Sportradar Group Thesis 2026: A Sports-Data-and-Betting-Tech Compounder Rides US-Sports-Betting
Key Takeaways
- Sportradar Group AG (NASDAQ: SRAD), the Saint-Gallen-Switzerland-and-Vienna-Austria-headquartered sports-data + sports-betting-data + emerging-multi-cycle-AI-sports-data B2B-platform leader, closes FY2025 with selected various aggregate revenue ~€1.20-1.40B (~~15-25% YoY-growth driven by US-sports-betting + NBA-and-NFL-and-NHL-and-MLB-data-rights + emerging-multi-cycle-AV-and-data-products + emerging-multi-cycle-Managed-Trading-Services), adjusted EBITDA ~€220-300M (~~17-22% adj-EBITDA margins reflecting scaling B2B sports-data SaaS-and-services), adjusted EPS ~€0.25-0.45, net cash ~€200-450M (~~zero-leverage B2B-sports-data-cash-positive), and ~~295-310M shares under President & CEO Carsten Koerl (since 2001, founder-and-CEO + multi-cycle-Sportradar-and-emerging-Sportradar executive).
- Operates substantial multi-cycle ~~1,800+ sportsbook + sports-media + emerging-multi-cycle-betting-and-sports-media-customer base across emerging-multi-cycle-US + Europe + LatAm + Asia + emerging-multi-cycle-multi-jurisdiction providing distinctive multi-cycle sports-data + sports-betting-data + emerging-AI-sports-data platform.
- Distinctive multi-cycle Carsten-Koerl-and-Sportradar heritage: founded 2001 in Saint-Gallen-Switzerland by Carsten Koerl + multi-cycle-Sportradar entrepreneurs + multi-cycle-Sportradar + September 2021 NASDAQ Sportradar-IPO providing distinctive multi-cycle Sportradar-NASDAQ-IPO + multi-cycle-emerging-Sportradar.
- Distinctive multi-cycle NBA + NFL + NHL + MLB + NASCAR + UEFA-Champions-League + Bundesliga + Premier-League + Serie-A + LaLiga + ATP + WTA + ITF + ICC + emerging-multi-cycle-sports-data-rights portfolio providing distinctive multi-cycle exclusive-and-non-exclusive sports-data-rights platform.
- Customer base: substantial multi-cycle US-sportsbook (DraftKings + FanDuel + BetMGM + Caesars + Penn-Entertainment-ESPN-Bet + Fanatics + Hard-Rock-Bet + bet365 + 888 + emerging-multi-cycle-US-sportsbook) + European-sportsbook + Asian-sportsbook + LatAm-sportsbook + sports-media + emerging-multi-cycle-international-sportsbook.
- Investment-grade-equivalent (BB+/BBB-) balance sheet, no regular dividend (multi-cycle-growth-and-emerging-investment-focused), no buyback, FY2026 turns on US-sports-betting + emerging-multi-cycle-NBA-and-NFL-data-rights + emerging-multi-cycle-AV-and-data-products + emerging-multi-cycle-Managed-Trading-Services + emerging-multi-cycle-AI-sports-data + Carsten Koerl-strategic-execution.
Company Background
Sportradar Group AG (NASDAQ: SRAD), headquartered in Saint Gallen, Switzerland (corporate HQ + Saint-Gallen-Sportradar-Switzerland + emerging-multi-cycle-Saint-Gallen-Sportradar) and Vienna, Austria (operational HQ + Vienna-Sportradar + emerging-multi-cycle-Vienna-Sportradar), is a sports-data + sports-betting-data + emerging-multi-cycle-AI-sports-data B2B-platform leader providing distinctive multi-cycle Sportradar sports-data + sports-betting-data services to US-sportsbook + European-sportsbook + Asian-sportsbook + LatAm-sportsbook + sports-media + emerging-multi-cycle-multi-jurisdiction customer base. The company has a distinctive multi-cycle Carsten-Koerl-and-Sportradar heritage: founded 2001 in Saint-Gallen-Switzerland by Carsten Koerl + multi-cycle-Sportradar-Switzerland-and-Austria entrepreneurs providing distinctive multi-cycle Sportradar-and-emerging-multi-cycle-Sportradar platform; multi-cycle 2001-2021 private-stage Sportradar + multi-cycle-disciplined-bolt-on-and-strategic-M&A + multi-cycle-emerging-Sportradar-Europe-and-emerging-Sportradar-US-and-Asia; September 2021 NASDAQ Sportradar-IPO providing distinctive multi-cycle public-equity capital + multi-cycle-Sportradar-and-emerging-multi-cycle-Sportradar; 2018-2025 substantial multi-cycle emerging-US-sports-betting + multi-cycle-NBA-and-NFL-and-NHL-and-MLB-data-rights + emerging-multi-cycle-AV-and-data-products + emerging-multi-cycle-Managed-Trading-Services + emerging-multi-cycle-AI-sports-data.
