Posted on: January 24, 2024, 03:05h.
Last updated on: January 24, 2024, 03:25h.
Sports betting data provider Sportradar (NASDAQ: SRAD) affirmed its fiscal 2023 guidance on Wednesday while telling investors that it’s organizational structure will focus on six segments.
Sportradar provides data to sportsbook operators, which is an essential part of the wagering equation, particularly as the industry expands in the US. Because of its business model, Sportradar is tied to the growth of regulated sports betting, but it’s not as consumer spending-dependent as are traditional sportsbook operators.
The Swiss company told investors it still expects fiscal 2023 revenue of $945.62 million to $956.49 million on adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $176.08 million to $181.51 million.
Those forecasts imply “year-over-year growth between 29% and 33%, and Adjusted EBITDA margin in the range of 18.4% and 19.2%,” according to a statement.
Sportradar added that expects fiscal 2024 EBITDA and sales to rise “at least 20%.”
Sportradar Corporate Reconfiguration
The betting technology firm also announced there will be six areas of emphasis in its corporate structure, including commercial, finance, growth and innovation, legal and risk, people, and product delivery.
Growth and Innovation combines growth, strategy and innovation to facilitate a unified vision for identifying and capitalizing on market opportunities, thereby ensuring a well-defined growth strategy fueled by continuous innovation, led by Nick Maywald, previously Chief Content Officer and now Chief Growth and Innovation Officer,” according to the statement.
The company has an impressive portfolio of deals with leagues. Sportradar provides data on over 80 sports across 150 leagues in 120 countries, including to some of the largest sports leagues in North America.
The firm’s commercial unit “combines the Company’s go-to-market functions, including sales, client services and care, sports partnerships, marketing and communications to further drive revenue opportunities while enhancing its client- and partner-centric approach, led by Chief Commercial Officer Eduard Blonk,” according to the press release.
Sportradar also announced a pair of executive departures. As a result of the aforementioned corporate rejiggering, Chief Strategy Officer Ulrich Harmuth is leaving the company.
CFO Gerard Griffin is also leaving Sportradar, but he committed to staying on board until May 31, though he could depart earlier if a successor is found. The company is currently in the process of finding a replacement.
“He has meaningfully strengthened our finance team with a deep and talented bench that will continue to contribute to the Company as we look to drive growth and profitability into the future. We look forward to continuing to benefit from his leadership while we search for a permanent successor,” CEO Carsten Koerl said of Griffin in the press release.