Sportradar has revealed its results for the first financial quarter of 2023, which ended on 31 March.

Total revenue increased by 24% to €207.6m ($226.2m), with a total profit of €6.8m.

Despite investing in liquidity trading for artificial intelligence (AI) and computer vision technology, Sportradar also announced an adjusted EBITDA of €36.7m, an increase of 37% year-on-year.

Carsten Koerl, Sportradar CEO, said: “We started fiscal 2023 on solid footing, as we continued to deliver strong top-line growth, predominately by growing our value add products such as MBS and live odds in the rest of world business and strong, profitable growth in our US segment.

“We are also demonstrating operational leverage as we continue to focus on cost discipline across the organization and invest prudently to grow our top line.

“We are confident that our ongoing product innovation in AI and computer vision will enable us to remain a market leader and increase shareholder value for our investors.”

During Q1, Sportradar renewed its partnership with the Big Ten Network regarding its OTT B1G+ platform.

The US segment of Sportradar also saw positive results, with its total revenue growing by 55% to €39.7m.

This was reflected in the third consecutive quarter of positive adjusted EBITDA, with a margin of 17%, for the segment.

Previously mentioned AI and Computer Vision investments were the primary cause for personnel expenses rising to €77.5m from €25.2m.

Along with additional licence costs and audit fees, these also contributed to a rise in operating expenses to €21.2m from €1.7m.

Snapchat also saw the launch of Sportradar’s ad:s technology, which ensures only viable customers are shown gambling content from operators.