Key points:
- Sportradar has reported FY24 revenue of €1.11bn, up from last year's €877.6m
- This marks the first time the supplier's full year revenue has exceeded €1bn
- Q4 2024 revenue also rose by 22% year-on-year
- It has announced plans to acquire IMG Arena's sports rights portfolio
Sportradar has released its Q4 and FY24 financial results, alongside news that it has agreed to acquire IMG Arena's sports rights portfolio. CEO Carsten Koerl stated that the acquisition "will further enhance our sports coverage in some of the most bet on sports globally."
Looking at the results, FY24 revenue came to €1.11bn, up 26.1% year-on-year. Adjusted EBITDA followed a similar growth trajectory, up 33% year-on-year to €222m, though profit for the period remained in line with results from FY23, totalling €34m.
Revenue by segment
Of the total €1.11bn, betting and technology solutions accounted for €907m, up 29%, while sports content, technology and services accounted for €199.6m, up 15%. Across Sportradar's verticals, betting and gaming contact was the most profitable by a wide margin, making €707.1m in FY24. However, despite this reflecting year-on-year growth of 33%, this was not the highest rate of growth reported by the sports technology company. Integrity services saw revenue up 59% year-on-year, though this only accounted for a fragment of Sportradar's overall revenue, making €12.3m.
Q4
Indeed, the latest revenue figure of €307m represents an increase of 22% in comparison to figures from Q4 2023, with adjusted EBITDA also rising by a healthy 61% total €61m for the quarter. Elsewhere US operations grew by 41% during year-on-year during 2024's final quarter, with rest of the world revenue accounting for €232.3m of the overall revenue figure.
More specifically, Sportradar's primary revenue driver for the quarter was betting & gaming content, which generated €191.8m in revenue - a rise of 30% compared to the year prior. Further, revenue from integrity services grew by a sizable 151% during Q4 2024.
FY 2024
A revenue rise of 26% year-on-year saw Sportradar's total revenue top $1.1bn during 2024, with adjusted EBITDA rising 33% and settling at €222m. Adjusted EBITDA margin also expanded to 20.1%, while net cash from operating activities also saw an upswing of 36% to €353 million.
In the wake of these latest results, Sportradar has released its 2025 annual financial outlook – with expected revenue predicted to hit €1.27bn and adjusted EBITDA to rise to €281m – representing respective growth figures of 15% and 26%.
Revenue by geography
By geography, the US accounted for €262.8m, up 58% year-on-year. The rest of the world generated the remaining €843.8m, up 19%.
IMG Arena acquisition
Alongside these full financial results, Sportradar has also announced the acquisition of IMG Arena. The specifics of the merger will see IMG Arena provide a financial consideration made up of $125m paid to Sportradar, alongside $100m of cash prepayments made to sports rightsholders – totalling an overall fee of $225m. As such, Sportradar will not be required to submit payment to the current owner and operator of IMG Arena, Endeavor Group.
At present, this acquisition bid remains subject to regulatory approvals and customary closing conditions and is predicted to close during Q4 of 2025.
Good to know: Endeavor Group sold OpenBet and IMG Arena in a management buyout in November 2024
Commenting on these latest updates, Carsten Koerl, Sportradar CEO, said: "We are pleased with our strong execution in 2024, achieving record revenue, operating margins and free cash flow generation. Importantly, we continued to build on our key competitive advantages including enhancing the depth and breadth of our content portfolio and further innovating on our product offerings.
“On the content front, with the extension and expansion of our Major League Baseball partnership, we now have all our existing major rights locked in for an average of six years, providing us with great cost visibility. And with the announced agreement to acquire IMG Arena’s sports rights portfolio, we will further enhance our sports coverage in some of the most bet on sports globally.
“This past year we also grew our product offering, launching a number of products that expand our best-in class product suite and bring fans closer to their favourite sports. Importantly, as we grow our topline, we are at an inflection point for multi-year margin expansion and increasing cash flow, positioning us to deliver meaningful shareholder value for years to come."
