Sportradar went public on Tuesday via an IPO valued at just under $ 8 billion, just as the rise of sports betting offers global opportunities.
The enterprise Raised $ 513 million through the IPO, according to CFO Alex Gersh, and an additional $ 169 million from a concurrent placement with Eldridge Industries, a holding company owned by Los Angeles Dodgers owner Todd Boehly.
“We see a great opportunity to make some acquisitions“Gersh told Front Office Sports. He added that Sportradar will focus on AI and other technology companies that can add value to what it offers its customers, especially in sports betting and fan experiences.
- Sports radar deserved $ 478 million in 2020, with net income of $ 18 million.
- Sales increased 42% in the first half of 2021, and the company expects annual sales of $ 500 million from Europe, according to Gersh.
- It has an 85% market share in the US and a 45 to 50% market share in Europe, Gersh said.
NBA legend and Charlotte Hornets owner Michael Jordan, Dallas Mavericks owner Mark Cuban and Washington Capitals owner Ted Leonsis are all investors in Sportradar.
The company sees long-term expansion opportunities in India, Brazil, Latin America and Africa as sports betting is growing worldwide.