Sportradar released a new update on the performance of its Alpha Odds tool, announcing that it has boosted clients’ profits by an average of 10% in 2023.

For reference, Alpha Odds is an automated odds recalculation tool which allows gambling companies to generate bespoke betting prices that take their risk exposure and liabilities in mind. Alpha Odds was launched in 2022 and has since benefitted over 60 betting operators across the globe.

What makes Alpha Odds special are its AI capabilities and pricing models that provide reliable probability prediction, allowing operators to manage their risk more effectively. When paired with real-time and predicted liquidity, Alpha Odds ensures trading efficiency maximization that corresponds to the trading strategies of Sportradar’s operator partners.

Sportradar also pointed out that an analysis of 17 million betting tickets across 60 of its clients showcased the reliability of the artificial intelligence models within the odds recalculation service.

According to Sportradar, Alpha Odds delivered an average trading efficiency improvement of 11% for clients, compared to the performance of its conventional odds product. This difference was attributed to Alpha Odds’ capabilities, which were able to adjust betting prices in real-time, thus stabilizing clients’ trading operations.

Alpha Odds Received ISAE Certification

Furthermore, Alpha Odds’ financial reconciliation aspect was recently independently certified by auditors PwC, allowing the solution to achieve the International Standard in Assurance Engagement (ISAE) 3402 Type 1 for matching and client invoicing calculation systems.

This certification, Sportradar clarified, attests to the company’s robust computational practices and superior visibility when it comes to the processes behind Alpha Odds.

Darren Small, Sportradar’s senior vice president of managed trading services (MTS), commented on the matter, pointing out that Alpha Odds has been transforming trading betting markets since 2022.

Commenting on the recent certification, Small said that it confirms the effectiveness of the solution and shows that Sportradar is a company that partners can trust.

The independent ISAE certification validates the performance of Alpha Odds and provides confidence to clients that the associated financial aspects of the solution are transparent and accurate.

Darren Small, SVP of MTS, Sportradar

Meanwhile, Sportradar just extended its data deal with kwiff, the super-charged betting service.

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Sportradar Group, a company at the intersection between sports, media and betting, announced that it has expanded its US presence with a new license. As reported by the company, it successfully secured a temporary sports betting supplier license for the state of Maine.

According to the official announcement, the license was handed to Sportradar’s US betting subsidiary, Sportradar Solutions, by the Maine Gambling Control Unit (MGCU) on November 1. This allows the company to make a foray into the Pine Tree State, solidifying its US footprint.

As a result, Sportradar now holds a total of 53 licenses across North America. The company’s products are thus available across US states, territories and tribes, as well as in Canada. Companies in these jurisdictions can employ Sportradar’s cutting-edge products and services and benefit from the fast, accurate and reliable data it offers.

Sportradar remains committed to not only supporting sports betting and gaming companies but also advancing transparency and integrity across the sector.

In other news, Sportradar recently posted strong Q3 results and highlighted the achievements of its business during the quarter ended September 30. The company recorded a noticeable uptick in revenue and reaffirmed its strength in cross-selling and upselling to its clients.

Sportradar also confirmed its plans to streamline its operating structure and reduce its global workforce. As a result, Sportradar is set to part ways with a number of workers, leading to an approximate 10% reduction in 2023 labor cost run rates.

Sportradar is also set to benefit from the launch of betting in Florida, although the legal battle between the Seminole Tribe and West Flagler continues.

DraftKings Was among the First to Enter Maine’s Fresh Market

Maine is one of the latest states to launch sports betting following the repeal of the PASPA in 2018. It joined several dozen states where wagering on sports is already legal, bringing the total number of states with live regulated betting markets to 37. In addition to that, betting is also live and legal in the District of Columbia.  

Maine legalized both retail and online betting, allowing gambling companies to tap into new audiences. DraftKings, one of America’s biggest sports betting operators, was among the first to set foot in Maine. Launching in the Pine Tree State in partnership with the Passamaquoddy Tribe, the operator was welcomed by tribe officials who praised the opportunity to work with an industry leader.

DraftKings’ wagering products resonated with players in the state, as demonstrated by the stellar opening weekend.

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The leading sports technology company delivering unique experiences for sports fans and bettors, Sportradar Group AG, released its latest financial results, revealing details regarding its performance for the second quarter of 2023. Results emerged Wednesday, revealing strong revenue growth and an increase in adjusted EBITDA for the quarter ended June 30, 2023.

