Sportradar has raised its 2024 guidance after posting record revenue of €266m in Q1.


Revenue was up 28 per cent year-on-year, with CEO Carsten Koerl hailing “broad-based strength” across the company’s product portfolio.

Adjusted EBITDA for Q1 was €47.2m, up 29 per cent due to revenue growth and operating efficiencies which offset higher sports rights costs, Sportradar said.

Although, the sports technology provider also reported a loss of €0.6m compared with a profit of €6.8m in Q1 2023.

Amid the record revenue, Sportradar has raised its 2024 revenue guidance by €10m to €1.06bn, which would present 21 per cent year-on-year growth. This would also fall in line with Koerl’s ambitions of 20 per cent growth across 2024.

Adjusted EBITDA of at least €202m is now expected compared with prior outlook of €200m, which would also present 21 per cent growth.

Koerl said: “Fiscal 2024 is off to a great start, building on the strong momentum and progress we made last year.

“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 chief financial officer and Behshad Behzadi as our chief technology officer and chief AI officer.”

Sportradar’s Betting Technology & Solutions division reported a revenue jump of 35 per cent to €218m, driven by a 46 per cent rise in Streaming & Betting Engagement, which was due to “strong demand for our ATP content and US market growth.”

Rest of World revenues were up by €200.4m and 19 per cent, including a 65 per cent climb in US revenue to €65.5m.