Publishing its results for the first quarter of 2022 (period ending 31 March), the first Q1 since going public, Sportradar registered group revenues of €167.9m up 31% on corresponding 2021 results of €128m.
The group stated that the increase in revenue was driven by strong growth across all of its business segments. US segment revenue in particular grew by 124% year-on-year to €25.7m.
Adjusted EBITDA for the period declined by 5% to €26.7m, due to higher costs associated with being a public company, along with the reversal of certain temporary Covid-19 related cost savings versus Q1 2021.
Sportradar’s North American unit doubled its income to €25.7m, benefitting from the continued expansion of clients across legalized US wagering states.
“Our fiscal 2022 is off to a fast start, with core, high-margin betting products driving growth around the world. Our US business continues its tremendous growth story as more states legalize and sports betting becomes live, mainstream entertainment,” commented Carsten Koerl, Founder and Group CEO of Sportradar AG.
“As the market leader, our technology and data-driven insights continue to transform the converging media, entertainment and sports industries and fuel our consistent and long-term profitable growth story,” Koerl added.
The Group reiterated annual outlook for fiscal 2022 projecting strong annual revenue growth of 18% to 25%, targeting an expected revenue in the range of €665-to-€700m, combined with an adjusted EBITDA range of €123-to-€133m.
Source: GMB