Overall, Sportradar’s revenue in Q2 2023 hit €216.4 million ($237.8 million). A year-over-year comparison to the €177.2 million ($194.7 million) in revenue reported for the same period in 2022, shows that this year, the revenue grew by 22%.

Another strong growth was observed in adjusted EBITDA, considering it hit €40.1 million ($44.1 million) for the second quarter of this year. A comparison to the Q2 2022 period, when adjusted EBITDA halted at €27.6 million ($30.3 million), reveals growth of 46% this year. Judging by the latest report, the adjusted EBITDA margin increased slightly from 16% in Q2 2022 to 19% in Q2 2023.

While revenue and EBITDA increased for the second quarter of this year, Sportradar revealed that its profit for the period sustained a serious hit. Profits in Q2 this year fell to €30,000 ($32,300), down by 100% from the €22.8 million ($25.1 million) result reported for Q2 last year. In its latest trading update, the company revealed that this was the result of “a net negative impact from foreign exchange rates.”

In Q2, the Company Signed Multiple Strategic Deals

Besides the financial results, Sportradar highlighted multiple achievements during the latest trading period. The company confirmed that it continues to expand its presence in the US by expanding its long-term agreement with Caesar’s Entertainment. This collaboration designated the company as the official supplier of betting data from major sports leagues, including NHL, MLB and NBA.

Carsten Koerl, Sportradar’s CEO, shared his excitement about the latest results. He spoke about the strong performance the company demonstrated during the first half of this year and predicted that this growth will culminate in a record-setting revenue for Sportradar. “We hold a pivotal position in the global sports ecosystem and believe our talent, technology and diverse product offering positions us for strong future growth as we continue to execute against our strategic initiatives,” he added.

“We are very proud of our strong performance during the first half of 2023 and remain on track to achieve the highest annual revenue in the Company’s history.“

Carsten Koerl, CEO at Sportradar

During the second quarter, the company inked multiple strategic agreements. Back in April, Sportradar was designated as the official technology partner of the Delhi Capitals Academy, under the terms of a new agreement with the Indian Premier League franchise, the Delhi Capitals.

Then, again in April, Sportradar’s unit, Sportradar Integrity Services, joined forces with World Aquatics. Under the terms of the two-year agreement, the company agreed to safeguard international water polo matches.

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Less than a week after securing certification in Kansas, Sportradar, an international sports data analyst, unveiled an expansion of its existing partnership with Caesars Sportsbook. As a result, the former company will continue to supply the Caesars Entertainment-owned sports betting platform with data for some of the biggest leagues.

As announced, Sportradar will continue powering Caesars Sportsbook with sports betting data for the National Basketball Association, Major League Baseball and the National Hockey League.

In addition, the expanded partnership will see Sportradar supply its partner with access to certain NBA optical tracking data for the first time. For reference, this data is exclusively provided by Sportradar thanks to its partnership with the basketball association.

Thanks to the new NBA data, Caesars Sportsbook will be able to provide fans with new props while further growing same-game parlays. This will provide an additional boost to the already expansive in-play betting opportunities Caesars offers.

Furthermore, the partnership extension will allow Caesars to continue benefitting from the industry’s most comprehensive suite of betting products and entertainment tools. As per the deal, Sportradar will continue to supply pre-match data, content solutions, live match trackers and live data to the sports betting operator.

The Deal Will Benefit Both Parties

Representatives from the two companies released statements on the expanded agreement with Ed Blonk, Sportradar’s chief commercial officer, saying:

As in-play betting increases in prominence in the US, the fast, accurate and reliable data that Sportradar curates will play a critical role in contributing to Caesars’ efforts to maximize revenue opportunities.

Ed Blonk, CCO, Sportradar

Blonk added that his team is excited to expand its relationship with Caesars and is looking forward to providing Caesars Sportsbook with the data and tools needed to deliver engaging experiences to customers. He noted that the deal helps Sportradar capitalize on its partnerships with big sports leagues.

Speaking about partnerships with sports bodies, Sportradar just secured exclusive global audio and video and betting data rights of the South American Football Confederation (CONMEBOL).

Meanwhile, Kenneth Fuchs, Caesars Digital’s chief operating officer & head of sports, also commented on the matter, expressing his company’s desire to always bring the best possible experience to the customers. To that end, the company is happy to continue its partnership with Sportradar.

Our partnership with Sportradar will provide us new and valuable data to further expand our unique offerings.

Kenneth Fuchs, COO & head of sports, Caesars Digital

In May, Caesars Digital expanded its offering in Pennsylvania thanks to an agreement with Evolution.

