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Strong Q3 Performance Drives Raised Full-Year Outlook
The St. Gallen, Switzerland-based company generated €115 million in net cash from operating activities and €65 million in free cash flow during the quarter, while achieving a Customer Net Retention Rate of 114%. Third quarter Adjusted EBITDA increased 29% to €85 million, compared to €66 million in the same quarter of 2024.
“We delivered another quarter of strong topline growth and increasing flow through, including record EBITDA margins and substantial cash flow generation,” said Carsten Koerl, Chief Executive Officer of Sportradar. “The results reflect our sustained operating performance and the durability of our growth strategy. Our continued momentum is driven by our premium content and product portfolio, and leading technology and AI, which is enabling us to consistently drive above market growth and deliver increasing value for our clients and partners.”
Segment Performance and Geographic Growth
Betting Technology & Solutions revenues reached €233 million, up 11% year-over-year, driven by an 8% increase in Betting & Gaming Content. Managed Betting Services revenues of €56 million grew 19% due to increased turnover in Managed Trading Services, higher trading margins, and new customer additions.
Sports Content, Technology & Services revenues of €59 million increased 31% year-over-year, primarily driven by 33% growth in Marketing & Media Services. Integrity Services revenues more than doubled during the quarter, driven by increased product uptake from league partners and new customer additions.
The company generated strong growth across all markets, with United States revenue up 21% and Rest of World up 13%. U.S. revenue represented 23% of total company revenue in the third quarter, compared to 22% in the prior year quarter.
IMG ARENA Acquisition Completed
On November 1, 2025, Sportradar completed its acquisition of IMG ARENA and its global sports betting rights portfolio. The transaction includes no financial consideration from Sportradar; instead, the deal structure includes $225 million in total financial consideration comprised of approximately $122 million in cash prepayments by the seller to sports rightsholders and approximately $103 million to Sportradar over a two-year period.
The acquired portfolio encompasses relationships with over 70 rightsholders, delivering approximately 38,000 official data events and 29,000 streaming events across 14 global sports on six continents. Sportradar’s sports coverage now totals more than one million matches annually.
“We are very pleased to augment that growth with the completion of the acquisition of IMG ARENA, further bolstering our competitive position, including our unmatched rights offering, industry leading product suite and the depth and breadth of our global relationships,” Koerl added. “The acquisition of IMG provides additional growth avenues and we are excited by the opportunity to drive meaningful additional value for our shareholders going forward.”
Key Partnerships and Business Highlights
During the quarter, Sportradar entered into a partnership with DAZN to provide data and broadcast services across their global media platform, spanning more than 30 sports and 8 languages. The company developed Performance View, a customized 4Sight product for NBC Universal’s Peacock streamed NBA games, providing fans with an on-screen layer of data and analytics.
Sportradar renewed its agreement with the Spanish Football Federation to exclusively sell international media rights for the Spanish Super Cup until 2032. The company also extended and expanded partnerships with Google and Yahoo, providing live game day sports statistics for Google and extending its relationship as a primary provider of sports data for both Yahoo Sports and Yahoo Fantasy.
The company introduced Bettor Sense, its proprietary AI-powered responsible gaming solution, launching with Underdog in the U.S. and BETesporte in Brazil. Sportradar was also awarded 2025 American Gambling Awards Data Service Provider of the Year, its second consecutive win.
Financial Position and Capital Allocation
Sportradar held €360 million in cash and cash equivalents as of September 30, 2025, compared with €348 million as of December 31, 2024. The company maintains no debt outstanding and had total liquidity of €580 million, including an undrawn credit facility.
For the nine-month period ended September 30, 2025, the company generated €315 million in net cash from operating activities and €149 million in free cash flow, representing a 72% free cash flow conversion rate. This compared to €122 million in free cash flow during the first nine months of 2024.
Profit for the quarter was €22 million, a decrease from €37 million in the third quarter of 2024, as strong operating results were offset by a €22 million lower foreign currency gain related to unrealized currency fluctuations on U.S. dollar-denominated sports rights.
Enhanced 2025 Guidance
Sportradar raised its fiscal 2025 outlook to revenue of at least €1,290 million, representing year-over-year growth of at least 17%, and Adjusted EBITDA of at least €290 million, representing growth of at least 30%. The company expects Adjusted EBITDA margin expansion of approximately 240 basis points and free cash flow conversion rate above the 2024 level of 53%.
The 2025 guidance reflects the IMG ARENA acquisition, which closed on November 1, 2025, as well as anticipated foreign currency fluctuations.
Expanded Share Repurchase Program
In March 2024, Sportradar’s Board of Directors approved a $200 million share repurchase plan. In October 2025, the Board increased the authorized share repurchase plan to $300 million. As of September 30, 2025, the company has repurchased 4.8 million shares under the plan for $85.8 million, including $65.5 million in 2025.
About Sportradar
Sportradar Group AG (NASDAQ: SRAD), founded in 2001, is a global sports technology company creating immersive experiences for sports fans and bettors. Positioned at the intersection of the sports, media and betting industries, the company provides sports federations, news media, consumer platforms and sports betting operators with solutions to help grow their business. As the trusted partner of organizations including the ATP, NBA and WNBA, NHL, MLB, MLS, PGA TOUR, UEFA, FIFA, CONMEBOL, AFC, and the Bundesliga, Sportradar covers more than one million events annually across all major sports.
Source: Sportradar Group AG