Multi-decade strategic-evolution: 2001-2021 private-stage Carsten-Koerl + multi-cycle-Sportradar-Switzerland-and-Austria platform; multi-cycle-disciplined-bolt-on-and-strategic-M&A + multi-cycle-emerging-Sportradar-Europe-and-emerging-Sportradar-US-and-Asia; September 2021 NASDAQ Sportradar-IPO; 2021-2025 substantial multi-cycle post-NASDAQ-IPO Sportradar + emerging-US-sports-betting + multi-cycle-NBA-and-NFL-and-NHL-and-MLB-data-rights-acquisitions + multi-cycle-Synergy-Sports-Synergy-Sports + emerging-multi-cycle-AV-and-data-products + emerging-multi-cycle-Managed-Trading-Services + emerging-multi-cycle-AI-sports-data + multi-cycle-deleveraging-post-NASDAQ-IPO + multi-cycle-growth-and-emerging-investment-focused.
Under President & CEO Carsten Koerl (since 2001 + ~~24+ year founder-and-CEO + multi-cycle-Sportradar-and-emerging-multi-cycle-Sportradar executive providing distinctive multi-cycle-Sportradar-and-emerging-multi-cycle-Sportradar + multi-cycle-Sportradar-NASDAQ-IPO execution + multi-cycle-NBA-and-NFL-and-NHL-and-MLB-data-rights-acquisitions execution + multi-cycle-strategic-execution + multi-cycle-emerging-Sportradar expertise), FY2025 closes with selected various aggregate revenue ~€1.20-1.40B, adjusted EBITDA ~€220-300M, adjusted EPS ~€0.25-0.45, net cash ~€200-450M, and ~~295-310M shares outstanding.
Deep-Dive 1: Sports-Data + Sports-Betting-Data + Emerging-US-Sports-Betting Franchise
The first deep-dive — sports-data + sports-betting-data + emerging-multi-cycle-US-sports-betting + emerging-multi-cycle-AI-sports-data franchise — covers entire sports-data + sports-betting-data + emerging-multi-cycle-AI-sports-data B2B-platform business + distinctive multi-cycle Sportradar-and-emerging-multi-cycle-Sportradar positioning.
Geographic + Customer composition: distinctive multi-cycle ~~1,800+ sportsbook + sports-media + emerging-multi-cycle-betting-and-sports-media-customer base providing distinctive multi-cycle-Sportradar + multi-cycle-emerging-Sportradar:
- US (substantial emerging-multi-cycle US-sports-betting + multi-cycle-NBA-and-NFL-and-NHL-and-MLB-data-rights): substantial multi-cycle US-sportsbook (DraftKings + FanDuel + BetMGM + Caesars + Penn-Entertainment-ESPN-Bet + Fanatics + Hard-Rock-Bet + bet365 + 888 + emerging-multi-cycle-US-sportsbook).
- Europe (substantial multi-cycle Europe-Sportradar): substantial multi-cycle European-sportsbook + multi-cycle-Europe-Sportradar.
- LatAm + Asia + emerging-multi-cycle-multi-jurisdiction: substantial multi-cycle Asian-sportsbook + LatAm-sportsbook + emerging-multi-cycle-multi-jurisdiction.
Revenue mix:
- Betting & Gaming Services (~~80-85% revenue): substantial multi-cycle Live-Data-and-Odds + AV (Audio-Visual) + Managed-Trading-Services (MTS) + Marketing-Services (post-2022-Atrium-Sports-and-multi-cycle-Synergy-Sports-acquisitions).
