On January 24, 2024, 03:05h, Sportradar (NASDAQ: SRAD) reiterated its fiscal 2023 guidance and announced a reorganization focusing on six segments. The company affirmed that it will continue to provide data to sportsbook operators, which is a crucial component of the wagering equation, especially as the industry grows in the U.S.

Sportradar remains tied to the expansion of regulated sports betting due to its business model. However, it is not as reliant on consumer spending as traditional sportsbook operators. The Swiss company expects fiscal 2023 revenue to range between $945.62 million and $956.49 million, with adjusted EBITDA between $176.08 million and $181.51 million. This implies a year-over-year growth of 29% to 33%, and an adjusted EBITDA margin between 18.4% and 19.2%.

For fiscal 2024, Sportradar projects EBITDA and sales to grow by at least 20%. The company also announced a significant corporate restructuring, creating divisions focused on commercial, finance, growth and innovation, legal and risk, people, and product delivery. Nick Maywald will serve as the Chief Growth and Innovation Officer, leading growth, strategy, and innovation efforts.

In addition to the organizational changes, Sportradar disclosed the departure of Chief Strategy Officer Ulrich Harmuth and CFO Gerard Griffin. Griffin will stay on board until May 31, unless a successor is found earlier. The company expressed appreciation for Griffin’s contributions and stated its commitment to finding a permanent replacement. CEO Carsten Koerl praised Griffin’s leadership and emphasized the company’s continued focus on driving growth and profitability in the future.

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