Sportradar shares plunged 23% [Wednesday] after two short sellers accused it of powering illegal sportsbooks.
Activist short sellers Muddy Waters and Callisto Research published reports into the sports data and tech giant within hours of each other, alleging widespread regulatory failings. The news follows months of rumors of short interest in Sportradar, according to sources, which is by far the most financially significant company in the global sports analytics space.
Both reports alleged that large chunks of the supplier’s overall revenue originate from unregulated or illegal sportsbooks, including entities and individuals they claimed are linked to organized crime…
The short seller alleged 20-40% of total revenue came from illegal operators.
