After declaring a’strong business performance’ for Q3 2021, Sportradar has pledged to continue investing in the US market.
Sportradar announced its Q3 results for the three-month period ending 30 September, revealing that revenue grew by 30% to €136.8 million, up from $158.7 million in the third quarter of 2020.
This increase was fueled by “robust growth across all geographies and business segments,” according to Sportradar.
“Our strong results demonstrate the value we provide to our partners and customers around the world,” said Carsten Koerl, Chief Executive Officer of Sportradar.
We are the world ‘s biggest supplier of sports intelligence and the only profitable large-scale global sports technology platform.
“We also think we are the most inventive in building technological solutions that enable our league clients, media partners, and betting partners to leverage our ever-increasing data to attract and engage sports fans,” says the company.
Furthermore, revenue in the US market has increased by 119 percent compared to the same period last year, indicating a “continuing robust performance.” This amounted to €48.5 million in the nine months ending September 30 (2020: $56.3 million).
“We aim to continue to make considerable investments, notably in the United States,” Koerl said. Because the US region accounts for only 7% of our group’s sales, it provides a substantial potential business opportunity as additional states legalize betting and the industry grows from $1 billion in 2019 to a projected $23 billion in the following ten years. Our recent Nasdaq offering was a huge step forward for our company, and we’re excited to continue to grow in a variety of ways in the coming years.”
This IPO generated €546 million in primary net proceeds to finance the company’s continuing growth, giving it €878 million to spend in worldwide expansion.
Furthermore, the platform states that its expanded relationship with FanDuel Group was a success, resulting in revenue estimates of €553-555 million ($641 million to $644 million) for the full year.
Sportradar anticipates adjusted EBITDA of €99.5 -101.5 million ($115.4 million to $117.7 million) for the entire year.
Finally, revenue from sector betting climbed by 24% in the third quarter of 2021, from €78.6 million to €98.6 million.
“Uptake in our higher value-add solutions, such as Managed Betting Services and Live Odds Services, climbed by 63 percent and 20 percent, respectively, as a consequence of new client wins as well as greater turnover and volume,” Sportradar explained.
Subscribe to BigBlueUnbaised for latest updates.