Sportradar Review
7.7/10Swiss-founded, Nasdaq-listed data company holding exclusive NBA (to 2031), NHL (2030-31), MLB (2032), ATP (2029), and Bundesliga (2031-32) betting rights plus the IMG Arena portfolio, distributing 1M+ events a year through the Unified Odds Feed and trading for 200+ books via MTS, atop EUR 1,290M FY25 revenue with EUR 100M profit.
Our read
- Exclusive league data locked into the next decade: NBA to 2031, NHL through 2030-31, MLB to 2032, ATP to 2029, and Bundesliga to 2031-32, plus Wimbledon extended on June 4, 2026, which puts three of four Grand Slams alongside UFC, PGA TOUR, MLS, and EuroLeague from the IMG Arena portfolio.
- One integration carries everything: the Unified Odds Feed pushes official and scouted coverage, virtuals, esports, and third-party content through a single rail, with the spec at docs.sportradar.com, Java and .NET SDKs, and odds-recovery mechanics.
- Managed trading at industrial scale: MTS processed 3.5 billion-plus betting tickets for 200+ operators in the year to July 2024, with UFDS integrity surveillance wired into the risk stack and OneFeed letting the desk trade content from other suppliers.
- FY25 revenue of EUR 1,290M (+17%) with EUR 100M profit, positive free cash flow, 109% net retention, a buyback expanded to $1B, and 2026 guidance of EUR 1,557-1,582M (March 3, 2026).
- Three depths from one supplier: the raw UOF feed, MTS taking over trading, or the whole book as the Orako turnkey (launched 2022 on the Optima base), so an operator can move up the stack without changing supplier.
- Prediction markets on the official book: the Kalshi global partnership (June 8, 2026) covers official data, live odds, and integrity across MLB, NHL, MLS, and UFC, non-exclusive but with a sublicensing lane to Kalshi's own brokers and market makers.
- Unregulated markets run at low-to-mid single digits of revenue, with a simulation-based upper bound of 12%.
- The structural conflict of a supplier that also sells sportsbooks: Orako competes with the platform vendors that buy Sportradar feeds, so platform rivals and Orako buyers sit on opposite sides of the same vendor.
- The rights map stopped being one-way traffic: UEFA exclusivity expires at the end of the 2026-27 season, ICC cricket rotated to Stats Perform after 2023, FIFA World Cup 26 betting data also sits with Stats Perform, and the UK CMA cleared the IMG Arena deal on a failing-firm counterfactual.
- The MTS model is a GGR revenue share, and the league equity stakes held by the NBA, NHL, and MLB travel with the rights costs.
US-facing books that need official NBA, NHL, or MLB data, operators consolidating onto one feed, startups handing trading to MTS or the whole book to Orako, and prediction-market platforms on the Kalshi lane.
Buyers who need published pricing or negotiating leverage on league data, sportsbook-tech rivals wary of buying data from a direct competitor, and value-tier books that only need unofficial coverage at LSports-class cost.
Markets & licensing
Sportradar supplies data, odds, and trading rather than holding an operating license, and its own licensing sits in North America: supplier licenses or equivalents across US states, territories and tribes, with Maryland, Wisconsin, Connecticut, West Virginia, Maine, Ohio, and North Carolina among them, plus the Ontario AGCO registration of April 5, 2022. For the Orako turnkey the licensing burden sits with the operator.
The 26-to-36-to-56 license arc (December 2021 to March 2024) was built state by state as US markets opened, with seven states named in dated announcements and the rest carried in company counts. Nothing here can be clicked, since US registers are not publicly queryable, so the arc rests on dated company announcements.
Sportradar holds no UKGC registration, and supplying data to books that hold their own operating licenses does not require one.
- US state and tribal supplier licensesUnited States
- Supplier licenses or equivalents across states, territories, and tribes, accumulated as regulated markets opened from 2021 · 56 incl. Canada at the North Carolina award, March 2024 · 26 in Dec 2021, 36 in Apr 2022
- Ontario AGCO supplier registrationOntario, Canada
- Gaming-supplier registration for the regulated Ontario market · April 5, 2022 · announced alongside the 36-license North American count
Licensing tier: Supplier-grade registrations in US states, territories and tribes plus Ontario, with no higher tier required for data supply.
