IMG Arena was asked by Sportradar to exit its “loss-making” European Leagues Association deal ahead of its planned $225 million acquisition.
The takeover, first announced in March 2025, is expected to close before the end of the year. IMG Arena is being acquired from Endeavor Group.
Last week, Genius Sports announced it had been awarded exclusive betting data rights to 18 football competitions from across the European Leagues Association. It replaced IMG Arena, which had been the rights-holder for competitions such as the Dutch Eredivisie and Belgian Pro League since the 2022/23 football season.
Sportradar questions data rights-only deals
In an earnings call accompanying the release of Sportradar’s Q2 2025 results on Tuesday, CEO Carsten Koerl said IMG Arena had been asked not to extend the deal as the agreement was loss-making. He also cast doubt on the viability of “data rights-only” packages.
Koerl told analysts: “It was a loss-making deal, the European leagues for IMG Arena. So we asked IMG Arena before we closed the deal to wind this up and find a settlement, which they did. So, it’s not in the numbers — not in the prediction from IMG Arena.
“Second, there is no audiovisual inventory in those rights, so it’s data rights for these leagues. And we have many of the audiovisual rights for the individual leagues. So, we feel in a pretty strong position here.”
IMG Arena integration planning has commenced
Sportradar also confirmed it has begun detailed integration planning for IMG Arena, with Koerl noting transition efforts.
“Our planning efforts are well underway and are focused on ensuring a seamless transition post closure with the cross-functional teams preparing detailed plans that will support long-term value creation for both our clients and the partners,” Koerl added.
Last month it was announced that the UK’s Competitions and Markets Authority would investigate the IMG Arena acquisition amid fears it could negatively impact the wider market.
Sportradar posts record quarterly revenue
In its Q2 results, Sportradar raised its full year revenue outlook to €1.28 billion, representing year-over-year growth of at least 16%. Adjusted EBITDA for 2025 is now expected to be at least €284 million, representing growth of at least 28% versus 2024.
However, CFO Craig Felenstein noted the guidance did not take into account any impact from the pending IMG Arena acquisition. This is due to uncertainty around the timing of the deal closing.
He added: “We will incorporate the upside from this acquisition into our guidance once the deal closes. However, it is important to note that we do anticipate IMG’s sports rights portfolio will not only accelerate our revenue, adjusted EBITDA and free cash flow generation, that will be accretive to our overall adjusted EBITDA and cash margins.”
In terms of Q2 earnings, Sportradar posted record revenue of €318 million in the three months to 30 June 2025. This marked an uptick of 14% year-over-year. Growth came mainly from its Betting Technology & Solutions and Sports Content segments.
Betting Technology & Solutions revenue rose 12% to €259 million. This was driven by a 10% rise in content, boosted by new and existing customer demand and strong US market growth.
Managed Betting Services revenue hit €59 million, up 21%. This was driven by increased turnover and higher trading margins in Managed Trading Services.
US revenue jumped 30%, while Rest of World rose 9%.
US revenue made up 28% of total group revenue, up from 24% a year ago. Sportradar credited continued market growth and strong demand for its premium content and solutions.
Foreign currency gain boosts profitability
Net profit reached €49 million, compared to a €2 million loss in Q2 2024. This was driven by strong operating performance and a €54 million foreign currency gain, versus an €8 million loss last year.
The gain came from unrealised FX movements, mainly linked to US dollar-denominated sports rights.
Higher income tax expenses of €12 million — up from €1 million — partially offset these gains. The increase was due to stronger pre-tax earnings.
Adjusted EBITDA rose 31% year-on-year to €64 million. This reflected the 14% revenue growth, partly offset by higher sports rights costs and personnel expenses.
Sportradar highlighted ongoing investments in its product portfolio, including its ATP and renewed MLB partnerships, as key cost drivers.
Reflecting on the results, Koerl said: “We remain confident in our long-term strategy and the significant opportunity that lies ahead. Our competitive advantage as well as our laser focus on execution and efficiencies is driving durable revenue growth and expanding margins and cash flow.
“We believe this positions us well to deliver strong and sustainable value for our clients, our partners and our shareholders in the months and years to come.”
Sportradar said IMG Arena’s rights deal with the European Leagues Association had been loss-making and so was ended prior to the acquisition closing.