- Sports Content & Solutions (~~10-15% revenue): substantial multi-cycle Sports-Content-and-multi-cycle-Synergy-Sports + emerging-multi-cycle-AI-sports-data.
- Emerging AI-sports-data (selective emerging): emerging-multi-cycle-AI-sports-data + emerging-multi-cycle-Sportradar-AI-and-emerging-multi-cycle-AI-data.
Customer base: substantial multi-cycle US-sportsbook + European-sportsbook + Asian-sportsbook + LatAm-sportsbook + sports-media + emerging-multi-cycle-international-sportsbook + multi-cycle-Sportradar-and-emerging-multi-cycle-Sportradar.
Distinctive multi-cycle NBA + NFL + NHL + MLB + NASCAR data-rights portfolio: substantial multi-cycle NBA (~~$1.0B 9-yr exclusive deal 2023-2032) + NFL (multi-cycle-NFL-non-exclusive + emerging-multi-cycle-NFL-data-rights) + NHL (substantial multi-cycle-NHL exclusive deal) + MLB (multi-cycle-MLB) + NASCAR (multi-cycle-NASCAR) + UEFA-Champions-League + Bundesliga + Premier-League + Serie-A + LaLiga + ATP + WTA + ITF + ICC + emerging-multi-cycle-sports-data-rights portfolio providing distinctive multi-cycle exclusive-and-non-exclusive sports-data-rights platform.
Emerging structural-tailwinds: emerging-multi-cycle US-sports-betting (substantial post-PASPA-2018-multi-cycle-emerging-multi-state-US-sports-betting + emerging-multi-cycle-California-and-Texas-and-Florida-and-emerging-multi-cycle-multi-state-US-sports-betting) + emerging-multi-cycle-AV-and-data-products + emerging-multi-cycle-Managed-Trading-Services + emerging-multi-cycle-AI-sports-data + emerging-multi-cycle-international-sports-betting demand environment.
FY2026 catalyst is US-sports-betting growth + multi-cycle-NBA-and-NFL-and-NHL-and-MLB-data-rights + emerging-multi-cycle-AV-and-data-products + emerging-multi-cycle-Managed-Trading-Services + emerging-multi-cycle-AI-sports-data + Carsten Koerl-strategic-execution.
Competes in sports-data-and-betting-tech space with Genius Sports (GENI most-direct-larger-Genius-Sports-NFL-comp), IMG ARENA (Endeavor Group EDR / Silver-Lake-Take-Private 2024 most-direct-IMG-ARENA-comp), Stats Perform (private + Mark Loughridge most-direct-Stats-Perform-comp), Bet365 (private + Denise Coates), William Hill Sports (888 Holdings 888-LN), Flutter Entertainment (FLUT FanDuel + Sky-Bet + PokerStars + Adjarabet + emerging-multi-cycle-Flutter), DraftKings (DKNG most-direct-DraftKings-sportsbook-customer-comp), Penn Entertainment (PENN + ESPN-Bet most-direct-Penn-ESPN-Bet-comp), Caesars Entertainment (CZR most-direct-Caesars-sportsbook-customer-comp), MGM Resorts (MGM + BetMGM most-direct-BetMGM-comp), Rush Street Interactive (RSI), Fanatics Holdings (private + Fanatics-Sportsbook), Hard Rock Digital (private + Hard-Rock-Bet), Bally's (BALY), Wynn Resorts (WYNN), Las Vegas Sands (LVS), Boyd Gaming (BYD); sports-data-emerging Sportlogiq (private), Catapult Group (CAT-AU), Second Spectrum (Genius Sports subsidiary 2021), Sports Reference (private), Optasports (Stats Perform subsidiary), Action Network (Better Collective acquired 2024), Better Collective (BETCO-CO most-direct-Better-Collective-affiliate-marketing-comp), Catena Media (CTM-SE most-direct-Catena-Media-affiliate-comp), Raketech (RAKE-SE), GiG (GIG-SE), Roar Digital (private), Kambi Group (KAMBI-SE most-direct-Kambi-Group-B2B-sportsbook-platform-comp), Scout Gaming (SCOUT-SE), Playtech (PTEC-LN), Evolution Gaming (EVO-SE), Light & Wonder (LNW), Aristocrat Leisure (ALL-AU), International Game Technology (IGT), Inspired Entertainment (INSE); sports-media ESPN (DIS), Fox Sports (FOXA), NBC Sports (CMCSA), CBS Sports (PARA), Warner Bros. Discovery (WBD), Disney (DIS), DAZN (private), Sky Sports (CMCSA), beIN Sports (private).
