Sportradar surges on American sports betting in Q2; CFO resigns for U.S. job

Sportradar surges on American sports betting in Q2; CFO resigns for U.S. job

Article brief provided by Sportico
  • Brendan Coffey, Sportico
August 17, 2022 9:34 PM
  • Brendan Coffey, Sportico

    Data and analytics company Sportradar reported second-quarter sales rose 23% this morning as the company raised its expectations for full-year sales. Wall Street responded by buying up shares, sending the company up more than 21% by mid-morning on the Nasdaq.

    Sportradar generated nearly $186 million (177.2 million euros) in revenue in the quarter that ended June 30, driven primarily by an increase in higher-value sports betting offerings, such as managed betting services and live odds services. Those reflect greater betting volumes and upselling of customers, respectively, according to the company’s earnings release.

    “Live betting is key for us, the margin is significantly higher for whatever is related to live, and we are benefiting,” Sportradar founder and CEO Carsten Koerl said during a question-and-answer period with brokerage analysts this morning.