Welcome to our dedicated page for Sportradar Group news (Ticker: SRAD), a resource for investors and traders seeking the latest updates and insights on Sportradar Group stock.
Sportradar Group AG (NASDAQ: SRAD) is a leading global sports technology company, founded in 2001, dedicated to transforming the sports, media, and betting industries through innovative data solutions and digital content. With a workforce of over 1,650 professionals spread across more than 30 locations, the company proudly serves over 1,000 clients in more than 80 countries.
Sportradar specializes in providing advanced technological solutions to a diverse client base, including media outlets, bookmakers, sports federations, and governmental authorities. The company's core business revolves around leveraging sports data powered by artificial intelligence to enhance user engagement and enable next-generation sports experiences.
One of Sportradar's flagship products is the Alpha Odds, an automated odds recalculation tool launched in 2022. This solution has been instrumental in delivering an average profit increase of 10% for its clients in 2023. Alpha Odds utilizes enhanced AI models to provide accurate predictions and real-time risk management, thereby improving trading efficiency by 11%.
In addition to its robust product offerings, Sportradar maintains strong partnerships with major sports organizations such as the ATP, NBA, NHL, MLB, NASCAR, UEFA, FIFA, and Bundesliga. The company covers nearly a million events annually, ensuring comprehensive data and support for its clients.
Sportradar has also made significant strides in financial transparency and reliability. The financial reconciliation capabilities of Alpha Odds have been certified under the ISAE 3402 Type 1 standard by PwC, highlighting the accuracy and dependability of its computational methods.
Financially, Sportradar's revenue streams are primarily derived from subscription-based models and revenue-sharing agreements. The company's commitment to innovation and quality service is reflected in its ongoing projects and clientele satisfaction.
For more information about Sportradar Group AG, visit www.sportradar.com. The company continues to be a key player in driving the future of sports technology and data services.
Sportradar Group AG (NASDAQ: SRAD), a global sports technology company specializing in immersive experiences for sports fans and bettors, has announced its participation in the upcoming UBS Media & Communications Conference. The company's Chief Financial Officer, Craig Felenstein, will engage in a fireside chat scheduled for Tuesday, December 10th, 2024, at 1:30 PM Eastern Time. Interested parties can access the webcast through the company's investor relations website at investors.sportradar.com.
Sportradar Group AG (NASDAQ: SRAD), a global sports technology company, announced its participation in the Morgan Stanley Consumer & Retail Conference. Chief Financial Officer Craig Felenstein will join a fireside chat on Wednesday, December 4th, 2024 at 2:15 pm eastern time. The event will be accessible via webcast through the company's investor relations website at investors.sportradar.com.
Sportradar (NASDAQ: SRAD) has launched generative AI audio, a new feature within its ad:s multi-channel marketing service. This innovative tool combines gen AI with Sportradar's live data to create automated, personalized, real-time audio advertisements for sportsbook and casino operators.
The technology automatically generates customized adverts featuring live-data updates on odds, jackpots, and upcoming events, targeting podcast streaming services and internet radio networks. This addition complements Sportradar's existing marketing services across programmatic display, video, digital-out-of-home, paid social media, search, sponsorships, and affiliate marketing.
Sportradar (NASDAQ: SRAD) has secured a multiyear agreement with Major League Baseball (MLB) to provide sports performance analysis of amateur baseball prospects through its Synergy Coaching and Scouting solution. The partnership will significantly expand event coverage from 3,300 to over 20,000 games, marking a 600% increase. This includes coverage of college, international, professional partner leagues, and top high school events.
The solution leverages Sportradar's AI-powered technology to transform video data into detailed metrics and actionable insights, helping MLB and its 30 Clubs streamline player evaluation and draft decisions. The partnership represents an expansion of Sportradar's relationship with MLB, providing comprehensive scouting tools for identifying future talent.
Sportradar (NASDAQ: SRAD) reported strong Q3 2024 financial results with revenue increasing 27% to €255 million. Profit for the period rose significantly to €37 million, representing 14.5% of revenue. Adjusted EBITDA grew 30% to €66 million with margin expanding to 25.8%. The company demonstrated robust performance with net cash from operations up 55% to €118 million and Customer Net Retention Rate at 126%. US revenue grew 46%, representing 20% of total revenue. Based on these results, Sportradar raised its full-year 2024 guidance, expecting revenue growth of at least 24% to €1,090 million and Adjusted EBITDA growth of at least 29% to €216 million.
Sportradar (NASDAQ: SRAD) is enhancing its partnership with the NBA through innovative fan engagement solutions. These new offerings aim to fuel the passion of the league's two billion global fans and represent the next phase in basketball consumption. Leveraging AI and proprietary technology, Sportradar has launched a suite of next-generation products for the NBA, including:
1. Virtualized Live Match Tracker: Uses computer vision to create 3D visualizations from real-time NBA data.
2. 4Sight Streaming: Generates animated overlays and actionable insights for informed real-time betting decisions.
3. NBA Advanced Visualizations: Creates engaging content using skeletal tracking data.
4. emBET: Allows bettors to monitor wagers on various devices.
These products aim to redefine fan engagement standards and open new revenue streams for the NBA, its partners, and Sportradar clients.
Sportradar Group AG (NASDAQ: SRAD) has announced it will release its financial and operating results for the third quarter ended September 30, 2024, on Thursday, November 7, 2024. The company will host an earnings call via webcast to discuss the results at 8:00 a.m. Eastern time on the same day.
Interested parties can access the webcast through Sportradar's Investor Relations website at https://investors.sportradar.com. A replay of the event will be available on the same website for one year following the conclusion of the call.
Sportradar (NASDAQ: SRAD) is revolutionizing the betting industry with the expansion of micro markets, set to launch for ATP tennis matches in October 2024. This innovative in-play betting product, developed in partnership with Tennis Data Innovations (TDI), will offer eight distinct micro markets generating approximately 1,500 new betting opportunities per match.
Leveraging advanced AI and deep tennis data, Sportradar's solution processes hundreds of thousands of data points per match, offering unique betting options such as predicting the next breakpoint, serve outcomes, and point details. The company plans to extend micro markets to American football, baseball, basketball, and ice hockey in the first half of 2025, further diversifying its portfolio and creating new revenue streams for operators.
Sportradar Group AG (NASDAQ: SRAD), a leading global sports technology company, has announced its participation in four major investor conferences in September 2024. The company, which focuses on creating immersive experiences for sports fans and bettors, will be present at:
- Benchmark's Tech, Media & Telecom Conference on September 4
- BofA's Gaming and Lodging Conference on September 5
- Citi's Global TMT Conference on September 6
- BTIG Digital GameDay on September 10
Sportradar will host investor meetings during these conferences, providing an opportunity for the company to engage with potential investors and showcase its innovative sports technology solutions.
Sportradar Group (NASDAQ: SRAD) reported Q2 2024 results with a record revenue of €278.4 million, up 29% YoY.
Betting Technology & Solutions contributed €229.1 million, a 30% increase, while Sports Content, Technology & Services added €49.3 million, up 22%. The U.S. market showed significant growth with revenue up 59%. Adjusted EBITDA rose to €48.8 million, up 22% YoY.
The company raised its 2024 outlook, now expecting a 22% increase in revenue and Adjusted EBITDA. Despite generating strong cash flows of €152.6 million YTD, Sportradar reported a net loss of (€1.5 million) for the quarter.
They repurchased 748,000 shares worth $8.0 million and have ample liquidity of €542.2 million.
Key operational highlights include expanding the UEFA partnership and launching innovative advertising channels.
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