Sportradar has vowed to make continued investments in the US market after reporting a ‘strong business performance’ for Q3 2021.
Publishing its Q3 results for the three-month period ended 30 September, Sportradar showed that revenue had increased by 30% to €136.8 million, up from $158.7 million in the third quarter of 2020.
This rise, Sportradar noted, was ‘driven by robust growth across all geographies and business segments’.
Carsten Koerl, Chief Executive Officer of Sportradar, explained: “Our strong results demonstrate the value we provide to our partners and customers around the world. We are the largest provider of sports intelligence in the world and the only profitable global sports technology platform of scale.
“Critically, we believe we are also the most innovative in developing technology solutions that enable our league customers, media and betting partners to use our ever-increasing data to attract and engage sports fans.”
Furthemore, there has been a ‘continued strong performance’ in the US market with revenue seeing a 119% boost in comparison to the corresponding period last year. For the nine months ended 30 September 30, this reached €48.5 million (2020: $56.3m).
Koerl added: “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 7% of our group revenues, representing a significant potential business opportunity as more states legalise betting and the market expands from $1 billion in 2019 to an estimated $23 billion in the next 10 years.
“Our recent Nasdaq listing was a tremendous milestone for our team, and we look forward to building on our success in a multitude of areas in the years ahead.”
This listing raised €546 million of primary net proceeds to fund continued growth in the business, providing the company with €878 million to continue to invest in global growth.
Additionally, the platform mentions that its extended partnership with FanDuel Group was a success, contributing towards the fact that for the full year, it expects revenue to be in the range of €553-555 million ($641m to $644m).
Sportradar expects adjusted EBITDA for the full year to reach €99.5 -101.5 million ($115.4m to $117.7m).
Finally, in terms of segment betting, revenue in the third quarter of 2021 increased by 24% – up from €78.6 million.
“This growth was driven primarily by uptake in our higher value-add offerings including Managed Betting Services and Live Odds Services, which increased by 63% and 20% respectively, as a result of new customer wins as well as increased turnover and volume,” added Sportradar.