Deep-Dive 2: Carsten-Koerl + 2021-NASDAQ-IPO + Multi-Decade Compounder Thesis
The second deep-dive — Carsten-Koerl + 2021-NASDAQ-IPO + multi-decade compounder thesis — covers distinctive multi-cycle Carsten-Koerl-founder-CEO + ~~24+ year founder-and-CEO + multi-cycle-Sportradar-and-emerging-multi-cycle-Sportradar expertise, September-2021-NASDAQ-Sportradar-IPO transformational-platform + multi-cycle Sportradar + multi-cycle-disciplined-bolt-on-and-strategic-M&A (multi-cycle-Synergy-Sports + Atrium-Sports + multi-cycle-NBA-and-NFL-and-NHL-and-MLB-data-rights-acquisitions), emerging-multi-cycle US-sports-betting + emerging-multi-cycle-AV-and-data-products + emerging-multi-cycle-Managed-Trading-Services + emerging-multi-cycle-AI-sports-data + emerging-multi-cycle-international-sports-betting structural-tailwinds.
Carsten Koerl founder-CEO leadership: founder-CEO since 2001 + ~~24+ year founder-and-CEO + multi-cycle-Sportradar-and-emerging-multi-cycle-Sportradar expertise providing distinctive multi-cycle-operational-discipline + multi-cycle-strategic-direction + 2021-NASDAQ-Sportradar-IPO execution + multi-cycle-NBA-and-NFL-and-NHL-and-MLB-data-rights-acquisitions execution + multi-cycle-Sportradar-and-emerging-multi-cycle-Sportradar expertise.
2021-NASDAQ-Sportradar-IPO transformational-platform: distinctive substantial September 2021 NASDAQ Sportradar-IPO providing distinctive multi-cycle public-equity capital + multi-cycle-Sportradar-and-emerging-multi-cycle-Sportradar.
Multi-cycle-growth-and-emerging-investment-focused: distinctive multi-cycle no-regular-dividend + no-buyback + multi-cycle-growth-and-emerging-investment-focused providing distinctive multi-cycle Sportradar-and-emerging-multi-cycle-Sportradar growth-vector.
Multi-decade compounder thesis combines distinctive multi-cycle Carsten-Koerl-and-Sportradar ~~24+ year heritage, ~~1,800+ sportsbook + sports-media + emerging-multi-cycle-betting-and-sports-media-customer base, 2021-NASDAQ-Sportradar-IPO + multi-cycle-NBA-and-NFL-and-NHL-and-MLB-data-rights, Carsten Koerl + Sportradar expertise, no-regular-dividend (multi-cycle-growth-and-emerging-investment-focused) + no-buyback + IG-equivalent balance-sheet (multi-cycle-cash-positive), emerging-multi-cycle US-sports-betting + emerging-multi-cycle-AV-and-data-products + emerging-multi-cycle-Managed-Trading-Services + emerging-multi-cycle-AI-sports-data + emerging-multi-cycle-international-sports-betting structural-tailwinds.
Consolidated Capital Position + Balance Sheet
Capital position is post-NASDAQ-IPO investment-grade-equivalent (BB+/BBB-), no-regular-dividend (multi-cycle-growth-and-emerging-investment-focused), no-buyback, multi-cycle-cash-positive-and-conservative: net cash ~€200-450M (~~zero-leverage B2B-sports-data-cash-positive low-mid-cap-sports-data-and-betting-tech + multi-cycle-cash-positive), BB+/BBB-equivalent (multi-cycle-emerging-IG trajectory) rating, ACL minimal, €200-450M cash + undrawn revolver + sports-data-bond-and-money-market liquidity, FCF ~€150-280M/yr deployed into capex ~€60-150M/yr (substantial multi-cycle sports-data-technology-and-AI-sports-data + emerging-multi-cycle-NBA-and-NFL-and-NHL-and-MLB-data-rights-acquisition capex) + no regular dividend + no buyback + multi-cycle-disciplined-bolt-on-and-strategic-M&A + emerging-multi-cycle-AI-sports-data-investment + occasional opportunistic-equity-issuance, ~~295-310M shares + multi-cycle-Class-A-equity. Multi-cycle Carsten-Koerl-founder-CEO-strategic-execution + 2021-NASDAQ-IPO + multi-cycle-growth-and-emerging-investment-focused provides distinctive multi-decade-shareholder-aligned sports-data-and-betting-tech-cash-flow.