Data supply runs without gambling-license gates in most markets.
Sportsbook & verticals
A vendor's lineup often mixes its own builds with other companies' products plugged in. When the sportsbook is third party, a second company stands behind your contract.
Integrations & engineering
One contract and one API instead of a separate deal per studio, feed, or PSP. Here's what connects, how fast, and on what stack.
Everything routes through the Unified Odds Feed: real-time XML pushed over AMQP with a REST companion API for metadata, official Java and .NET SDKs, and odds-recovery endpoints, with a separate developer.sportradar.com portal for the media Odds and Sports APIs. Virtuals and esports arrive as producers inside the same feed, Huddle props and micro-markets ride it as carried third-party content, and OneFeed converges outside feeds so MTS can trade non-Sportradar supply. Above the feed sit the managed layers: MTS takes over pricing and trading operations with liability staying at the operator, and Orako ships the entire sportsbook.
The calendar comes out of sales scoping, with counterparty vetting in the path.
Products & tools
Four rungs on one ladder: the official rights portfolio that runs from the NBA to the Bundesliga, the UOF feed that delivers it (and rivals' content) through a single documented integration, MTS managed trading behind 200+ operators, and the Orako turnkey for operators who want Sportradar running everything.
Official Rights
Exclusive official betting data for the NBA, NHL, MLB, ATP, and Bundesliga locked into the 2029-2032 window, three of four Grand Slams after the IMG Arena close, and UEFA club competitions through 2026-27.
- NBA, WNBA, and G League exclusive worldwide betting data through 2031, with the NBA holding roughly 3% equity since the 2021 deal
- NHL betting data and betting streaming through 2030-31 on the 10-year deal announced June 2021, and MLB real-time data through 2032 after the February 2025 extension
- ATP data and betting streaming to 2029 via Tennis Data Innovations, with Wimbledon's data and AV betting rights extended multi-year on June 4, 2026
- UEFA gambling-data exclusivity through the 2026-27 season at 900+ matches a season, Bundesliga to the end of 2031-32, and a DFB-Pokal extension on March 23, 2026
- The IMG Arena close (November 3, 2025) added UFC, PGA TOUR, MLS, EuroLeague, US Open, and Roland-Garros: 70+ rightsholders, 460+ deals, roughly 38,000 data and 29,000 streaming events a year
Unified Odds Feed
The delivery backbone: real-time odds and data pushed as XML over AMQP with a REST companion API, official Java and .NET SDKs, odds recovery built in, and virtuals, esports, and third-party content shipping through the same pipe.
- Real-time XML pushed over AMQP, a REST API for metadata, and dedicated odds-recovery endpoints
- Documentation at docs.sportradar.com covering the market catalog and player-prop markets
- Virtual sports and esports delivered as producers inside the same feed rather than separate integrations
- Third-party content rides the rail: Huddle player props and micro-markets have shipped inside UOF since July 2024
Managed Trading Services
Sportradar as the trading desk: operators hand over the whole book or keep in-house control with the vendor's tools, with pricing, liability management, player profiling, and UFDS match-fixing surveillance run as a service at 200+ client scale.
- 3.5 billion-plus betting tickets processed in the year to July 2024 for 200+ clients, with 44 new operators added in H1 2024
- Full-book handover or in-house mode with Sportradar tools
- Alpha Odds AI pricing layered on Sportradar's own odds compilation
- OneFeed converges third-party feeds so the desk can trade non-Sportradar content
- Dedicated Operational Account Managers with round-the-clock coverage
Orako
The all-in-one omnichannel sportsbook launched June 27, 2022 on the 2019 Optima acquisition: fully managed or self-managed modes, ISO-certified, aimed at Africa, Europe, LatAm, and North America, with the operator carrying the licensing burden.
- Launched June 27, 2022 on the platform base acquired with Optima in 2019
- Fully managed or self-managed operating modes, omnichannel across online and retail
- ISO 27001, ISO 20000, and ISO 9001 certifications
- Positioned for Africa, Europe, LatAm, and North America
- Sold beside the feed and MTS, so one vendor spans data supply and platform competition
Platform & capabilities
Everything the product does out of the box. If a feature isn't listed, the vendor either doesn't offer it or doesn't say.
