Sportradar revenue soars by 39% for 2021 following solid US performance
Data giant also notes that net profit was up 52.2% year-on-year in 2021
Sportradar has reported revenue for 2021 increased by 39% to €561.2m (£475.8m) compared to 2020.
Adjusted EBITDA for 2021 increased by 33% to €102m.
Sportradar said the rest of the world betting segment remained its main source of revenue, with this part of the firm generating €309.4m, 32% up on 2020.
Sportradar also reported that revenue for Q4 2021 was €152.4m, a 41% year-on-year increase (YoY). Adjusted EBITDA for the period grew 14% to €21.4m, with an EBITDA margin of 14%.
The US continued to be a lucrative market for the firm as full-year revenue grew 108% to €71.7m.
Sportradar noted its key achievements for the year, which saw the firm extend its multi-year partnerships with major sporting organisations such as the National Basketball Association (NBA), National Hockey League (NHL), International Tennis Federation and the German Bundesliga.
The agreement with the NBA led to the league being given warrants to purchase 3% of the outstanding shares of Sportradar for $0.01 (£0.0076) each.
The data supplier also agreed on new deals with the International Cricket Council and UEFA.
When looking at the company’s expenses, spending was higher across multiple areas of the firm, including personnel, purchased services and licences and other operating costs. Personnel expenses in Q4 increased by €12.7m YoY to €47m. Sporting rights costs in the fourth quarter of 2021 went up €8.8 YoY to €38.5m. Other operating costs increased by €13.3m YoY to €47m.
Sportradar also noted €129.4m in depreciation and amortisation costs. This left a pre-tax profit of €23.8m, a 8.2% YoY increase. After paying income taxes, it left Sportradar with an initial profit of €12.8m, a drop of 13.5% in comparison to 2020.
Sportradar did report €1.2m in remeasurement of defined benefit liabilities after deferred tax expense, as well as €13.5m in foreign currency translation adjustments attributable to its owners.
As a result, net profit for the year hit €27.4m, a 52% increase YoY.
Sportradar chief executive Carsten Koerl said: “I am very pleased with our strong results, which illustrate how well we are delivering on our operational and growth plans. Importantly, we have good momentum going into our next fiscal year.”
“We are particularly pleased about more than doubling our year-over-year revenues in the US, which continues its explosive sports betting growth story,” Koerl added.
The firm has predicted that solid annual revenue will grow from 18% to 25% in 2022.
At the time of writing, Sportradar’s share price had increased 13.32% to $16.68.