Sportradar CEO Carsten Koerl has backed the US market to become even more important for the company than was highlighted in its Q3 revenue report.
Total revenue rose 27 per cent year-on-year to €255m, with the US revenue accounting for 20 per cent of the total – up from 17 per cent in Q3 2023.
Sportradar said “strong” US market growth also helped revenue for its Betting Technology & Solutions arm rise 32 per cent to €210m.
Sports Content, Technology & Services revenues of €45m were up eight per cent, driven primarily by 10 per cent growth in Marketing & Media Services with “strong growth” in European and North American ad:s revenue, with several sportsbooks launching marketing campaigns using Sportradar’s solution.
Overall, US revenue was up 46 per cent, with Rest of World revenue climbing by 23 per cent.
“Our competitive advantages within the sports ecosystem, coupled with our growth-oriented strategy, is driving broad-based outperformance,” said Koerl.
“We continue to deliver more value to our clients and partners, building shareholder value. We are at an important inflection point to drive operational leverage and cash generation, demonstrated by our expanding EBITDA margin and strong cash flow this past quarter.
“The significant cash flow has further strengthened our balance sheet and we are deploying our capital to execute on our growth strategy while returning capital to shareholders.
“Additionally, we continue to show strong momentum in the US, which we expect to be further bolstered by the growth of in-game betting and with the start of the NBA and NHL seasons.”
Sportradar’s adjusted EBITDA increased by €15m to €66m, driven by the 27 per cent growth in revenue.
The company has subsequently raised its 2024 fiscal outlook and now expects revenue of at least €1.09bn, up 24 per cent year-on-year and rising from previous estimations of €1.07bn.
Adjusted EBITDA is expected to hit at least €216m, up from previous guidance of €204m and which would be a 29 per cent year-on-year jump.
