Sportradar reported revenues of EUR207.5m for the first three months of the year, ending 31 March. This represents a 23.6% increase on the previous year.
Sportradar had a busy quarter. Sportradar signed new agreements with organizations such as the cricket team Delhi Capitals, and World Aquatics.
Sportradar has also extended its deals with Biathlon Integrity Unit, Big Ten Network as well as launched its Insight tech services suite.
Carsten Koerl said the quarter’s top line growth was due to Sportradar Managed Betting Services and Live Odds.
Koerl said, “We began fiscal 2023 with a solid foundation, as we delivered strong top-line growth. This was primarily due to the growth of our value-added products, such as MBS, Live Odds, in the rest world business and profitable growth in our US division.” We are also demonstrating a high level of operational leverage, as we continue to invest and focus on cost control across the organization.
Koerl said that Sportradar will continue to grow as it develops in the area of artificial intelligence (AI).
We are confident that the ongoing innovation of our products in AI and computer-vision will allow us to be a leader on the market and increase shareholder value.
First quarter results
The revenue generated by rest of the world betting was EUR108.5m. This is a 25.1% increase compared to Q1 of 2022. This was 52.2% the total revenue of the quarter.
The rest of the revenue was generated by the US and Rest of World AV.
Sportradar’s revenues were severely affected by a number of costs. Personnel costs reached EUR77.4m in the first quarter. The second highest quarter total was EUR48.4m for purchased services and license costs, excluding depreciation.
The third highest cost was depreciation and amortization, at EUR47.6m. The next highest expense was other operating costs at EUR21.2m.
The remaining costs were comprised of foreign currency losses, finance costs, and share of loss for equity-accounted investors.
The pre-tax profit was EUR10.7m after taking into account EUR4.8m of finance income and EUR5.3m of internally developed software capitalised costs.
After income tax expenses of EUR3.9m, total profit for the third quarter was EUR6.8m. This represents a 17.0% increase.
