Sportradar’s U.S. Expansion Is Heating Up—But What’s the Real iGaming Opportunity?

Sportradar Group’s third quarter results for 2025 highlight a strong operational performance, showcasing the company’s solid position in the global sports ecosystem. The company reported record revenues of EUR 292 million, marking a 14% increase from the previous year, with a 29% growth in adjusted EBITDA. Key drivers include higher uptake from existing partners, continued robust U.S. market growth, and strong trading results from their managed trading services. However, revenue growth was impacted by foreign currency headwinds, with growth on a constant currency basis at 17%. A major highlight of this quarter was the closing of the IMG Arena acquisition, which Sportradar expects to drive significant growth and value creation. The transaction is expected to accelerate Sportradar’s growth, boost adjusted EBITDA margins, and enhance their free cash flow conversion.