€378M Revenue. One Connected Ecosystem. Carsten Koerl and Craig Felenstein Lead Sportradar’s Next Growth Phase
A reported €4m loss grabs the eye – but it’s an accounting swing on currency, not the story. The story is where Sportradar is taking its data next.
Sportradar has reported second-quarter 2026 revenue of €378 million, up 19% year-on-year, alongside a €4 million loss for the period that the company attributes almost entirely to unrealised foreign-currency movements. Strip out the currency line and the operating picture is one of steady, double-digit growth – and a business quietly repositioning around prediction markets. The results, for the quarter ended 30 June 2026, were published on 3 August.
Why Sportradar’s numbers matter now
Sportradar sits at the supply end of the betting industry: operators, media companies and sports federations depend on its data, odds and integrity feeds. That makes its quarterlies a useful proxy for demand across the sector. So when the top line grows 19% to €378 million while the reported bottom line shows a loss, it’s worth understanding which number is signal and which is noise.
What the results actually involve
Revenue rose to €378 million, up €60 million on the same quarter last year. Adjusted EBITDA climbed 19% to €76 million, with the margin edging up to 20.2%. The growth engine was Betting Technology & Solutions, up 21% to €314 million, led by a 27% jump in Betting & Gaming Content – a lift the company links to its IMG ARENA rights portfolio and new customer uptake. Sports Content, Technology & Services grew 9% to €64 million, helped by a 16% rise in Marketing & Media Services, though its Sports Performance line fell 13%.
Growth was broad geographically: Rest of World revenue rose 20% and the United States 16%, with the US now representing 27% of total revenue, down slightly from 28% a year earlier as US market growth moderated. First-half free cash flow rose 23% to €103 million, and the company reported €501 million of total liquidity with no debt outstanding, having also upsized its revolving credit facility to €250 million and pushed its maturity out to 2031.
The operator read
For the industry, the headline is not the loss – it’s the direction. Sportradar used the quarter to announce data and integrity partnerships with two prediction-market platforms: a multi-year global agreement with Kalshi, which the company describes as the world’s largest prediction market, and a deal with Polymarket, coordinated with Tennis Data Innovations, covering exclusive ATP Tour streaming rights. It also extended its Wimbledon rights with the All England Club and expanded Playradar, its product bridging sports betting and iGaming.
The through-line is that Sportradar is treating prediction markets as a genuine new client category rather than a curiosity. For a data supplier, each new type of buyer that needs odds, official feeds and integrity monitoring widens the addressable market without requiring a new product to be built from scratch. CEO Carsten Koerl framed the quarter as evidence of the company’s “mission-critical role at the center of the global sports ecosystem.”
The caveat worth naming
Two things temper the read. First, the €4 million loss is real on the face of the accounts even if it’s currency-driven: the €9 million unrealised FX loss this quarter compares with a €54 million FX gain a year ago, and that reversal is what flipped a prior-year profit into a loss. Currency can just as easily swing back, but it introduces genuine volatility to reported earnings, and the company flags US-dollar exposure on sports rights as an ongoing pressure. Second, the prediction-market opportunity comes attached to regulatory uncertainty – the legal status of these platforms is still contested in several markets, and Sportradar itself lists developing sports-betting law among its risk factors. New client category, new regulatory exposure.
Future outlook
Sportradar reaffirmed a constructive full-year stance, guiding to constant-currency revenue growth of 19% to 21% and Adjusted EBITDA growth of 24% to 27% for 2026, with modest margin expansion. On the company’s own numbers, the core business is compounding at a healthy clip and generating more free cash than a year ago. The open question is how quickly prediction markets convert from announced partnerships into material, recurring revenue – and whether the regulatory picture stays open long enough for that to happen. That, rather than a single quarter’s currency line, is the number to watch.
Source: Sportradar
