GLOBAL SPORTS TECHNOLOGY FIRM Sportradar is facing serious allegations from activist research firms Callisto Research and Muddy Waters Research, which claim the company has deep and systemic links to illegal betting markets worldwide, including India, where online sports betting remains largely prohibited.
The reports, backed by undercover investigations, forensic website analysis, and insider testimonies, have triggered regulatory scrutiny and wiped billions off Sportradar’s market value, even as the company strongly denies all allegations.
A key concern cited in the report is that India being identified as a key illegal betting market. The reports explicitly identify India as an active target market for illegal sportsbooks using Sportradar infrastructure. Multiple platforms allegedly serve Indian users despite national-level prohibition on online sports betting.
Since 2022, India has blocked over 1,500 offshore betting sites/apps. However, the reports claim users still access illegal platforms via mirror domains and apps and many such platforms rely on Sportradar’s data and odds systems. This suggests enforcement gaps in digital blocking, payment systems, and offshore hosting controls. The contradiction with Sportradar’s India role comes from the fact that Sportradar has worked with ICC, BCCI, and it provides integrity monitoring for IPL and WPL, positioning itself as a safeguard against match-fixing. This creates a paradox because a company tasked with protecting sports integrity is accused of enabling the very betting ecosystem that fuels corruption risks.
Sportradar said in a statement: “Short reports issued today contain several factual inaccuracies about Sportradar, and we unequivocally challenge these assertions. These reports demonstrate a fundamental misunderstanding of our business and the industry and were authored by short sellers trying to erode shareholder value and profit from stock disruption.
“Sportradar works exclusively with licensed operators, follows strict global compliance, and due diligence standards, and we stand by our independently audited financial statements, risk disclosures, and information provided to investors and regulators. We conduct our business with the highest ethical standards consistent with Sportradar’s policies and applicable laws and regulations.”
Key allegations by Callisto & Muddy Waters include:
- Large-scale links to illegal betting operators: Callisto claims to have identified 270+ unlicensed gambling platforms allegedly using Sportradar’s tools, data feeds, or branding. Many of these platforms operate in restricted or illegal jurisdictions, including parts of Asia and sanctioned regions. Muddy Waters independently corroborated similar findings, alleging widespread use of Sportradar services by illegal bookmakers.
- Revenue exposure to illegal markets: Estimates suggest 20%–40% of Sportradar’s revenue could come from unlicensed operators. A former employee cited in reports claimed up to one-third of revenue may be linked to such operators. Callisto argued that without black-market exposure, the company may struggle to remain profitable.
- Active targeting of restricted markets: Muddy Waters conducted an undercover sting at ICE 2026 (Barcelona), posing as operators targeting banned Asian markets. Investigators alleged that Sportradar executives offered tailored betting solutions for prohibited jurisdictions.
- Technical integration with illegal platforms: Reports cite use of Sportradar/Betradar widgets, odds feeds, and virtual games on illegal websites; backend integrations visible in website codebases. Some operators allegedly used offshore “light-touch” licences (e.g., Anjouan, Curaçao) to mask illegality.
The regulatory and legal implications for India include a challenge to the new gaming law enforcement activities being undertaken by the government. The issue emerges just after India notified the Promotion and Regulation of Online Gaming Act, 2025. Allegations indicate that enforcement mechanisms may be insufficient against offshore B2B infrastructure providers and that regulation focused on front-end apps, not backend suppliers like data providers.
