Sportradar, a technology company providing B2B solutions to the global sports betting industry, has announced financial results for its third quarter ended September 30.
Revenue in the third quarter of 2022 increased 31 per cent to €178.8m, compared with the third quarter of 2021. 2022 year-to-date revenue grew 28 per cent compared to the same nine months in 2021.
CEO Carsten Koerl said: “Our strong performance in the third quarter exceeded our expectations across all key financial metrics. We consistently managed to grow revenue, profitability and cash flows despite adverse market conditions during the first three quarters of 2022.
"The company exceeds expectations quarter-in and quarter-out and as a result of our operational performance - in particular the US and the betting rest-of-world business - as well as our organisational streamlining, we are able to raise our full-year guidance for revenue and increase the lower end of our adjusted EBITDA range.”
“We are proud of the continuous success of our US operations. We managed to generate a US profit for the first time in the third quarter, displaying solid operational leverage in the business model.
"Underpinning this success is the extension of our long-term partnership with FanDuel. This partnership is a testimony for our strategy to expand our relationships and become an embedded technology provider for our customers, based on strategic long-term deals with our partners.”
