NEW YORK: Sportradar Group AG, a global provider of sports betting and entertainment products, filed for an initial public offering in the US on Tuesday.
The Swiss-based betting and sports data firm filed its listing with the US Securities and Exchange Commission, with an offering size of $100 million.
After the offering is complete, Sportradar will trade on the Nasdaq exchange under the ticker symbol “SRAD”.
Sportradar’s main rival in the sports data space is Genius Sports, which went public in April following a $1.5 billion merger with a special purpose acquisition company (SPAC). It now trades on the New York Stock Exchange under the “GENI” ticker symbol.
J.P. Morgan, Morgan Stanley, Citigroup and UBS Investment Bank will be the lead book-running managers in the IPO, while Bank of America Securities, Deutsche Bank Securities, Jefferies and Canaccord Genuity will act as additional joint book-running managers.
In a letter to potential investors included in its SEC filing, Sportradar chief executive Carsten Koerl said that sports data has become more important than ever, thanks in part to the rise of live betting.
Koerl noted: “Data and technology have never been more valuable to the sports and entertainment ecosystem. We’re grateful to all of our customers who choose Sportradar to power their offerings. We’re humbled to play a part in helping them grow and are committed to innovating alongside them. We are also honored to partner with some of the biggest sports leagues around the world to help them understand and harness the power of their own data.
“Since the founding of our business we have always cared deeply about the integrity and fairness of competition,” he continued. “We partner with leagues and sports around the world to advance our vision of fair and transparent competition. Our latest innovation in this sector is a revolutionizing analytical system to support anti-doping agencies globally.
“Sitting here today, I see numerous opportunities for growth, especially as new sports betting markets such as the US accelerate and our customers turn to us for new products and continued innovation,” he explained. “We are living in a transformational time. At Sportradar we are focused on constantly improving our company and its services. Machine learning and artificial intelligence, in particular, will help us to get brand new insights around team and player performance.
“Cloud computing gives us the GPU power, combined with low latency connections to all our clients around the world, to serve the next generation of analytical and entertainment products.”
As of 30 June, Sportradar had assets of $1.18 billion and liabilities of $935.6 million.
