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    Samuel Nielsen • JPMorgan Chase & Co.

    Samuel Nielsen's questions to Sportradar Group AG (SRAD) leadership

    Samuel Nielsen's questions to Sportradar Group AG (SRAD) leadership • Q2 2025

    Question

    Samuel Nielsen of J.P. Morgan inquired about potential new international markets for legalization to watch over the next year and asked if the impact of Brazil's growth could be quantified. He also asked about any tough U.S. revenue comps in the second half of the year.

    Answer

    CEO Carsten Koerl identified Japan, India, and Thailand as interesting APAC markets with potential, while also noting the ramp-up for the World Cup in Europe. He described Brazil as a strong growth market projected to grow from ~$2B to $5-6B. CFO Craig Felenstein stated that year-over-year comparisons for the second half are largely apples-to-apples, with no significant one-time items to lap.

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    Samuel Nielsen's questions to Sportradar Group AG (SRAD) leadership • Q1 2025

    Question

    Samuel Nielsen asked what the company is seeing from an MLB live betting perspective and which products operators are using to drive engagement. He also inquired about plans for a 'bet and watch' product for the NBA.

    Answer

    CEO Carsten Koerl stated that MLB follows a similar pattern to other U.S. sports, using deep data to drive live markets, and noted their revenue model is not highly dependent on specific game outcomes. He confirmed they are 'well on track' with an integrated NBA product, with MBEt already running and sending tickets to major operators.

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    Samuel Nielsen's questions to Sportradar Group AG (SRAD) leadership • Q4 2024

    Question

    Samuel Nielsen asked if the guided 200 basis points of 2025 margin expansion would be split evenly between leverage from sports rights and non-sports rights costs. He also inquired about the regulatory approval process for the IMG deal and the company's view on potential antitrust concerns.

    Answer

    CFO Craig Felenstein confirmed the assumption was correct, expecting a roughly 50/50 split in margin leverage drivers for 2025. CEO Carsten Koerl stated that the main regulatory review is expected from the CMA in the U.K., with no filing required in the U.S. He expressed confidence in a Q4 closing, citing a 'very solid argumentation,' partly based on IMG's own stated intention to discontinue the business.

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    Samuel Nielsen's questions to Sportradar Group AG (SRAD) leadership • Q3 2024

    Question

    Samuel Nielsen asked about the pricing premium being realized from the NBA contract in its second year and whether the Q4 revenue growth exit rate is a fair proxy for 2025. He also asked about the key technology pain points that operators are asking Sportradar to solve.

    Answer

    CEO Carsten Koerl stated the company is satisfied with the NBA contract's pickup, with all clients now on new contracts. CFO Craig Felenstein advised against using the Q4 exit rate as a direct guide but reiterated expectations to outperform the market's low-double-digit growth in 2025. Koerl added that the primary client demand is for easy, stable, and secure integration of products, which is a key technology focus for the company.

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