Swiss gambling data company, Sportradar “the leading global provider of sports data intelligence” has finally ended their quest to become a publicly-traded company on a US exchange. On Tuesday, Sportradar officially went public on the NASDAQ exchange.
Tuesday’s ceremony welcoming the company to its first stock exchange, which included NBA legend and gambling enthusiast Michael Jordan and Sportradar founder and CEO Carsten Koerl was the culmination of a 14-month journey for the data provider to get to this point. There were some twists and turns during the process but in the end, Sportradar ended up where they wanted to be – trading their stock on NASDAQ.
“Ringing the Opening Bell at the NASDAQ as a public company is a significant milestone in the history of Sportradar,” founder and CEO Carsten Koerl said. “It is a testament to the ambition, originality, and resourcefulness of our employees, the strength and commitment of our partners, the confidence and support of our investors, and the vision of our customers. Moving forward, we’ll continue to propel digital transformation across the sports ecosystem as a result of our dedication to developing the most innovative products and solutions that drive fan engagement.”
How Sportradar Got Here
Sportradar took an interesting path to their public offerings. At first, as one of the most sought-after data providers in the world, Sportradar looked into employing a SPAC model with Horizon Acquisition Corp. II to become a publicly-traded entity. That deal fell through, coincidentally around the same time Sportradar lost out on a deal with the NFL to be official data provider of the juggernaut league.
Their new path saw Sportradar go public with a more traditional IPO method, offering 19,000,000 Class A ordinary shares and raising an estimated $513 million along the way. Underwriters have been granted 30 days to purchase an additional 2.85 million shares. They are being offered at $27 per share based on a nearly $8 billion evaluation.
Where They Are Now
Sportradar stock will be traded under the NASDAQ ticker symbol “SRAD” and will have the backing of some prominent figures in the sports and business world. Included in that is Los Angeles Dodgers co-owner Todd Boehly who was part of the original SPAC looking into Sportradar – he reportedly bought 6 million shares. Michael Jordan also invested in the company.
Where Sportradar is now is no fluke. The company has established themselves as a huge player in the sports betting data game. Data has become an essential part of the incredible evolution of the sports betting industry and its value is expected to only increase going forward.
Sportradar has official partnership deals in place with the NHL, NBA, MLB, NASCAR, and FIFA to name a few. The company boasts “over 1.2 billion live data points per year from over 600,000 events in 37 sports,” across the world, leading to an estimated 21 billion odds changes from their data suites.
The company now has employees in 19 countries and customers in 120. Sportradar currently employs 2300 full-time workers and has 1600 partnership deals signed within the global sports betting market.
At the End of the Day…
Sportradar and those that invested in the company look like winners after an $8 billion evaluation and a launch on NASDAQ in a fairly quick fashion, without the help of a SPAC.
The company becomes just the latest to take advantage of the legal sports betting gold rush in the US. Although the stock fell 7.22% after their first day of trading to $25.05, there aren’t many worried about the future of Sportradar, one of, if not the top data providers for sportsbooks on the planet.