Sportradar, the leading global provider of sports data intelligence, has announced impressive financial results for the full year of 2022.
The company’s revenue increased by 30% to EUR€730.2 million (AUD$1.16 billion), driven by significant growth from the Rest of World Betting segment and the U.S., which saw growth of 26% and 78%, respectively.
Sportradar exceeded its annual outlook range of EUR€718.0 million (AUD$1.14 billion) to EUR€723.0 million (AUD$1.15 billion), with total revenue surpassing expectations.
The company’s success in 2022 can be attributed to its focus on strengthening its core betting business.
Sportradar increased its wallet share with customers by selling its higher value products and saw Managed Trading Services turnover volume grow by an impressive 84% to EUR€19.4 billion (AUD$30.91 billion).
The company’s digital advertising product, ad:s’, revenue also grew by 69%, while U.S. betting revenue grew by 101%, cementing Sportradar’s leadership position in the U.S. market.
Sportradar’s commitment to investing in advanced technologies such as trading algorithms, artificial intelligence, and computer vision technology has also been a key factor in its success.
Despite a decrease in total profit from EUR€12.8 million (AUD$20.39 million) to EUR€10.5 million (AUD$20.39 million), adjusted EBITDA for the full year of 2022 increased by 23% to EUR€125.8 million (AUD$199.15 million), which was within the company’s annual outlook range.
Sportradar’s strong financial performance in 2022 also enabled it to repay EUR€420.0 million (AUD$669.14 million) of its outstanding term loan debt, eliminating the term loan in its entirety.
The company’s cash and cash equivalents totalled EUR€243.8 million (AUD$387.15 million) as of December 31, 2022, and total liquidity available for use at December 31, 2022, including undrawn credit facilities, was EUR€463.8 million (AUD$737.65 million).
Additionally, Sportradar also signed new and extended multi-year agreements with FanDuel for official NBA data, NASCAR, Turkish Basketball Federation, Cricket Australia, and Tennis Data Innovations.
The company also launched integrity-focused programs such as Athlete Wellbeing to support athletes’ mental health and acquired Vaix, a pioneer in developing AI solutions for the iGaming industry.
Looking ahead, Sportradar is providing an annual outlook for full year 2023, with revenue expected to be in the range of EUR€902.0 million (AUD$1.43 billion) to EUR€920.0 million (AUD$1.46 billion) and adjusted EBITDA expected to be in the range of EUR€157.0 million (AUD$250.13 million) to EUR€167.0 million (AUD$266.06 million).
