Sportradar’s stock initially surges 6% data company NBA Good performance in the third quarter.
under NBA Agreed, the league 3% investment in sports radar Over the next 10 years.
In return, Sportradar will become the exclusive global provider of NBA data from the NBA 2023/’24 NBA season.
This includes official betting data and live streaming from US sportsbooks.
Sportradar previously held data rights to NBA betting, but not exclusively.
CEO Kirsten Cole He said the new deal is exclusive, but rights could be open to “innovative partners” if the NBA and Sportradar decide.
Why go big in the NBA?
Cole said the NBA has two billion fans worldwide and is the most popular US sport in the world for live betting.
“Live betting is a huge trend in the US and we see opportunities to monetize with live odds and managed trading services,” said Koerl.
A 3% ownership interest in the NBA will be granted via a warrant over an eight-year contract term.
Sportradar now $6.8 billion Valuation, Stock Investment Alone Worth It $200 million.
Sportradar also pays an annual fee to the NBA. ESPN’s David Purdum report The total amount of the transaction was greater than or equal to billion dollars.
what the NBA said
“Sportradar has been a great partner as the league explores the landscape of global sports betting.” Scott Kaufman RossHead of Gaming & New Business Ventures for the NBA.
“As the market matures, we are excited to expand our partnership with Sportradar to leverage data and insights to create new fan experiences and transform the NBA around the world.”
Another sweetheart deal in the league?
Koerl said Wednesday from analysts that the economics of the deal are genius sports and the NFL.
He doesn’t want to compare the two, but said the NBA contract was “commercially driven.”
“We are always looking to generate profit for our shareholders, and the NBA transaction follows this philosophy,” said Koerl.
Have leagues found ways to profit from sports betting?
In fact, the agreement further deepens the relationship between the data company and sports leagues.
The NHL also has a small stake in Sportradar, while the NFL has a stake in Genius Sports.
Sportradar’s strong Q3
The NBA announcement came on the same day as Sportradar’s third quarter results.
Increased group revenue 30% To $158.7 millionU.S. revenue increased 119% To $56.3 million.
Adjusted EBITDA increased twenty one% To $24.2 million.
Koerl said the company is planning a “massive investment” in the US market.