Sportradar said second-quarter revenue rose 19% from a year earlier to €378 million, but softer growth in the U.S. online sports betting market and weaker currency exchange rates weighed on the quarter. The company still updated its full-year outlook to revenue growth of 19% to 20%, or about €1.5 billion, and cash flow of €360 million to €368 million.
In its results release, the group said Betting Technology & Solutions remained the larger business line, with revenue up 21% to €314 million. That growth was driven mainly by a 27% increase in Betting & Gaming Content, helped by contributions linked to the IMG ARENA acquisition and new customer uptake, but it was partly offset by moderating U.S. market growth and unfavorable foreign currency movements.
Sports Content, Technology & Services grew 9% to €64 million. The company said the increase was driven mainly by a 16% rise in Marketing & Media Services, while lower Sports Performance revenue, principally because of currency movements, held it back.
Regionally, revenue from the rest of the world rose 20%, while United States revenue increased 16%. The U.S. share of total revenue fell to 27% from 28% a year earlier, which the company partly linked to slower market growth and foreign exchange fluctuations.
Sportradar swung to a loss of €4 million for the quarter, from a €49 million profit in the same period last year. The reversal was driven mainly by a €9 million foreign-exchange loss, compared with a €54 million gain a year earlier, largely tied to unrealized currency fluctuations on U.S. dollar-denominated sports rights. Adjusted EBITDA still rose 19% to €76 million.
Cash generation was stronger in the first half. Free cash flow came in at €103 million, up 23% from a year earlier, and free cash flow conversion was 73%. The company ended the period with €251 million in cash and cash equivalents, €501 million in total liquidity including its undrawn revolver, and no debt outstanding.
The guidance update also reflected slower U.S. market growth and delays in closing some prediction-market deals, according to the earnings call transcript. Sportradar had announced a multi-year global partnership with Kalshi on June 8, under which it became an official data and solutions provider for the prediction-market platform. The company said prediction markets could generate tens of millions of euros in revenue in 2026, with a larger contribution in 2027 and 2028 as more deals ramp up. It also said the third quarter should be its strongest revenue quarter because of sports-calendar seasonality and the contribution from IMG content.
