Sportradar Enjoys Q2 Revenue of €177.2 M a 23% Rise YoY
Sportradar, the business-to-business technology company, has released its quarterly report announcing revenues of €177.2 million for Q2 this year, an increase of 23% compared to the same period last year.
However, the Adjusted EBITDA for the latest quarter was down to €27.6 million a drop of 13% year on year. This was explained in the report as being due to the costs of new sports contracts, and due to difficult circumstances within Europe.
Founded in 2001, Sportradar is a leading B2B sports company that provides data and services to sports and betting operators in over 120 countries.
The report indicated the increase of newly regulated sports betting and gaming markets in the US had led to the company posting strong figures in the latest statement. This resulted in a 66% revenue rise in North America to €29.1 million for the second quarter of this year when compared to Q2 in 2021.
Within the statement, the CEO announced its longstanding CFO of 7 years, Alex Gersh, would be leaving the company to move to the US, and they had started the search for a new replacement for the role.
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.
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