Sportradar Reports 22% Adjusted EBITDA Growth in Q2
Sportradar has reported strong financial results for the second quarter of 2024. The company’s adjusted EBITDA for Q2 reached €48.8 million, representing a 22% increase compared to the same period last year.
Revenue and EBITDA Growth
During the second quarter, Sportradar added 46 new betting clients to its core trading product, contributing to the processing of €9 billion in turnover via its platform between April and June.
The company’s betting technology and solutions division saw a 30% increase in revenue, totaling €229.1 million for the period. This division alone accounted for 82% of Sportradar’s total revenue.
Additionally, revenue from Sportradar’s sport content, technology, and services arm increased by 22%, reaching €49.3 million. The Managed Betting Services segment also experienced growth, with an additional €9 million driven by higher trading margins and increased betting activity from both new and existing customers.
Financial Outlook and Sports Rights Costs
Despite strong revenue growth, Sportradar reported a Q2 loss of €1.5 million, a shift from breaking even in the same period last year. CFO Craig Felenstein attributed these losses primarily to an 83% increase in sports rights costs, which rose to €95.9 million. This spike was partly due to the company’s data and streaming deal with the Association of Tennis Professionals (ATP) signed in December 2023.
Sportradar’s confidence in its growth trajectory is reflected in its revised fiscal 2024 revenue outlook, which has been slightly increased to €1.07 billion. The company also raised its adjusted EBITDA forecast to €204 million for the full year, with an expected EBITDA margin of 19%.
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