling companies have good profitability and good conditions
– That the licensing system has high legitimacy
The government states as a motive for raising the tax that “[t]he current tax rate of 18
percent has applied since the Swedish gambling market was reregulated in 2019. The
gambling market has since stabilized, and channelization has increased significantly.”
It is a claim and a description of reality that we dare to say that the government is
quite alone. In the memorandum, the government presents no more recent figures
than those presented by the Swedish Agency for Public Management (Swe: Statskontoret), which originate from 2021, in a report on the gambling market.
It is unfortunate that the state has not produced more recent data than this, and it is
unfortunate that the government has not taken on board new data presented by
actors other than the state. BOS was able to show half a year ago that the
channelization in March 2023 was 77 percent for all competitive gambling (that is, all
gambling not protected by monopoly).
It is a channelization that testifies that the Swedish licensing market is in a very serious situation.
The BOS report also broke down the competitive gambling market into its various
components, such as sports betting and online casino. The gambling vertical online
casino, along with online poker, showed the very weakest channelization at 72 percent. That in such a situation there is no room for measures that further damage
channelization – which a tax increase on gambling does – should be obvious.
In addition to BOS’s channelization report, which was carried out by opinion institute
SKOP, the gambling company ATG has had the channelization measured using a
different methodology and presented it in a report. ATG’s measurement mirrors the
BOS report in terms of channelization in general in the gambling market (only 1
percentage point separates the two measurements). On the other hand, the ATG measurement shows an even worse position for the gambling vertical online casino.
Considering ATG’s channelization report, where channelization has fallen dramatically
since the Swedish re-regulation in 2019, it is difficult to even know how to relate to the
government’s claim that “[the] gambling market has since stabilized, and
channelization has increased significantly.” In a later report from ATG, which extends
to Q3 2023, channelization has further fallen to 70 percent channelization for the overall license market and 59 percent channelization for online casino.7
In addition to the above quote from the government testifying that the government
simply lacks a basis for its claim, it demonstrates another, general, shortcoming in the
government’s memorandum: the lack of data, basis, preparation, and analysis.
Examples of the absence of analysis concern the proposal’s impact on the media and
the sports movement. Both of these social actors are major recipients of money from
the gambling industry. A cost increase for the licensed gambling industry of SEK 0.5
billion annually (the increased tax revenue estimated by the government) has to come
from somewhere, and this will by all accounts happen at least in part through reduced
advertising in traditional media and reduced sports sponsorship. The government has
nothing to say about how the media and the sports movement are affected by the government’s proposal. There are no impact analyzes in the government’s memorandum on this.
Through advertisements in, for example, the daily press and sponsorship of sports
teams, awareness of the brands of the licensed betting companies is increased. Such
marketing and sponsorship thus promote the Swedish gambling market, in that
licensed gambling companies are top of mind when the gambling consumer chooses
an operator for its gambling. In addition, of course, the money from the gambling
industry is of great use in the daily recruitment of both sports associations and newsrooms, for their respective important tasks in our democratic society.
The government’s memorandum is not only incomplete in that it does not highlight
and analyze the consequences for important social actors. In addition, the small
approach to analysis that is actually presented in the memorandum seems to be
poorly executed. The government calculates the expected increased tax revenue at
SEK 539 million. There is no calculation for increased costs for the expected increased
gambling addiction, as a consequence of players migrating to unlicensed gambling, in
the analysis. In addition, there is a complete lack of calculations on the extent of lost
tax revenue due to the fact that the tax increase results in reduced channelization, as
well as in general reduced gambling on the license market because the price of
gambling products is raised.
With regard to price sensitivity (price elasticity), the figure -0.5 is used in the memo –
that is, not price sensitive – which is information taken from the inquiry “A reregulated
gambling market”. The information in the inquiry in turn refers to an external report
from 2014 from Great Britain.8 However, the UK document indicates a higher price
elasticity for certain gambling products, including online casino with a figure of -1.5
(high price sensitivity), but this fact – that gambling decreases when the price of
certain gambling products is increased – is completely omitted from the government’s
memorandum. The government’s estimated increase in tax revenues of just over SEK
0.5 billion annually therefore appears to be pure wishful thinking based on incorrect
assumptions.
Optimal tax rate
On behalf of BOS, in 2016 the consulting firm Copenhagen Economics had an optimal
tax level calculated for Swedish conditions, ahead of the Swedish re-regulation in
2019.9 As far as we know, it is the most detailed investigation that has been done based on Swedish conditions, and the report had a noticeable impact on the government’s and the Riksdag’s decision to set the gambling tax at 18 percent gross gaming
revenue.
Copenhagen’s Economics report presents an optimal range for the state to stay within,
15-20 percent. A tax rate above 20 percent means lost channelization, but also in the
long term reduced tax revenue, in accordance with a classic Laffer curve. There is no
reason to believe that the state can now, compared to the years before the Swedish
reregulation of the gambling market, be able to deviate from the presented tax range
without damaging the license market. On the contrary, today’s critically low
channelization bears witness that the tax in this sensitive situation should under no
circumstances be increased. Instead, the government and the Riksdag should urgently
devote themselves to reforms that strengthen channelization.
Reforms that strengthen channelization
In this context, BOS would like to conclude by raising a finger of warning for the superstition we see when governments – the current one as well as the previous one – propose new repressive measures on the gambling market. Repressive measures aim to
make it difficult for and exclude unlicensed gambling companies from the Swedish
gambling market. Examples of such measures are so-called B2B permits, payment
blocks and bans on promoting unlicensed operators.
We are generally positive about such measures, and we see their complementary task
as absolutely crucial to succeed in maintaining a high channelization. Complementary
in the sense of reinforcing a gambling license market that is fundamentally perceived
as attractive by the player collective. We object, however, to the fact that governments seem to live in the delusion that the attractiveness of the gambling license
market can be worsened (for example, by raising the gambling tax) without this
worsening the channelization, as long as the deterioration is met with repressive
measures to shut out unlicensed gambling. All experience, from Sweden and a number
of jurisdictions where our members operate, shows that this is an incorrect
assumption. In addition, governments tend to mortgage strengthened channelization
through intensified repression already in advance, not infrequently before the
repressive measures have even been put into effect.
Repressive measures strengthen and promote the licensed gambling market when this
is fundamentally perceived as attractive by the player collective. It is the customers
who decide whether the gambling should take place on the licensed market or not. No
countermeasures in the world, at least in the democracies of the Western world, can
stop the outflow of gambling consumers if the consumers do not consider that the
gambling offer they are given on the license market is sufficiently attractive.
eSports
UNITED KINGDOM TO HOST 2024 PUBG MOBILE GLOBAL CHAMPIONSHIP

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James Yang, Senior Director of PUBG MOBILE Global Esports, announced the news during the opening ceremony of the 2023 PMGC Grand Finals, with the exact UK location to be revealed at a later date. This is the first time a major PUBG MOBILE event has been held in the country and the first in Western Europe since 2018.
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