Sportradar has reported a 29% year-on-year (YoY) increase in Q2 revenue as the supplier’s betting and sports content arms both delivered double-digit growth.
Revenue for the three months to 30 June reached €278.4m, up from €216.4m in Q2 2023, as the New York-listed firm said the performance demonstrated “continued momentum in the business”.
Betting technology and solutions revenue shot up 30% YoY from €176.1m to €229.1m to account for 82% of total group revenue.
Within the division, streaming and betting engagement revenue rose 41% YoY, live data and odds revenue jumped 27% and managed trading services revenue climbed 21%.
The group’s sports content, technology and solutions arm reported a revenue jump of 22% to €49.3m, driven by gains in the ad:s marketing services vertical in both Europe and North America.
Geographically, the US accounted for 22% of all revenue with €60.6m, with the remainder made up by Sportradar’s Rest of the World operations.
Group adjusted EBITDA increased 22% YoY from €40.1m to €48.8m with a corresponding EBITDA margin of 17.5%.
However, losses for the reporting period from continuing operations hit €1.5m after a nominal profit in Q2 2023.
The swing came as operating costs for the supplier rose, with total sports rights costs up 83% YoY to €95.9m and purchased services and licence costs rising 44% to €72.6m.
Despite the increase in costs, Sportradar has hiked its fiscal 2024 revenue and adjusted EBITDA guidance.
Revenue is expected to hit €1.07bn, up from a previous guidance of €1.06bn while adjusted EBITDA expectations have ticked up from €202m to €204m, with a margin of around 19%.
Carsten Koerl, Sportradar CEO, said: “Our strong second quarter results, including another quarter of record revenues are a testament to the operating momentum we are generating across our business and the clear execution against our strategies to drive outperformance versus the market.
“We delivered robust growth across our high-value product portfolio and strong client uptake, while continuing to strengthen our business by driving efficiencies and significant cash flow.
“I am pleased to once again raise our full-year guidance as we continue to build long-term shareholder value through strong top-line growth, a focus on delivering additional operating leverage and increasing cash flow generation,” he added.
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