Swiss-based tech company Sportradar has released its Q1 2023 results, attributing revenue growth in part to “strong performance” from Managed Betting Services and Live Odds.
Revenue in the first quarter of 2023 increased 24 per cent to €207.6m compared with Q1 2022. Fifty two per cent of the total revenue came from the Rest of World Betting segment which grew 25 per cent to €108.5m, thanks mostly to MBS and Live Odds.
This gave the company a total profit for the quarter of €6.8m, compared with €8.2m for the same quarter last year.
“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 U.S. segment,” said CEO Carsten Koerl.
“We are also demonstrating operational leverage as we continue to focus on cost discipline across the organisation 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.”
