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Sportradar Reports Strong Second Quarter 2023

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Delivered 23% revenue, 42% Adjusted EBITDA growth for first six months

On track to deliver record annual revenue

Annual outlook reaffirmed with growth of 24% to 26% for revenue and 25% to 33% for Adjusted EBITDA

Sportradar Group AG (NASDAQ: SRAD), a leading global sports technology company focused on creating immersive experiences for sports fans and bettors, today announced financial results for its second quarter ended June 30, 2023.

“We are very proud of our strong performance during the first half of 2023 and remain on track to achieve the highest annual revenue in the company’s history,” the Chief Executive Officer for Sportradar, Carsten Koerl, said. “We hold a pivotal position in the global sports ecosystem and believe our talent, technology and diverse product offering positions us for strong future growth as we continue to execute against our strategic initiatives.”

Second Quarter 2023 Financial Highlights

  • Revenue in the second quarter of 2023 increased 22% to €216.4 million compared with the second quarter of 2022 with growth across all segments.
  • The company’s customer net retention ratio (NRR) remained at 120% in the second quarter of 2023 compared with the first quarter of 2023, demonstrating the company’s strength in cross selling and upselling to its clients.
  • Total profit from continuing operations, which included an €8 million one-time loss on disposal of an equity investment, decreased €22.8 million compared with the same quarter last year. The primary driver for the decrease was a net negative impact from foreign exchange rates. The company’s adjusted EBITDA1 for the same period increased 46% to €40.1 million compared with the second quarter of 2022, primarily due to strong revenue growth and higher operating leverage.
  • Total profit from continuing operations as a percentage of revenue for the second quarter of 2023 was 0% compared with 13% for the same quarter last year. Adjusted EBITDA margin1 was 19% in the second quarter of 2023, an increase of almost 300 bps compared with 16% in the prior year period.
  • As of June 30, 2023, Sportradar had total liquidity of €484 million including cash and cash equivalents of €264 million and an undrawn credit facility of €220 million.
Key Financial Metrics
Q2 Q2 Change
In millions, in Euros  2023 2022 %
Revenue 216.4 177.2 22%
Profit for the period from continuing operations 0.03 22.8 (100%)
Profit for the period from continuing operations as a percentage of revenue 0% 13%
Adjusted EBITDA1 40.1 27.6 46%
Adjusted EBITDA margin1 19% 16%
Net Retention Rate1 120% 118%

_________________________

1 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.

Recent Company Highlights

Sportradar continued to deepen its relationships with United States operators including an expansion of its long-standing agreement with Caesars Entertainment, establishing the company as the official supplier of betting data from leagues including the NBA, MLB and NHL. The company’s recent signings demonstrate its commitment to delivering engaging experiences for its clients while effectively monetizing its league partnerships through the value-added creation of innovative products and solutions.

  • Sportradar was selected as the exclusive global betting partner by CONMEBOL, the governing body of ten national soccer associations in South America, to enhance the accessibility and engagement of South American football for a broader global audience.
  • Sportradar was appointed as the official technology partner by the Delhi Capitals. The new three-year partnership will provide innovative video technology to develop cricket talent. Sportradar continues to build relationships in emerging markets such as India with strong sports fan bases.
  • Sportradar organized its inaugural Elite Prep Basketball Tournament, the Sportradar Showdown, held in Las Vegas in July. The tournament brought together exceptional amateur basketball teams under the Under Amour Association, Adidas 3SSB and NBA Academy and showcased Sportradar’s Synergy technology, capturing extensive data throughout the tournament and offering valuable insights for the use of college coaches and NBA talent scouts.
  • The company won multiple awards in the second quarter. Sportradar was named Acquisition and Retention Partner of the Year by EGR North America, won the Live Betting and Gaming Product Award and the Sports Data Product Award from SBC North America, received the Live Streaming Supplier Award at the EGR B2B Awards and ORAKO Sportsbook solution was selected as Best Sports Betting Technology of the Year at the 2023 Sports Technology Awards.

Segment Information

RoW Betting

Segment revenue in the second quarter of 2023 increased by 20% to €114.1 million compared with the second quarter of 2022. This growth was driven primarily by increased sales of the company’s higher value-add offerings including MBS, which increased 25% to €41.1 million, as well as Live Odd and Live Data products that grew 19% year over year.

Segment Adjusted EBITDA1 in the second quarter of 2023 increased by 18% to €51 million compared with the second quarter of 2022. Segment adjusted EBITDA margin1 remained at 45% year over year.