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Sports data and technology company Sportradar announced today it has been selected as the winner of the bidding process for the exclusive global audio and video (AV) and betting data rights of the South American Football Confederation (CONMEBOL).

Enhance Accessibility and Engagement

The announcement that CONMEBOL has granted exclusive AV and betting data rights to Sportradar puts an end to a highly competitive selection process. The Nasdaq-listed data technology company is expected to enhance the accessibility and engagement of South American football for global audiences.

Carsten Koerl, global chief executive officer of Sportradar, commented on the development, delighted to see Sportradar as the winner of the competitive process and receive the rights to “support the most historic club tournaments in South America.”

“Sportradar has more than 20 years’ experience building innovative products from data, and as the market leader, we are best positioned with the technological expertise and industry relationships to help CONMEBOL expand its reach,” Koerl said.

South American football has one of the most passionate fan bases in the world, and we look forward to working closely with the federation to support their engagement.

Carsten Koerl, global CEO, Sportradar

The exclusive rights agreement commences with the current season and covers the rights for the next four seasons for the regional club tournaments governed by CONMEBOL, including CONMEBOL Libertadores, CONMEBOL Sudamericana and CONMEBOL Recopa, and represents the first time the governing body grants domestic AV betting rights for the club competitions.

Getting ‘Closer to the True Fans’

Highlighting Sportradar as “one of the best companies in terms of technological innovation and transparency in global sports betting,” CONMEBOL secretary general José Astigarraga was delighted at the opportunity “to strengthen the relationship” with the sports data provider.

We are sure that the prestigious CONMEBOL club tournaments, with more than 60 years of history, will be a great showcase to be able to get closer to the true fans of South American football.

José Astigarraga, secretary general, CONMEBOL

As the governing body of ten national football associations in South America, CONMEBOL attracts millions of football fans and viewers globally and its competitions experienced growth in viewership over the past few years due to the expanding base of CONMEBOL international fans.

CONMEBOL granted Sportradar the rights due to the company’s commitment to product innovation and superior development in advanced technologies, such as computer vision and artificial intelligence (AI), as well as its key position as a supplier of integrity services.

Sportradar and CONMEBOL have been partners since 2019 as the data company has been providing compliance, risk and governance services to the South American football organization such as eligibility checks on the body’s and its associated members’ senior appointments via its Intelligence & Investigations unit.

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In its first earnings call for the year, Sportradar registered strong growth across its revenue and adjusted EBITDA metrics. The company ended the three-month period on March 31, 2023, with a strong increase in its quarterly revenue, which was up 24% from the previous quarter, posting €207.6 million ($226.2 million), keeping its momentum from the fourth quarter of 2022.

Strong Financial Performance in the United States

The company saw the RoW betting segment account for 52% of its total revenue, which was up 25% at €108.5 million ($118.3 million). This segment was primarily driven by the performance posted in the Managed Betting Services and Live Odds verticals.

The quarterly profit stood at €6.8 million ($7.45 million), which was down from the €8.2 million ($8.98 million) reported in 2022, so a small decline, nevertheless. Sportradar’s adjusted EBITDA in the first quarter hit €36.7 million ($40 million), or an increase of 37%.

Sportradar similarly boasted a strong customer Net Retention Ratio that went up 120% in the first quarter of the year. The United States performed well for Sportradar during the quarter, with the results hitting €39.7 million ($43.3 million) during the reported period, or up by 55% from 2022.

Core betting data products and the ad:s product were largely tied to this regional success. There have been more costs and expenses during the period, however. For example, the purchased services and licenses in Q1 2023 increased to €48.4 million ($53 million), the company said.  Personnel expenses also went up in the first quarter to €77.5 million ($84.86 million). Another big expenditure was the total sports rights costs which stood at €51.2 million ($56.06 million) in the quarter.

Business Highlights and Company Successes

The company also remarked on some of its business successes over the past months, including the renewal of its partnership with Big Ten Network. The company successfully integrated its ad:s tech into Snapchat.

Sportradar also won a tender to become the Association of Tennis Professionals (ATP) data and streaming rights owner. Sportradar also demonstrated its ability to safeguard sports from corruption, with the company’s UFDS Annual Report: Betting Corruption and Match-Fixing in 2022 report flagging as many as 1,212 suspicious matches across 12 sports and 92 countries, a 34% increase.

Not least, the company embarked on some executive changes with Gerard Griffin stepping in as its new chief financial officer.

