Sports data company Sportradar Group AG SRAD reported strong financial results Wednesday, showing approximately 40% top-line growth year-over-year — but it doesn't stop there.
"We smashed our numbers in all segments," Sportradar CEO Carsten Koerl said Wednesday on Benzinga's YouTube show "Money Mitch."
Full-year adjusted EBITDA exceeded expectations and the company also issued guidance for continued growth.
Related Link: Sportradar Tops Q4 Backed By Every Segment
Sportradar is simply following through on its execution promises that the company made to prospective investors when it went public last year, Koerl said, adding Sportradar expects to continue to deliver for shareholders.
What's Ahead: Expansion in the U.S. is one of the main tailwinds fueling Sportradar's growth, he said.
"The market opportunity here in the States is so enormous, we have 23 states online, we expect that 44 or 45 might be the final stage," Koerl said. "The big ones, the super states, are not in there so that is a big tailwind for us."
The biggest driver of growth in the U.S. is live betting, which requires live data. Eighty percent of all bets worldwide are live bets, while just 30% of bets in the U.S. are live, he noted.
Sportradar products really shine when it comes to live data, which is tremendously valuable, Koerl said: "So that makes us very bullish for the upcoming quarters. We see very positive trends."
As sports betting grows, so should Sportradar. "We are powering and driving the worldwide sports betting industry," the Sportradar CEO said.
"Sports betting is not a game of chance or luck, it's purely mathematics," Koerl said. "We have a risk management platform for this."
Koerl went on to talk about partnerships, other potential growth drivers, esports opportunities and more.
See the full interview here:
SRAD Price Action according to Benzinga Pro: Sportradar has traded between $11.06 and $28.22 since it went public in September.
The stock was down 0.36% at $16.62 Thursday afternoon at publication.
Photo: Courtesy of Sportradar
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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