Sportradar pulled in $186.4 million in revenue in Q1 2022, a 31% increase compared to the same period last year.
Despite the results, shares of Sportradar have been down more than 15% in recent weeks, but the company expects double-digit growth in FY2022.
- Athletes Unlimited hired the company in February to protect its competitions.
- In March, it struck a partnership with Bowl Season to advise on sports betting.
- It announced an integrity services agreement with NASCAR in April.
- The same month, it acquired iGaming AI and machine learning company Vaix.
Growth has come with hefty costs for the Switzerland-based company.
Sportradar reported its personnel expenses reached $55 million in Q1 2022, up $14 million compared to the first quarter of 2021. Total sports rights costs hit $57 million during the quarter.
Change of Plans
Sportradar planned to go public last March via a merger with Horizon Acquisition Corp., a SPAC backed by Los Angeles Dodgers and Lakers co-owner Todd Boehly. The deal dissolved following SEC-issued guidance regarding how SPAC investments are classified.
The company eventually went public in September 2021 after raising $513 million in an IPO at a valuation of just under $8 billion.