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The globally recognized supplier of sports integrity solutions, Sportradar, announced that its unit, Sportradar Integrity Services, forged a new deal with the global home of aquatic sports, World Aquatics. Details of the new collaboration emerged Tuesday. Thanks to the new two-year agreement, Sportradar will help monitor international water polo matches.

The collaboration is expected to cover more than 450 matches that will include Men’s and Women’s Water Polo Tournaments within the World Aquatics Championships. Additionally, Sportradar will help safeguard the integrity of the Men’s and Women’s U20 Championships, as well as the Men’s and Women’s Water Polo World Cups.

The aforementioned competitions will be monitored by Sportradar’s AI-driven monitoring system called Universal Fraud Detection System (UFDS). The solution has proven its efficacy and over the last two decades has helped identify more than 8,000 suspicious matches within different sports around the globe.

The Deal Will Help Safeguard the Integrity of Water Polo

Currently, Sportradar provides its services to more than 180 different sports organizations, as well as state authorities around the globe. The latest deal further expands the company’s list of partners and helps safeguard more competitions from match-fixing and other tampering attempts.

The new two-year partnership with World Aquatics comes on the heels of another important collaboration announced recently by Sportradar. Last week, the company confirmed it teamed up with the Delhi Capitals, an Indian Premier League franchise. Per the terms of that deal, Sportradar was designated as the official technology partner of the Delhi Capitals Academy.

“Aquatic sports are not immune to such integrity threats, and we are committed to providing the strongest integrity provisions using our technology to protect World Aquatics water polo competitions over the next two years.“

Andreas Krannich, EVP of integrity services at Sportradar

Andreas Krannich, Sportradar’s EVP of integrity services, explained that recently, match-fixing attempts have impacted different sports around the world. At the same time, he acknowledged that the integrity of competitions within different levels, including youth events, has been at risk due to match-fixing. Krannich said that aquatic sports can also be subject to such threats, which is why the company is delighted to help boost the integrity and help protect World Aquatic water polo tournaments and competitions.

“The depth of knowledge that Sportradar Integrity Services provides through its UFDS platform and expert team puts us in a great position to mitigate any betting-related issues that may arise across our competitions.“

Brent J. Nowicki, executive director at World Aquatics

World Aquatics’ executive director, Brent J. Nowicki, added that the organization remains committed to ensuring the integrity of its competitions ahead of the 2024 Olympic Games in Paris. He acknowledged the scalability, extent and efficiency of Spotradar’s UFDS platform. Finally, Nowicki said that the collaboration puts World Aquatics in a good position to fight off integrity threats.

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Sportradar, the world’s leading sports technology company, may expand its team with two new additions. According to the company, the experienced Rajani Ramanathan and William Kurtz are eligible to join its board of directors. The final decision will be announced in a month.

The Nominees Have Many Relevant Experiences

Both nominees have years of experience working in a corporate environment and have occupied various important positions in their former companies. Ramanathan, for example, is an incumbent advisor and director at several tech companies. The firms she serves are all tech-oriented and are focused on artificial intelligence, virtual reality and/or blockchain solutions.

Ramanathan is on the board of ESI Group, a French public company that provides virtual prototyping software features and services. Previously, she served as the chair of the company’s technology and marketing committee. Since 2022, Ramanathan has been serving as the chair of ESI’s compensation committee, as well as its nomination and governance committee.

Last but not least, the experienced woman is also an active member of the boards of Guidewire Software, Faro Technologies and Hayden AI.

Kurtz, on the other side, boasts more than three decades of financial and operating positions at various technology and software companies. Just like Ramanathan, he is currently acting as a director for several company boards. These include the boards of Aterian where he is also a member of several committees and Ripcord where he serves as a member of the audit committee.

Kurtz has a wealth of experience and has previously worked in executive roles for a number of notable companies.

Robel Will Exit the Board

The candidates will stand for election as independent members of Sportradar’s board during the annual shareholder meeting on May 16. Meanwhile, Charles Robel, one of the incumbent directors and the chair of the audit committee, will be leaving the board and will not stand for re-election.

Jeffrey Yabuki, Sportradar’s board chairman, commented on Robel’s departure. He thanked him for his “outstanding service” and praised his “meaningful and significant” contributions. Yabuki concluded that he is sure Robel will remain a friend and supporter of Sportradar.

As for Ramanathan and Kurtz, Yabuki said that he is excited that they will be standing for election tp the company board. Yabuki noted that both of them have highly relevant experiences and would deliver valuable perspective to Sportradar as it continues its rapid growth trajectory.

Yabuki hopes to get a chance to work alongside the two nominees.

