Research · Sep 3, 2026
[SRAD] Sportradar Group Thesis 2026: A Sports-Data-and-Betting-Tech Compounder Rides US-Sports-Betting
Sportradar Group AG (NASDAQ: SRAD), headquartered in Saint Gallen, Switzerland (corporate HQ) and Vienna, Austria (operational HQ), is a sports-data + sports-betting-data + emerging-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-jurisdiction customer base. Distinctive multi-cycle Carsten-Koerl-and-Sportradar heritage: founded 2001 in Saint-Gallen-Switzerland by Carsten Koerl + multi-cycle-Sportradar-Switzerland-and-Austria entrepreneurs; multi-cycle 2001-2021 private-stage Sportradar + multi-cycle-disciplined-bolt-on-and-strategic-M&A; September 2021 NASDAQ Sportradar-IPO; 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; 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 + emerging-AV-and-data-products + emerging-Managed-Trading-Services + emerging-AI-sports-data + multi-cycle-growth-and-emerging-investment-focused. Under founder-CEO Carsten Koerl (since 2001, ~24+ year founder-and-CEO + multi-cycle-Sportradar-and-emerging-Sportradar executive), FY2025 closes with selected various aggregate revenue ~€1.20-1.40B, adj. EBITDA ~€220-300M, adj. EPS ~€0.25-0.45, net cash ~€200-450M, and ~295-310M shares outstanding. The first deep-dive — sports-data + sports-betting-data + emerging-US-sports-betting franchise — covers entire sports-data + sports-betting-data + emerging-AI-sports-data B2B-platform business + Sportradar-and-emerging-Sportradar positioning. Geographic + Customer composition: ~1,800+ sportsbook + sports-media + emerging-betting-and-sports-media-customer base: US (emerging-US-sports-betting + multi-cycle-NBA-and-NFL-and-NHL-and-MLB-data-rights + DraftKings + FanDuel + BetMGM + Caesars + Penn-Entertainment-ESPN-Bet + Fanatics + Hard-Rock-Bet + bet365 + 888 + emerging-multi-state-US-sportsbook); Europe (European-sportsbook + multi-cycle-Europe-Sportradar); LatAm + Asia + emerging-multi-jurisdiction. Revenue mix: Betting & Gaming Services ~80-85% (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% (Synergy-Sports + emerging-AI-sports-data); Emerging AI-sports-data selective emerging. Customer base: US-sportsbook + European-sportsbook + Asian-sportsbook + LatAm-sportsbook + sports-media + emerging-international-sportsbook. Distinctive multi-cycle data-rights portfolio: NBA (~$1.0B 9-yr exclusive deal 2023-2032) + NFL + NHL + MLB + NASCAR + UEFA-Champions-League + Bundesliga + Premier-League + Serie-A + LaLiga + ATP + WTA + ITF + ICC + emerging-multi-cycle-sports-data-rights. Competes in sports-data-and-betting-tech space with Genius Sports (GENI most-direct-larger-Genius-Sports-NFL-comp), IMG ARENA (Endeavor Group/Silver-Lake-Take-Private 2024 most-direct-IMG-ARENA-comp), Stats Perform (private most-direct-Stats-Perform-comp), Bet365 (private), Flutter Entertainment (FLUT), DraftKings (DKNG most-direct-DraftKings-sportsbook-customer-comp), Penn Entertainment (PENN + ESPN-Bet), Caesars (CZR), MGM (MGM + BetMGM), Rush Street Interactive (RSI), Fanatics Holdings (private), Hard Rock Digital (private), Bally's (BALY), Better Collective (BETCO-CO most-direct-Better-Collective-affiliate-comp), Catena Media (CTM-SE), Raketech (RAKE-SE), GiG (GIG-SE), Kambi Group (KAMBI-SE most-direct-Kambi-B2B-sportsbook-platform-comp), Playtech (PTEC-LN), Evolution Gaming (EVO-SE), Light & Wonder (LNW); sports-data-emerging Sportlogiq (private), Catapult Group (CAT-AU), Second Spectrum (Genius Sports subsidiary 2021), Action Network (Better Collective acquired 2024); sports-media ESPN (DIS), Fox Sports (FOXA), NBC Sports (CMCSA), CBS Sports (PARA), Warner Bros. Discovery (WBD), DAZN (private), Sky Sports (CMCSA). The second deep-dive — Carsten-Koerl + 2021-NASDAQ-IPO + multi-decade compounder thesis — covers Carsten-Koerl-founder-CEO + ~24+ year founder-and-CEO + multi-cycle-Sportradar expertise, September-2021-NASDAQ-Sportradar-IPO transformational-platform + multi-cycle-disciplined-bolt-on-and-strategic-M&A (Synergy-Sports + Atrium-Sports + multi-cycle-NBA-and-NFL-and-NHL-and-MLB-data-rights-acquisitions), emerging-US-sports-betting + emerging-AV-and-data-products + emerging-Managed-Trading-Services + emerging-AI-sports-data + emerging-international-sports-betting structural-tailwinds. Multi-cycle-growth-and-emerging-investment-focused: no-regular-dividend + no-buyback + multi-cycle-growth-and-emerging-investment-focused. Multi-decade compounder thesis combines Carsten-Koerl-and-Sportradar ~24+ year heritage, ~1,800+ sportsbook + sports-media-customer base, 2021-NASDAQ-IPO + multi-cycle-NBA-and-NFL-and-NHL-and-MLB-data-rights, Carsten Koerl + Sportradar expertise, no-regular-dividend + no-buyback + IG-equivalent balance-sheet (multi-cycle-cash-positive), emerging-US-sports-betting + emerging-AV-and-data-products + emerging-Managed-Trading-Services + emerging-AI-sports-data + emerging-international-sports-betting structural-tailwinds. Capital position is post-NASDAQ-IPO IG-equivalent (BB+/BBB-), no-regular-dividend, no-buyback, multi-cycle-cash-positive-and-conservative: net cash ~€200-450M (zero-leverage), BB+/BBB-equivalent, €200-450M cash + undrawn revolver liquidity, FCF ~€150-280M/yr deployed into capex ~€60-150M/yr + no dividend + no buyback + multi-cycle-disciplined-bolt-on-and-strategic-M&A + emerging-AI-sports-data capex, ~295-310M shares. At ~$15-30 per share, equity value ~$4.4-9.3B, EV ~$4.2-9.1B (net cash), ~30-100x EPS and ~14-30x EV/EBITDA. 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 + ~10-25% return. Bull case: US-sports-betting accelerates (California + Texas + Florida 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.