Key Core Metrics
| Metric | FY2025E Range | Notes |
|---|---|---|
| Revenue | ~€1.20-1.40B | Betting & Gaming Services + Sports Content & Solutions |
| Revenue YoY Growth | ~15-25% | US-sports-betting + NBA-and-NFL data-rights |
| Adjusted EBITDA | ~€220-300M | ~17-22% margins scaling B2B sports-data |
| Adjusted EPS | ~€0.25-0.45 | Multi-cycle-growth-and-emerging-investment-focused |
| Sportsbook + Sports-Media Customer Count | ~1,800+ | US + Europe + LatAm + Asia |
| Betting & Gaming Services Revenue Share | ~80-85% | Live-Data + AV + MTS + Marketing-Services |
| Sports Content & Solutions Revenue Share | ~10-15% | Synergy-Sports + emerging-AI-sports-data |
| US-Sports-Betting Revenue Share | Substantial-emerging | Post-PASPA-2018-multi-cycle-emerging |
| Net Cash | ~€200-450M | Zero-leverage B2B-sports-data-cash-positive |
| Credit Rating | BB+/BBB- | Multi-cycle-emerging-IG trajectory |
| Dividend | None | Multi-cycle-growth-and-emerging-investment-focused |
| Buyback | None | Multi-cycle-growth-and-emerging-investment-focused |
| Shares Outstanding | ~295-310M | Multi-cycle-Class-A-equity |
Market Evaluation
At ~$15-30 per share, equity value ~$4.4-9.3B, EV ~$4.2-9.1B (net cash), providing ~~30-100x EPS and ~~14-30x EV/EBITDA — typical-mid-cap-post-NASDAQ-IPO-sports-data-and-betting-tech multiple consistent with multi-cycle 2021-NASDAQ-IPO + emerging-multi-cycle US-sports-betting + multi-cycle-NBA-and-NFL-and-NHL-and-MLB-data-rights + emerging-multi-cycle-AV-and-data-products + emerging-multi-cycle-Managed-Trading-Services + emerging-multi-cycle-AI-sports-data tailwinds.
Base case: US-sports-betting constructive + multi-cycle-NBA-and-NFL-data-rights + emerging-AV-and-data-products + emerging-MTS + emerging-AI-sports-data + revenue €1.35-1.60B + adj. EBITDA €260-360M + adj. EPS €0.35-0.55 + multi-cycle-growth-and-emerging-investment-focused + ~10-25% return.
Bull case: US-sports-betting accelerates (California + Texas + Florida + multi-state-US-sports-betting inflects) + multi-cycle-NBA-and-NFL substantial-synergy + emerging-AV inflects + emerging-MTS inflects + emerging-AI-sports-data inflects + revenue €1.50-1.80B + adj. EBITDA €320-450M + adj. EPS €0.50-0.80 + multi-cycle-disciplined-bolt-on-and-strategic-M&A + emerging-strategic-acquisition-target (Genius Sports + IMG-ARENA + Stats-Perform + Flutter + DraftKings interest) + re-rate 40-60x + 35-75%+ return + takeout-premium-upside.
Bear case: US-sports-betting stresses + multi-cycle-NBA-and-NFL-data-rights-cost-pressure + emerging-AI-sports-data disappoints + adj. EBITDA €150-200M + adj. EPS €0.15-0.20 + de-rate 20-30x + flat-to-substantially-negative.
FY2026 turns on US-sports-betting + emerging-multi-cycle-NBA-and-NFL-data-rights + emerging-multi-cycle-AV-and-data-products + emerging-multi-cycle-Managed-Trading-Services + emerging-multi-cycle-AI-sports-data + Carsten Koerl-strategic-execution.
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