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Sports tech leader Sportradar has unveiled a new partnership agreement with the Delhi Capitals, an Indian Premier League franchise. The collaboration will see the cricket team designate Sportradar as the official technology partner of the Delhi Capitals Academy.

The three-year deal will see Sportradar support and bolster the Delhi Capitals’ academy program, nurturing the development of young talents in professional cricket.

The sports technology company will also leverage FrogBox, a live-streaming tech solution, to help the Delhi Capitals grow. Currently, over 500 cricket clubs across England, Australia and Europe also use the FrogBox solution.

As agreed, Sportradar will furthermore deploy a market-leading electronic scoring app and a mobile-responsive match center to host live streams and share highlights of fixtures in addition to broadcasting live scores, scorecards and results.

Lastly, Sportradar will provide the Delhi Capitals Academy with its fan engagement and coaching application, Lilypad. Lilypad will allow the cricket team to curate highlights from streamed matches. This will make it easy for the team to compile games into playlists. These playlists can then be shared with students for coaching purposes or on social media to engage fans of the cricket franchise.

Sportradar Is Happy to Help the Capitals Nurture New Talent

Dhiraj Malhotra, Delhi Capitals’ chief executive officer, commented on the agreement, saying that the agreement with Sportradar is a key milestone for the cricket franchise. In addition, Malhotra noted that the Capitals are the first academy in India to join forces with the sports technology specialist and leverage its innovative video tech to develop new talents.

This partnership adds value in several ways including enriching local talent and boosting engagement with our fans. We look forward to working with Sportradar to help grow the game.

Dhiraj Malhotra, CEO, Delhi Capitals

Jarod Pickering, Sportradar’s head of cricket, also commented on the agreement, praising the Delhi Capitals for identifying and nurturing the next generation of talent through their academy program. He added that his team will work hard to help the Capitals realize their vision for the academy:

We will be working closely with Delhi Capitals to help realize their vision for the academy and will also reach out to more academies in India to showcase how our technological solutions can be used to further develop the sport that the entire nation is incredibly passionate about.

Jarod Pickering, head of cricket, Sportradar

In other news, Sportradar recently extended its partnership with Big 10 Network through the 2024-2025 college athletics season.

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Sports data and technology company Sportradar announced today it has moved to renew the company’s partnership with Big Ten Network through the 2024-25 college athletics season.

The Collaboration Is Set to Continue

The contract extension means that Nasdaq-listed Sportradar will continue to power Big Ten Network’s OTT platform B1G+ for three more years, as well as manage the backend and frontend (including web, mobile and connected TV apps), UX/UI design and third-party integration of the network dedicated to covering one of the biggest collegiate conferences in the US, Big Ten Conference.

Sportradar and Big Ten Network initially teamed up in 2021 when the conference selected the provider of sports entertainment products and services for the relaunch of its direct-to-consumer subscription service for non-televised events, B1G+.

The revitalized OTT service includes approximately 1,500 live streams of Big Ten Olympic sports and video-on-demand of basketball and football games that were previously aired on linear channels and allows consumers to directly subscribe to televised events supported by the Big Ten Network.

Sportradar delivered live streams of Big Ten Olympic sports, video-on-demand of basketball and football games and school-specific channels creating an end-to-end OTT solution with historical content and shoulder programming that provides fans with extensive customization and personalization options and the ability to focus on content from their favorite team.

Big Ten Network and Sportradar will continue their collaboration moving forward, enhancing the user experience through additional front-end experiences that will also feature integration and visualization of sports data to create an immersive experience for the viewers.

The Big Ten Network

Created as a joint venture between one of the premier collegiate conferences in the US, the Big Ten Conference, and Fox Networks, the Big Ten Network is the first network dedicated to covering a collegiate conference that is distributed internationally.

Serving as the ultimate destination for Big Ten Fans and alumni nationwide, the network presents more than 1,700 events across its platforms, allowing its fans to see and support their favorite teams from any place in the country around the clock.

Events include football and men’s and women’s basketball games, Big Ten Olympic sports and championships, studio shows and classic games, while activities and accomplishments of some of the nation’s finest universities are highlighted in the network’s original programming.

A digital extension of the Big Ten Network, the Fox Sports App delivers live games and on-demand programming to Big Ten Network customers online and via mobile.

Operating at the intersection of sports, media and betting, Sportradar provides sports federations, news media, consumer platforms and sports betting operators with a range of solutions to support growth for their partners.

Sportradar’s OTT partners benefit from the continuous innovation of the platform’s end-to-end solutions aimed at deepening fan engagement via customization and personalization.

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