Sportradar Group AG reported second-quarter revenue of €378 million on 3 August 2026, up 19% year on year, and swung to a loss of €3.5 million after a €9 million foreign currency charge wiped out the gain it booked on the same line a year earlier.
The sports data supplier also confirmed data agreements with Kalshi and Polymarket during the quarter, putting prediction market exchanges alongside licensed sportsbooks in its customer base for the first time.
Currency movements turn a profit into a loss
Revenue for the three months to 30 June rose €60 million from €318 million. Adjusted EBITDA increased 19% to €76 million and the adjusted EBITDA margin widened by 10 basis points to 20.2%.
The reported loss of €3.5 million compares with a profit of €49.1 million in Q2 2025. Almost all of the €53 million swing sits in one line: a €9 million currency loss against a €54 million gain a year earlier, largely unrealised movements on US dollar-denominated sports rights. The quarter also carried severance costs tied to cost efficiency work, partly offset by lower income taxes.
The distinction matters for anyone reading the headline number. Trading performance and cash generation both improved. The loss is an accounting outcome of how Sportradar carries dollar-priced rights contracts on a euro-reporting balance sheet, and it reverses when the currency moves the other way.
Where the growth came from
Betting Technology & Solutions revenue was €314 million, up 21%. Within that segment, Betting & Gaming Content grew 27% to €254 million, which Sportradar attributed to the IMG ARENA acquisition and new customer uptake. Managed Betting Services was flat at €59 million, as higher Managed Trading Services turnover and trading margins were cancelled out by lower platform revenue.
Sports Content, Technology & Services reached €64 million, up 9%. Marketing & Media Services rose 16% to €47 million on new and existing media and technology customers and higher affiliate marketing spend. Sports Performance fell 13% to €10.6 million, mainly on currency movements, and Integrity Services rose 7% to €6.2 million.
By region, Rest of World revenue grew 20% to €276 million and United States revenue grew 16% to €102 million. The US share of group revenue slipped to 27% from 28%, so the faster growth this quarter came from outside the United States.
Prediction markets enter the customer mix
The multi-year global agreement with Kalshi covers official data, odds, fan engagement, customer acquisition, and integrity services across a number of sports properties. It also allows Sportradar to contract directly with Kalshi’s market makers and brokers, which extends the commercial relationship past the exchange itself and into the firms providing liquidity on it.
A separate multi-year deal with Polymarket, arranged with Tennis Data Innovations, covers exclusive ATP Tour streaming rights alongside official data, live odds, and integrity solutions.
Carsten Koerl, chief executive officer of Sportradar, said:
We expanded our addressable market, entering into strategic partnerships with key prediction market participants that will enable us to capitalize on this fast-growing ecosystem.
Both counterparties sit in contested legal territory in Europe. Spain moved to block Kalshi and Polymarket in a licensing crackdown in May, and several other European regulators have taken similar positions. Supplying data to an exchange is not the same regulatory exposure as taking bets on one, but the question of what counts as gambling in these markets is unresolved across most of the EU, and it is the same commercial line that drew short-seller scrutiny when Koerl pushed back on claims of illegal market exposure in April.
Sportradar also signed a multi-year extension with The All England Club for exclusive global distribution of official data and audiovisual betting rights for The Wimbledon Championships, a contract originally secured through IMG ARENA.
Guidance raised, balance sheet unlevered
The updated 2026 outlook guides to constant currency revenue growth of 19% to 21% and adjusted EBITDA growth of 24% to 27%. At current exchange rates that puts revenue at €1,518 million to €1,533 million and adjusted EBITDA at €360 million to €368 million, with roughly 70 to 100 basis points of reported margin expansion. Free cash flow conversion is expected to exceed the 56% recorded in 2025, excluding non-routine litigation costs.
First-half free cash flow was €103 million, up 23%, at a conversion rate of 73%. Cash and cash equivalents stood at €251 million at 30 June, down from €365 million at the end of 2025, with total liquidity of €501 million including an undrawn €250 million revolving credit facility and no debt outstanding.
Sportradar repurchased $140 million of shares during the quarter. As of 31 July 2026 it had bought back 26 million shares for $422 million under a $1 billion authorisation.
What to watch next
Two things will decide how the rest of the year reads. The first is whether the IMG ARENA rights portfolio keeps converting at the rate it did in Q2, since Betting & Gaming Content is now carrying most of the group’s growth and the acquisition comparisons get harder from Q4. The second is how European regulators treat data supply into prediction market platforms as national blocking orders accumulate. Sportradar has priced the prediction market opportunity into its addressable market framing. Whether that revenue is bookable in Europe on the same terms as in the US is a separate question, and one that will be answered by regulators rather than by contract renewals.
Source: Sportradar Group AG
