The quarter marks Sportradar’s first since completing its initial public offering (IPO) and listing on the Nasdaq market, which the company estimates raised €546.0m which would be used to fund continued growth in the business.
Breaking down the supplier’s €136.8m in revenue, €19.6m of the revenue total was derived from business in the US – a 120.2% increase from 2020. Betting revenue from the rest of the world came to €78.6m, up 24.45. Meanwhile, betting audiovisual revenue from the rest of the world – made up mostly of live streaming solutions for betting operators – was €29.0m, down slightly from 2020, and other segments added €7.4m.
Operating expenses for the quarter were €76.4m, up from €41.0m in 2020. Personnel expenses amounted to €51.3m, while other operating expenses totaled €25.2m.
Depreciation and amortisation expenses came to €27.2m, while €29.4m was spent on purchased services and licences.
After these costs, net losses were reduced when compared to 2020, falling from €16.0m to €6.0m.
After accounting for €3.0m worth of income tax, overall losses for the quarter were €9.0m, down from €15.0m in 2020.
Adjusted earnings before interest, taxation, depreciation and amortisation for Sportradar were up 20.8% to €20.9m.
The company also cited deals with France’s top basketball league Ligue Nationale De Basket (LNB) and the Austrian Tennis Association as highlights for the quarter.
Sportradar CEO Carsten Koerl said the business would continue to pursue US growth.
“Our strong results demonstrate the value we provide to our partners and customers around the world,” he said. “We are the largest provider of sports intelligence in the world and the only profitable global sports technology platform of scale.
“We plan to continue to make significant investments, particularly in the US. The US represents the primary area of focus to execute on our strategic growth plans, as the US region is currently only seven percent of our group revenues, representing a significant potential business opportunity as more states legalize betting and the market expands from $1 billion in 2019 to an estimated $23 billion in the next 10 years.”
Original article: https://igamingbusiness.com/strong-us-performance-helps-sportradar-revenue-increase-in-q3/
