Posted on: January 24, 2024, 03:05h.
Last updated on: January 24, 2024, 03:05h.
Sports betting data provider Sportradar (NASDAQ: SRAD) recently confirmed its 2023 financial expectations, while revealing a new organizational design centered around six key segments. For the latest news on the spectacle of sports betting, keep reading:
Sportradar is the backbone of sportsbook operations, crucial for wager growth, particularly in the expanding US market. With its unique business model, the company’s prospects are tightly entwined with the development of regulated sports betting. Learn more about the significance of Sportradar in your betting action with these key takeaways.
The Swiss firm reiterated its outlook for 2023, anticipating revenues ranging from $945.62 million to $956.49 million and adjusted EBITDA from $176.08 million to $181.51 million. These figures mark a robust year-over-year growth potential of up to 33% and solid adjusted EBITDA margins of 18.4% to 19.2%.
Moreover, Sportradar also projects at least a 20% growth in EBITDA and sales for 2024. That’s impressive news for followers of the company and the sports betting markets overall.
Sportradar Corporate Reconfiguration
The betting technology firm outlined six vital areas of focus within the company’s new organizational structure. These include commercial, finance, growth and innovation, legal and risk, people, and product delivery.
Growth and Innovation seamlessly integrates growth, strategy, and innovation, spearheading a clear vision for identifying and capitalizing on market opportunities, led by Nick Maywald, who now serves as the Chief Growth and Innovation Officer. This positions Sportradar to remain at the forefront of the rapidly evolving sports betting landscape.
With a portfolio that reaches over 80 sports across 150 leagues in 120 countries, including major North American leagues, find out how Sportradar’s latest changes impact the betting experience.
The firm’s commercial unit is poised to drive revenues and enhance partner and client relationships. As part of the resuffle, Eduard Blonk will now serve as the Chief Commercial Officer and lead the revamping of revenue opportunities as well as customer-oriented strategies.
Sportradar also disclosed a high-profile departure. Ulrich Harmuth, the Chief Strategy Officer, will be leaving the firm as part of the corporate restructuring. Additionally, the company’s CFO, Gerard Griffin, will leave the company soon, although he has pledged to ensure a smooth transition until a replacement is found.
CEO Carsten Koerl praised Griffin in the press release, highlighting his significant contributions to the finance team and expressing confidence in the team’s ability to carry forward the company’s growth goals.