Publication Date: April 22, 2026, 01:19h.
Last updated on: April 22, 2026, 01:19h.
<p><strong><em>***Note: Legend Corp., the parent firm of Casino.org, is currently undergoing acquisition by Genius Sports, a competitor of Sportradar in the sports betting data market.***</em></strong></p>
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<li><strong>Sportradar's stock has fallen to its lowest point in almost two years, triggered by pessimistic reports from two research firms.</strong></li>
<li><strong>Short sellers allege that the Swiss sports betting data company is involved with illicit clients.</strong></li>
<li><strong>Muddy Waters claims Sportradar has “enabled and supported” illegal betting activities globally.</strong></li>
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<p>The shares of Sportradar (NASDAQ: SRAD), a provider of sports betting data, dropped significantly on Wednesday as two short-selling firms released reports accusing the company of illegal practices.</p>
<figure id="attachment_117029" aria-describedby="caption-attachment-117029" data-style="width: 1200px" class="wp-caption aligncenter"><img fetchpriority="high" decoding="async" class="wp-image-117029" src="https://www.casino.org/news/wp-content/uploads/2019/10/Sportradar-2100x1200-142x81.png" alt="Sportradar Logo" width="1200" height="686" srcset="https://www.casino.org/news/wp-content/uploads/2019/10/Sportradar-2100x1200-142x81.png 142w, https://www.casino.org/news/wp-content/uploads/2019/10/Sportradar-2100x1200-768x439.png 768w, https://www.casino.org/news/wp-content/uploads/2019/10/Sportradar-2100x1200-1024x585.png 1024w, https://www.casino.org/news/wp-content/uploads/2019/10/Sportradar-2100x1200-166x95.png 166w, https://www.casino.org/news/wp-content/uploads/2019/10/Sportradar-2100x1200-525x300.png 525w" sizes="(max-width: 1200px) 100vw, 1200px"/><figcaption id="caption-attachment-117029" class="text-description">Sportradar branding. The stock price plummeted following allegations from two short sellers. (Image: Sportradar)</figcaption></figure>
<p>During midday trading, Sportradar's stock fell by 24.52%, with trading volume exceeding five times the daily average, marking its lowest level in almost two years. In distinct reports, the renowned short-selling firm Muddy Waters and Callisto Research charged Switzerland-based Sportradar with intentionally partnering with black market gaming entities.</p>
<p>According to Callisto, Sportradar’s touted image as a champion of sports integrity is “deceptive” considering the serious nature of their findings.</p>
<blockquote class="main-blockquote"><p>“Our analysis of hundreds of gaming platforms uncovered indications that over 270 individual platforms — accounting for more than one-third of the 800 that Sportradar claims to serve — are utilizing Sportradar’s products or services, or asserting that they are, while operating illegally in restricted or forbidden gambling markets,” the Callisto report stated. “Many of these entities operate without any licensing.”</p></blockquote>
<p>Referencing an unnamed “senior” employee at Sportradar, Callisto claims that the company's exposure to gray and black market operators could represent 30% to 40% of overall revenue. Analysts and investors previously regarded Sportradar as a major player in the business-to-business (B2B) segment of the sports betting arena, bolstered by in-play betting capabilities and data essential for sportsbooks to facilitate high-margin wagers.</p>
<h2>Muddy Waters Claims Sportradar Engages in Illegal Markets</h2>
<p>Muddy Waters asserts that it dispatched investigators posing as operators of a startup sportsbook to the recent ICE 2026 gaming conference in Barcelona, where those representatives approached Sportradar sales staff regarding the potential launch of an internet sportsbook in China, Indonesia, Thailand, and Vietnam.</p>
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<p>The concern is that sports wagering is banned in these nations, yet according to Muddy Waters, Sportradar employees did not refuse discussions with the research firm's investigators due to the illegality of betting in these regions.</p>
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<p><strong>“Rather, an Asia-focused sales representative detailed product offerings tailored for each illegal market, boasting that SRAD ‘serves everyone,’ and even offered to connect us with the Yabo Group — the largest illegal gambling operator in China, whose Cambodian call centers employ trafficked and enslaved individuals,” Muddy Waters reported. “He cautioned us that Yabo’s representatives did not attend ICE due to concerns for their safety, but offered to facilitate the introduction anyway. This reflects the nature of SRAD.”</strong></p>
<p>Sportradar has a long-standing partnership with the NBA and other professional leagues, promoting itself as “the FBI of betting.” Muddy Waters disputes this characterization, pointing out, similar to Callisto, that a significant portion of the company's revenue stems from gray and black market operators, some of which may be linked to human trafficking and organized crime.</p>
<p>“We estimate that illegal operators contribute around 20–40% of total revenues. Using two proprietary methodologies for code analysis developed in collaboration with cybersecurity experts and extensive interviews with former Sportradar sales executives, we identified nearly 50 companies that currently or recently collaborated with Sportradar, operating in illegal markets,” Muddy Waters stated. “This includes organized crime-affiliated entities like 1xBet and FonBet in Russia, and firms linked to human trafficking, such as 8xBet, OKVIP, and SBOBet in Southeast Asia, along with the notorious Yabo Group in China. Sportradar had previously denied working with 8xBet but we uncovered its Client ID in 8xBet’s source code.”</p>
<h2>Sportradar Allegedly Has Other Doubtful Clients</h2>
<p>Additionally, Callisto highlights that several betting platforms relying on Sportradar’s technology are tied to a Turkish drug lord, while others sanctioned by the Office of Foreign Assets Control (OFAC) operate from Russian-controlled Crimea.</p>
<p>Callisto also notes a platform called Berrybet, which provides guidance to users on utilizing a cryptocurrency exchange associated with the Islamic Revolutionary Guard Corps (IRGC). Sportradar has previously maintained that it adheres to US sanctions.</p>
<p><strong>Furthermore, Callisto mentions that Sportradar's CEO Carsten Koerl has not been transparent about connections to entities that may be situated outside the bounds of regulatory gaming standards. The research firm indicates that Koerl serves as chairman of Betgames, a Lithuanian company identified by Kazakh officials as an illegal betting operation. Additionally, it suggests Koerl might have affiliations with a Russian firm accused of managing at least one illegal off-site sportsbook.</strong></p>
<p>“We believe Sportradar faces a critical binary outcome: either they voluntarily sever ties with their illegal clientele and the associated revenue, or they risk losing their licenses involuntarily,” Callisto concluded. “In any case, we don’t believe the odds favor them.”</p>