TLDR
- Sportradar’s US revenue rose 47% in Q3 2026, its fastest US growth since 2024.
- Total revenue climbed 24% to €362.5 million, beating analyst forecasts.
- New deals with Polymarket, Kalshi, Robinhood and about 10 market makers began adding to results.
- The company bought back $157 million of shares in the quarter as cash fell to €190 million.
- Brazil’s betting ban and the $170 million Atrium Sports sale are weighing on analyst forecasts.
Sportradar’s revenue in the United States rose 47% in the third quarter of 2026, its fastest US growth since 2024. The sports data company said deals with prediction market platforms helped drive the gain.
Total revenue for the three months to September 30 reached €362.5 million ($406.9 million), up 24% from a year earlier. Adjusted EBITDA rose 21% to €102 million, giving a margin of 28.2%.
Profit for the period climbed 20% to €27 million. The company also bought back $157 million of its own shares during the quarter.
Freedom Capital Markets analyst Nick McKay said the results beat both his forecasts and market expectations. Consensus had called for revenue of €358 million and adjusted EBITDA of €92.6 million.
Prediction Markets Lift US Sales
US revenue reached €98 million, or 27% of group sales, up from 23% a year earlier. The company linked the gain to market expansion, including prediction markets, and wider use of its products.
During the quarter, Sportradar expanded its Polymarket partnership to more than 20 leagues and competitions. These include the Bundesliga, EuroLeague Basketball and the tennis Grand Slams.
It also signed agreements with exchanges Kalshi and Novig, broker Robinhood and about 10 market makers. CEO Carsten Koerl said on the November 3 earnings call that these partnerships have started to contribute to results.
Sportradar did not disclose how much revenue came from prediction markets. McKay said the business appeared to make a meaningful contribution for the first time but remains at an early stage.
Koerl spoke to analysts for the first time since the NBA signed a memorandum of understanding with the Commodity Futures Trading Commission last month. Under that framework, the NBA named Kalshi and Polymarket its “Preferred Prediction Market Exchanges.”
“We are very happy that the NBA is promoting the official data as the only source to settle the markets there,” Koerl said. Sportradar has been the NBA’s exclusive official betting data provider since the 2023-24 season.
Buybacks, Cash and the Atrium Sale
Betting & Gaming Content, the fastest-growing product line, rose 37% to €242 million. Managed Betting Services fell 3% to €54.7 million due to lower trading margins from unfavorable sport outcomes.
Cash and cash equivalents fell to €190 million at September 30, down from €365 million at the end of 2025. Share repurchases of €352 million over nine months made up most of the cash used in financing.
As of October 30, the company had repurchased 34 million shares for $519 million under its $1 billion plan. That includes $408 million spent in 2026. Sportradar reported no debt and total liquidity of €440 million.
On October 7, Sportradar agreed to sell Atrium Sports, its coaching and scouting business, to Teamworks Innovations for $170 million. The deal is expected to close in the fourth quarter.
The company kept its 2026 guidance of €1.518 billion to €1.533 billion in revenue and €360 million to €368 million in adjusted EBITDA. That outlook excludes Brazil, where a betting ban is in effect, and does not yet reflect the Atrium sale.
McKay estimated Brazil contributed about €60 million in annual revenue, pointing to a possible fourth-quarter shortfall of about €15 million. He now forecasts 2027 revenue of €1.565 billion and adjusted EBITDA of about €390 million.
