Sportradar Grows Q3 Revenue 24% and Puts No Number on Prediction Markets

Sportradar credited "significant contributions" from prediction markets in a quarter that also carried a full three months of IMG Arena and a World Cup. It put a little over €60 million a year on its exposure to Brazil, and declined to size the newer business.

• Sportradar's third-quarter revenue rose 24% to €362.5 million and adjusted EBITDA rose 21% to €102.2 million, while the margin slipped to 28.2% from 29.0%
• Profit for the period rose 20% to €27.0 million, and the company reiterated the 2026 outlook it cut in August
• Sportradar disclosed no prediction market revenue, share of growth or customer revenue, although it expanded its Polymarket deal during the quarter
• US revenue rose 47% to €98.0 million, but Q3 2025 contained no IMG Arena, which Sportradar bought on 1 November 2025
• Sportradar estimates Brazil-related revenue at a little over €60 million a year, with the betting ban still before Congress and the Supreme Court

Sportradar Calls the Contribution Significant but Declines to Size It

Sportradar's results release, published on 3 November, reported revenue of €362.5 million against €292.1 million a year earlier. Adjusted EBITDA was €102.2 million against €84.6 million, and profit €27.0 million against €22.5 million.

Chief executive Carsten Koerl cited "significant contributions from across the prediction markets landscape". The release links prediction markets to growth in Betting & Gaming Content, US revenue and affiliate marketing spend, but attaches no amount to any of them. On the call, Koerl said the partnerships are "already starting to contribute" and that this was the first quarter showing the impact.

Asked by Robin Farley of UBS about the annualised contribution, chief financial officer Craig Felenstein said Sportradar was "not going to guide to a specific piece of our business". He called prediction markets "a meaningful new revenue stream" and said he expects "some significant growth" next year.

Koerl named Polymarket, Kalshi and Novig as exchange partners, Robinhood as the first broker and roughly 10 market maker contracts. Felenstein described a mix of fixed and variable fees.

IMG Arena and the World Cup Sit Inside the Same Numbers

US revenue rose 47% from €66.6 million and reached 27% of the group total, while Rest of World rose 17% to €264.5 million. Betting & Gaming Content rose 37% to €242.0 million, with the release citing both IMG Arena and customers "including prediction market participants". Felenstein put IMG revenue synergies above the original 25% target, without giving an amount.

Managed Betting Services fell 3% to €54.7 million. Felenstein said the World Cup added about €2.5 billion of turnover, but unfavourable football results cut trading margins. Sports rights expense rose 54% to €112 million, mainly on IMG content, with some costs tied to prediction market opportunities.

The Outlook Holds After August's Cut

Sportradar kept its forecast of revenue of €1,518 million to €1,533 million, or 19% to 21% constant-currency growth, and adjusted EBITDA of €360 million to €368 million. In March the ranges were €1,557 million to €1,582 million and €390 million to €400 million. The outlook excludes the $170 million sale of Synergy's coaching and scouting business, which has not closed. Subtracting nine-month results implies fourth-quarter revenue of about €431 million to €446 million, against €368.9 million a year earlier.

Felenstein said about 25% of the Brazilian revenue falls in the fourth quarter and that cost reductions have not started. Provisional Measure 1.394/2026 remains in force; Justice Luiz Fux held a Supreme Court hearing on 3 November, and the measure's first 60-day period ends on 23 November, according to NEXT.io.

"Significant" Is Doing the Work of a Number

Sportradar called prediction markets significant, meaningful and starting to contribute in one set of results. In August, according to a call transcript, Koerl put this year's upside in the tens of millions, a phrase not repeated on this call; even the top of that description is under 7% of full-year revenue. Until Sportradar reports a figure, investors are relying on its adjectives.

The 24% Is Not an Organic Growth Rate

Betting & Gaming Content supplied about €65 million of the group's €70 million increase, on the release's percentages, and that line holds IMG and prediction markets together. The comparison quarter had no IMG, Sportradar gave no organic rate, and it laps the deal only this month. The World Cup will not repeat next year either. Early 2027 will show more clearly what remains.

Brazil Is the Risk Sportradar Has Put a Number On

A little over €60 million is about 4% of guided revenue, and Felenstein named Brazil as a negative within the range without saying how much loss is assumed. Holding guidance anyway suggests other lines are covering the gap, though the margin fell as rights costs rose. Koerl said state exclusions have not been material, yet the Sixth Circuit has ruled for Ohio and Tennessee, and Altenar's antitrust complaints, which Sportradar rejects, target the official data deals this model rests on.

Sportradar has shown that prediction markets now reach its accounts, which is more than it could say in August. It has not shown how much of a 24% quarter they earned, and until it does the claim rests on its word.