Sportradar Revenue Rises 24% in First Quarter of 2023
LISTEN TO THIS ARTICLE:Leading sports technology company Sportradar has released its first quarter 2023 report showing a 27% revenue and 37% Adjusted EBITDA growth.
The company recorded a revenue of €207.5m (£180.3m/US$227.2m) for the first quarter of 2023, an increase of 24% compared with Q1 2022.
The US division grew 55% to €39.7m ($43.3m) compared with the same quarter last year.
Furthermore, the total profit for the period in view, which ended on March 31 2023, is €6.8m compared with €8.2 million for Q1 2022.
Sportradar’s revenue growth during the period was due to several factors, including its partnerships with various organizations and brands like World Aquatics, Delhi Capitals, Integrity Unit, Big Ten Network, and Insight Tech Services suite.
The success of the provider’s Managed Betting Services (MBS) and Live Odds also contributed to the total profits earned by Sportradar in the first quarter.
We started fiscal 2023 on solid footing, as we continued to deliver strong top-line growth, predominately by growing our value add products such as MBS and Live Odds in the rest of world business, and strong, profitable growth in our US segment. We are also demonstrating operational leverage as we continue to focus on cost discipline across the organization and invest prudently to grow our top line.
The report also contained the costs the company incurred in Q1 2023, including €77.4m in personnel expenses, license costs totaling €48.4m and depreciation and amortization costs.
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