Sportradar reports record-breaking Q2 2024 earnings

Garance Limouzy August 15, 2024

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Sportradar reports record-breaking Q2 2024 earnings

The?sports technology company?Sportradar has reported a record-breaking financial performance for the second quarter of 2024.

In its Q2 2024 earnings report, Sportradar announced a historic revenue of €278 million, a 29 percent increase from the same period last year. This revenue growth was accompanied by a 22 percent rise in Adjusted EBITDA, which reached €49 million. The U.S. market, in particular, saw a remarkable 59 percent revenue increase year-over-year, totalling €61 million.

Betting technology and solutions

The company’s Betting Technology & Solutions segment saw a 30?percent?year-over-year increase in revenue. This growth was fuelled by substantial gains in Streaming & Betting Engagement, which rose by €26 million or 41?percent, and in Live Data and Odds, which expanded by €19 million or 27?percent. Both areas benefited from high customer interest and premium pricing, especially in the U.S. market. Additionally, Managed Betting Services grew by €9 million or 21?percent, driven by increased trading margins and higher betting activity.

Sports Content, Technology & Services

Meanwhile, Sportradar’s Sports Content, Technology & Services segment experienced a 22 percent revenue increase year-over-year. This growth was largely driven by a rise in Marketing and Media Services, which saw an €8 million or 28 percent increase in revenue due to strong advertising revenue from European and North American sportsbooks. However, the contribution of this segment to total revenue decreased slightly to 18 percent, as compared to 19 percent in Q2 2023.

Partnership with UEFA

The company extended and expanded its partnership with UEFA, securing a new multi-year rights deal. This deal includes an innovative arrangement to distribute data to non-betting media, increasing Sportradar’s match coverage to over 900 annually—nearly a 33?percent?increase. This expansion enhances Sportradar’s portfolio in soccer, a key area given its global popularity and betting volume.