Sportradar, the sports technology company, has posted record second-quarter revenue of €278.4 million ($306.7 million) for the three months up to June 30.
The figure is up 29%, or €62 million, year-over-year (YoY) from €216.4 million in 2023 and has been attributed to growth across the company’s portfolio, particularly in the betting technology and solutions sector.
That division accounted for 82% of total revenue in the quarter compared to 81% in the prior year. Income from the sector came in at €229.1 million, an increase of 30% YoY.
Revenue from the sports content, technology, and solutions division was €49.3 million, up 22%, and made up 18% of total revenue.
Sportradar’s rest of the world business grew 22% to €217.8 million from €178.4 million in Q2 last year, while the US grew by 59% from €38 million to €60.6 million.
Despite the revenue rise, the firm posted a Q2 loss of €1.5 million.
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Adjusted earnings before interest, taxation, depreciation, and amortization (EBITDA) for the current quarter was €48.8 million (up 22%).
Sportradar’s total sport rights costs stood at €95.9 million, up €43.6 million or 83%, driven by new rights, in particular its partnerships with the ATP men’s tennis tour and US basketball’s NBA.
Due to another record quarter, the Switzerland-based group has further raised its full-year 2024 outlook and now expects to deliver 22% YoY growth in revenue and adjusted EBITDA.
Sportradar is projecting revenue of €1.07 billion compared with prior outlook of €1.06 billion, and adjusted EBITDA of at least €204 million compared to €202 million.
In the first quarter of 2024, Sportradar also posted record revenue of €266 million.
In March of this year, the company’s board of directors approved a $200 million share repurchase program and commenced purchases during the second quarter. As of August 9, it has repurchased approximately 748,000 shares under the plan for a total of $8 million.
Q2 also saw Sportradar renew and expand its exclusive betting data rights agreement with European soccer’s governing body UEFA.
The company also added audio channels and live sports betting and data content to its ad:s programmatic advertising service.
Carsten Koerl, Sportradar chief executive, has said: “Our strong second-quarter results, including another quarter of record revenues, are a testament to the operating momentum we are generating across our business and the clear execution against our strategies to drive outperformance versus the market.
“We delivered robust growth across our high-value product portfolio and strong client uptake, while continuing to strengthen our business by driving efficiencies and significant cash flow.
“I am pleased to once again raise our full-year guidance as we continue to build long-term shareholder value through strong topline growth, a focus on delivering additional operating leverage, and increasing cash flow generation.”
