On Tuesday, Sportradar's Betting Technology & Solutions division announced its second quarter financial results. This marks the second consecutive quarter in which the company's revenues have accounted for 82% of its revenues. Additionally, Sportradar saw 30% year-over-year growth, boosting its second quarter revenues to €278.4 million. Betting Technology & Solutions revenues were €229.1 million, while Sports Content, Technology & Services revenues were €49.3 million. In the second quarter, Sportradar's overall revenues increased by 29% compared to the second quarter of 2023. The United States alone saw a 59% surge. This marks the third consecutive quarter in which Sportradar has achieved record revenues. CEO Karsten Kohl said:
“Our strong second quarter performance, including our highest revenue quarter ever, is a clear validation of the operational momentum we are generating across our businesses and our strategy to outperform the market,” said Coel. “We delivered solid growth and strong customer wins across our high-value product portfolio and continued to strengthen our business through efficiencies and significant cash flow drivers.”
How does Sportradar fare in 2024?
Earlier this year, Sportradar announced that their game-winning innovations would be coming to NBA League Pass. At the time of that announcement, Sportradar's streaming and betting engagement divisions were up 41% year over year. Live data and odds revenue also grew 27% in the second quarter. UEFA extended and expanded their partnership with Sportradar in the second quarter to cover all UEFA club and national team competitions, including over 900 featured matches. This is a 33% increase from the previous agreement they had. Starting in 2024-25, Sportradar will be the only odds provider to distribute official data. Their new structure expands their partnership of exclusive betting data rights and integrity to also include non-exclusive rights to distribute data to non-betting media.
Sportradar has started 2024 by announcing a new strategy to drive growth, and given the recent momentum, the company's management has updated its financial outlook for 2024. CEO Carsten Koerl said he is pleased with the company's operations at all levels.
