Sportradar has reported revenue of €167.9m ($186.4m) for the first quarter of 2022, a 31% increase from the first quarter of 2021.

The group noted that the increase in revenue was driven by strong growth across all of its business segments. US segment revenue in particular grew by 124% year-on-year to €25.7m.

Adjusted EBITDA for the period declined by 5% to €26.7m, due to higher costs associated with being a public company, along with the reversal of certain temporary Covid-19 related cost savings versus Q1 2021.

The adjusted EBITDA margin for Q1 2022 was 16%, compared to 22% in the prior-year period, while adjusted Free Cash Flow increased by 100% to €12.9m. Cash and cash equivalents totalled €715.5m as of 31 March 2022, while total liquidity available was €825.5m.

Sportradar also reported a strong Net Retention Rate, which increased to 121% at the end of Q1 2022 compared to 107% in the prior-year period. The group noted that such a change highlights the continued success of its cross-sell and upsell strategy across its global customer base.

The company reiterated its outlook for fiscal 2022, which it provided on 30 March, in that revenue is expected to be in the range of €665m-€700m, representing growth of 18-25% over fiscal 2021.
Adjusted EBITDA is expected to be in the range of €123m-€133m, representing year-on-year growth of 21-30%, with the adjusted EBITDA margin expected to be in the range of 18.5-19%.

“Our fiscal 2022 is off to a fast start, with core, high-margin betting products driving growth around the world,” said Sportradar CEO Carsten Koerl. “Our US business continues its tremendous growth story as more states legalise and sports betting becomes live, mainstream entertainment. 

“As the market leader, our technology and data-driven insights continue to transform the converging media, entertainment and sports industries and fuel our consistent and long-term profitable growth story.”