RoW Audiovisual (AV)

Segment revenue in the second quarter of 2023 increased by 25% to €49.6 million compared with the second quarter of 2022. Revenue growth was driven by the new CONMEBOL deal and growth in sales to new and existing customers.

Segment adjusted EBITDA1 in the second quarter of 2023 increased 26% to €16.4 million compared with the second quarter of 2022. Segment adjusted EBITDA margin1 remained at 33% year over year.

United States

Segment revenue in the second quarter of 2023 increased by 31% to €38 million compared with the second quarter of 2022. Results were primarily driven by growth of 105% collectively in betting and gaming and audiovisual products.

Segment adjusted EBITDA1 in the second quarter of 2023 was €5.4 million compared with a loss of (€5.5) million in the second quarter of 2022, indicating the strong improvement in operational leverage in the United States business model despite continuous investment. Segment adjusted EBITDA margin1 improved to 14% from (19%), compared with the second quarter of 2022.

1 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.

The tables below show the information related to each reportable segment for the three- and six-month periods ended June 30, 2022 and 2023.

Three Months Ended June 30, 2022
in €’000 RoW Betting RoW Betting AV United States Total reportable segments All other segments Total
Segment revenue 95,513 39,741 29,066 164,320 12,869 177,189
Segment Adjusted EBITDA 43,324 13,053 (5,498 ) 50,879 (4,899 ) 45,980
Unallocated corporate expenses(1) (18,427 )
Adjusted EBITDA1 27,553
Adjusted EBITDA margin1 45 % 33 % (19 %) 31 % (38 %) 16 %

 

Three Months Ended June 30, 2023
in €’000 RoW Betting RoW Betting AV United States Total reportable segments All other segments Total
Segment revenue 114,149 49,569 37,959 201,677 14,757 216,434
Segment Adjusted EBITDA 51,041 16,418 5,441 72,900 (2,560 ) 70,340
Unallocated corporate expenses(1) (30,238 )
Adjusted EBITDA1 40,102
Adjusted EBITDA margin1 45 % 33 % 14 % 36 % (17 %) 19 %

 

Six Months Ended June 30, 2022
in €’000 RoW Betting RoW Betting AV United States Total reportable segments All other segments Total
Segment revenue 182,250 85,664 54,733 322,647 22,418 345,065
Segment Adjusted EBITDA 87,942 21,987 (11,920 ) 98,009 (8,613 ) 89,396
Unallocated corporate expenses(1) (35,142 )
Adjusted EBITDA1 54,254
Adjusted EBITDA margin1 48 % 26 % (22 %) 30 % (38 %) 16 %

 

Six Months Ended June 30, 2023
in €’000 RoW Betting RoW Betting AV United States Total reportable segments All other segments Total
Segment revenue 222,649 94,123 77,696 394,468 29,530 423,998
Segment Adjusted EBITDA 98,429 27,759 12,265 138,453 (5,707 ) 132,746
Unallocated corporate expenses(1) (55,973 )
Adjusted EBITDA1 76,773
Adjusted EBITDA margin1 44 % 29 % 16 % 35 % (19 %) 18 %

_________________________

Annual Financial Outlook

Sportradar reaffirmed its annual outlook range provided on March 15, 2023, for revenue and adjusted EBITDA1 for fiscal 2023 as follows:

  • Revenue in the range of €902.0 million to €920.0 million, representing growth of 24% to 26% over fiscal 2022.
  • Adjusted EBITDA1 in a range of €157.0 million to €167.0 million, representing 25% to 33% growth versus last year.
  • Adjusted EBITDA margin1 in the range of 17% to 18%.

Conference Call and Webcast Information

Sportradar will host a conference call to discuss the second quarter 2023 results today, August 9, 2023, at 8:00am Eastern Time. Those wishing to participate via webcast should access the earnings call through Sportradar’s Investor Relations website. An archived webcast with the accompanying slides will be available at the company’s Investor Relations website for one year after the conclusion of the live event.

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Almedia Hires 17 New Staff Fuelling Exponential Growth

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– Powering the next generation of rewarded user acquisition  – 

 Almedia, the data-driven platform engineering the future of mobile gaming user acquisition – today proudly announces a major hiring wave which includes over 17 people from leading global tech and gaming brands. The new hires are essential to Almedia’s ambitious strategy for achieving exponential growth across Europe and Northern America over the next 12 months.

