Sportradar has released its financial results for the fourth quarter of 2023. In total, the company made €252.6m ($273.9m) in revenue, up 22% from the €206.3m reported in the same period last year.
Of this, the company reported significant increase in profit from continued operations in Q4 2022, at €23.2m. This is compared to the loss reported last year, at -€33.3m. Adjusted EBITDA was also up, growing 13% year-on-year for a total of €39.5m.
RoW betting
When breaking the company’s earnings down by segments, Sportradar’s RoW betting was the biggest financial contributor, generating €132m in the quarter. This is up from the €105.9m reported this time last year, reflecting growth of 24.6%.
Adjusted EBITDA for the segment was also up, growing from $46.3m to $55m.
Despite this, the adjusted EDITBA margin fell 2%, from a 44% margin in Q4 2022 to a 42% margin in Q4 2023.
United States
Sportradar’s US operations generated €52.7m in Q4 2023, up 27.9% from last year's €41.2m. Despite this growth, US adjusted EBITDA was negative this year as opposed to the profit reported in Q4 2022, at -€1.5m compared to last year's €4.3m.
During the fourth quarter, Sportradar engaged in several partnerships and launched in several US territories. This includes receiving a temporary supplier licence in Maine in November and signing an expanded partnership deal with BetMGM in late October.
RoW audiovisual betting
The smallest contribution to Sportradar’s Q4 revenue was RoW audiovisual betting, being beaten by US ventures – a switch from last year's results.
Overall, this segment made €50m, up from the €41.8m reported last year. Despite this, adjusted EBITDA fell just slightly, down 6.1% for a total of €11.2m.
Full-year 2023
For FY23, Sportradar reported revenue of €877.6m, up 20% from FY22’s €730.2m. Adjusted EBITDA was up 33% for a total of €166.8m, while profit from continued operations grew an impressive 230.2%, from FY22’s €10.5m to FY23’s €34.6m.
