According to top brass for Sportradar Group, the company was impeded in the second quarter by slowing growth in the United States market for online sports betting. Unfavorable currency-exchange rates also constituted a headwind, they said.
Sportradar updated earnings guidance to reflect these factors. Revenue was now modeled to increase 19% to 20%, reaching €1.5 billion (US$1.7 billion). Cash flow was projected to increase between 24% and 27%, hitting €360 million (US$415 million) to €368 million (US$424 million). The third quarter will be the best for revenue growth, added Chief Financial Officer Craig Felenstein.
Felenstein explained that expected deals, particularly with prediction markets, have come through but are taking time to complete.
