Sportradar raises full-year 2024 guidance as US Q1 revenue soars 65% YOY
Supplier giant praises ATP product suite for driving top-line growth while group adjusted EBITDA jumps 29%
Sportradar has seen US revenue soar 65% in Q1 2024 with the market now accounting for 25% of total group revenue.
Total revenue for the supplier giant rose 28% year on year (YOY) to €265.9m ($288m), up from the €207.6m recorded in Q1 2023.
Geographically, the US saw revenue jump from €39.7m to €65.5m while revenue from the group’s Rest of the World (ROW) segment increased 19% YOY from €167.9m to €200.4m.
In terms of vertical, Sportradar noted its betting technology and solutions arm accounted for 82% of group revenue after landing at €218.8m during the quarter, representing a 35% YOY rise.
The segment was catalyzed by stronger demand for ATP content and US growth, as well as higher trading margins.
The firm’s sports content, technology, and services division returned a 5% YOY improvement in revenue to €47.1m.
Elsewhere, adjusted EBITDA for the first three months of the year improved 29% to €47.2m.
Bosses said the increase in earnings was primarily due to “strong revenue growth and operating efficiencies which offset higher sports rights costs.”
However, losses amounted to €600,000 after a profit of €6.8m in Q1 2023. Sportradar highlighted a 78% YOY hike in total sport rights costs and a 35% rise in purchased services and licenses for the quarter.
Following the publication of the report, the New York-listed firm announced it would commence a $200m share repurchase program and also raise its guidance for 2024.
Revenue for full-year 2024 has now been set at €1.06bn compared to previous guidance of €1.05bn.
Adjusted EBITDA is expected to land at €202m at the lowest end, compared to a previous expectation of €200m.
Carsten Koerl, Sportradar CEO, said 2024 was “off to a great start” for the supplier as it built on progress made in 2023.
The CEO said: “This quarter, we saw broad-based strength across our product portfolio including strong client adoption of our ATP and NBA product offerings.
“In light of our strong business fundamentals, we are raising our full-year outlook and are commencing purchases under our share repurchase program.
“I would also like to welcome to the leadership team Craig Felenstein as our CFO and Behshad Behzadi as our chief technology officer and chief AI officer.”