Zona de Azar Switzerland – Sportradar Reports 27% Growth

Switzerland – November 8, 2024 www.zonadeazar.com. Sportradar, a sports data technology company, announced today, November 7, its financial results for the third quarter of 2024. The Norwegian company reported a 27% increase in revenue, reaching €255 million, along with profit growth during the period, which rose from €33 million to €37 million.

Sportradar also noted a 30% increase in the company’s adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization), which jumped to €66 million.

With these positive results, Sportradar repurchased approximately 721,000 shares, spending a total of $8.3 million. In March, the company approved a $200 million share buyback program. So far in 2024, $20 million has been spent under this program.

The company’s fastest-growing sector was sports betting and technology solutions, which registered an impressive 32% increase compared to the same period in 2023, with revenues in this sector reaching around €210 million.

Sportradar’s growth was primarily driven by the United States. The company’s revenue in the country rose from €35 million to €51 million, an increase of about 46%.

Carsten Koerl, CEO of Sportradar, said, “Our competitive advantages within the sports ecosystem, along with our growth-oriented strategy, are driving positive performance on multiple fronts. We continue to deliver more value for our customers and partners, enhancing shareholder value.”

“We are at an important inflection point to drive operational leverage and cash generation, as demonstrated by our EBITDA margin expansion and strong cash flow this past quarter.

The significant cash flow further strengthened our balance sheet, and we are utilizing our capital to execute our growth strategy while returning capital to shareholders. Furthermore, we continue to show strong momentum in the United States, which we expect to be further boosted by the growth of live betting and the start of the NBA and NHL seasons,” the CEO added.

Editor: @_fonta www.zonadeazar.com