The new team members will join an already established team, based in Berlin, with a current headcount of 80, supporting a global client base of mobile game developers and publishers. The expanded team joins established departments including product development, marketing, account management, fraud, and talent acquisition. The 17 new hires will drive Almedia’s core mission: elevating user acquisition to new heights and engineering the future of intelligent engagement.

Moritz Holländer, Chief Executive Officer and Founder at Almedia, commented: “Since 2020, we’ve been at the forefront of rewarded user acquisition, and our services and results are being embraced by the global mobile gaming industry, by companies such as Playtika, SuperPlay, Plarium, and Monopoly Go. Team Almedia is witnessing real-time exponential demand for its rewarded UA services, hence we have a robust scaleup roadmap in place to help us manage demand.”

He added: “What we’ve proudly achieved in four years is quite remarkable. With zero funding, a highly profitable organisation, we are humbled to be assembling a true dream team for the global mobile gaming industry. We are thrilled to welcome the latest waves of new hires to the team, which will help us to further establish our brand as the most credible, data-driven rewarded user acquisition company in the world.”

 

The new hires include

  • Andrey Shilin, Lead Product Manager
  • Holly Pickerell, Workplace and Culture Manager
  • Sabina Halilovic, Fraud Analyst
  • Alexander Rasch, Senior Finance Manager
  • Alisson Paschoal Hausmann, Senior Mobile Developer
  • Anthony Clement, SEO Manager
  • April Chen, Senior Customer Success Manager;
  • Benedikt Roth, Lead User Acquisition Google Ads Manager
  • Caroline Sobkow, Talent Acquisition Partner
  • Federica Stiscia, Senior Gaming Partnership Manager
  • Marc Hammes, SEO Manager
  • Mapa Vega, Senior Talent Acquisition Partner
  • Pablo Herranz, Senior Talent Acquisition Partne
  • Ravisankar Chinnam, Senior Frontend Developer
  • Kutay Akalin, Data Scientist
  • Aleksei Smagin, Junior Affiliate Specialist UA
  • Neil Laverty, Senior Customer Success Manager

Almedia currently has a range of positions open across operations, talent, product, marketing and more. To learn more about careers at Almedia, visit the jobs section on the website.

 

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Huge Jackpot at King Billy Casino: C$3,658,306!

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This amazing six-digit number was the result of a player going on a safari in her (and millions of other players) beloved Mega Moolah progressive slot from Games Global
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King Billy Casino, launched in 2017, has had some impressive players wins during the “reign of King Billy”. A few of them include Live Game winnings of €135,223, daily winnings from 2 or more slots of $164,000, and €250,000 won on a single spin. However, the latest win by a King Billy Casino player dwarfs every big win that has come before this. Actually, it’s bigger than all previous big wins combined for the operator!

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A few words about Mega Moolah. It was an Internet sensation when it was launched with its beautiful graphics and sounds, and immersive gameplay and it is a sensation today, still going strong after almost 20 years. The slot, which has spawned more than 20 variations, and has given millions in cash to players all over the world (including 5 millionaires in 2024 alone) features 4 types of jackpots that make it stand out from the competition.

About Games Global

Games Global is a supplier of the online gaming industry delivering force and direction to gaming with more than 1,300 top class games. The company has made a commitment to deliver the industry’s more disruptive ideas and compelling data-driven gaming experiences. Games Global features a total of 40+ partnered and in-house studios, services 600+ branded websites and boasts record-breaking jackpots with its worldwide network. 

About King Billy Casino

Established on St Patrick’s Day in 2017, King Billy is a renowned new generation casino with more than 26 awards and accolades. The casino is available in English, German, French and Finnish, and created a unique user experience, building on the theme of King Billy and his Kingdom. King Billy ensures that all its players, “Citizens” in the casino language, receive the care and attention they deserve.

 

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ZITRO INTRODUCES CASH TOTEMS: A MYTHICAL JOURNEY TO ANCIENT FORTUNES

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Awaken the power of ancient gods in Zitro’s new game release, Cash Totems. With two exciting themes—Tomahawk and Vikings—this slot title transports players to a mystical world where Ancient Gods hold the key to incredible fortunes.

Cash Totems offers a Free Games bonus with 10 initial free spins and introduces 3 combinable metamorphic features, each supported by its own scatter symbol. The left accumulator features Sticky Wilds, where players can earn credits with the corresponding scatter symbol. The right accumulator offers Rainy Multiplier Wilds, granting extra spins with each corresponding scatter symbol, enhancing winning opportunities.

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Unveil the hidden fortune within Cash Totems!

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