Sportradar has revealed its results for the first financial quarter of 2023, ended March 31. Total revenue increased by 24% to €207.6 million, with a total profit of €6.8 million.
Despite investing in liquidity trading for artificial intelligence (AI) and computer vision technology, Sportradar also announced an adjusted EBITDA of €36.7 million, up 37% year-on-year.
Carsten Koerl, CEO of Sportradar, said: “We start fiscal 2023 on a solid foundation as we continue to deliver strong top-tier growth, predominantly increasing our value-added products such as MBS and live odds across the remainder of the business. worldwide and profitable growth in our segment in the United States”.
“We are also demonstrating operating leverage as we continue to focus on cost discipline across the organization and prudently invest to grow our top line. We are confident that our continued product innovation in AI and computer vision will allow us to remain market leaders and increase shareholder value for our investors.”
During the first quarter, Sportradar renewed its partnership with the Big Ten Network regarding its OTT B1G+ platform. The company’s North American segment also performed well, with total revenue growing by 55% to €39.7 million. This was reflected in the third consecutive quarter of positive adjusted EBITDA, with a margin of 17%.
The previously mentioned investments in AI and Computer Vision were the main cause for staff expenses to rise from €25.2 million to €77.5 million. Together with additional license costs and audit fees, they also contributed to an increase in operating expenses from €1.7 million to €21.2 million.
Sportradar’s advertising technology comes to Snapchat
It is worth noting that Snapchat now relies on an ad:s technology by Sportradar, which ensures that only viable customers receive gambling content from operators.