Risk maturity
Operators check this capability first, and depth varies enough between vendors to grade it.
The history
Longevity in this industry usually comes with a change of owner somewhere in it.
Carsten Koerl founded the company in St. Gallen in 2001 and still runs it 25 years later, with the Betradar brand carrying the betting business through the 2000s and 2010s. The modern shape came in three moves: the 2019 Optima acquisition that became the Orako turnkey, the September 2021 Nasdaq IPO at $27 a share ($513M raised at roughly $8B, Michael Jordan among the investors, Koerl keeping about 82% of votes through Class B stock), and a rights-buying run that locked the NBA, NHL, MLB, ATP, UEFA, and Bundesliga into multi-year exclusives, several paid partly in equity. IMG Arena closed on November 3, 2025, with $225M flowing to Sportradar to take on the book. FY2025 printed EUR 1,290M in revenue (+17%) and EUR 100M of profit, and 2026 opened with guidance of EUR 1,557-1,582M and a buyback expanded to $1B.
Brands & clients on the platform
Corporate
- Optima (2019)
- IMG Arena (2025)
Leadership
Milestones
- 2001
Carsten Koerl founds the company in St. Gallen, with Betradar as the betting-industry brand of the early years.
- 2019
Acquires the Optima sportsbook platform, the base of the later Orako turnkey.
- 2021
Nasdaq IPO on September 14 at $27 a share raises $513M at roughly $8B, the NBA signs an 8-year exclusive data deal and takes about 3% equity, the NHL signs for 10 years and buys $10M+ of stock, and the US supplier-license count reaches 26 by December 17.
- 2022
Orako launches June 27, Ontario's AGCO registers Sportradar on April 5, and the North American license count reaches 36.
- 2023
ICC cricket rights rotate to Stats Perform after the 2021-2023 cycle.
- 2024
The ATP cycle to 2029 begins, Bundesliga extends to 2031-32 (February 26), UEFA extends through 2026-27 (July 11), Huddle props start shipping inside UOF (July 2), and North Carolina makes it 56 licenses or equivalents (March).
- 2025
MLB extends and expands to 2032 with equity (February), the IMG Arena deal is announced March 19 and closes November 3 with $225M flowing to Sportradar, and the UK CMA clears it October 2 on a failing-firm counterfactual.
- 2026
FY25 prints EUR 1,290M revenue and EUR 100M profit with the buyback expanded to $1B (March 3), DFB-Pokal extends (March 23), Hard Rock Bet adds PGA TOUR and UFC data (March 26), Wimbledon extends (June 4), and Kalshi signs the prediction-market partnership (June 8).
Where they're pushing next
- Prediction markets through the Kalshi lane signed June 8, 2026, with direct contracting to Kalshi's brokers and market makers on the table
- US state supplier licensing, which keeps widening as new markets regulate
- IMG Arena cross-sell into the existing book, starting with Hard Rock Bet on March 26, 2026
Awards & recognition
Longevity and ownership
Switching vendors is expensive, which makes the company's staying power part of the purchase. What the contract says about your data decides how expensive an exit gets.
Sportradar vs alternatives
Most buyers in this market shortlist three or four vendors long before they take a single sales call.
| Attribute | Sportradar | Genius Sports | Stats Perform | LSports |
|---|---|---|---|---|
| Founded | 2001 | 2000 | 1981 | 2012 |
| Team | 3,900+ | 2,600+ | 3,300+ | — |
| Sportsbook | Yes | Yes | Yes | Yes |
| Licenses | — | Tennessee, Massachusetts, Ohio | — | — |
| US market | Available | Available | Available | Available |
| Pricing | — | — | — | On request |
| Trading model | Managed via MTS or tools-only | Managed | None sold | Tools only |
| Bet builder | — | Own engine | — | — |
| Sports | — | — | — | 100+ |
Pricing & terms
Sportradar quotes pricing per project. Here's how the model and the terms are structured.
GGR revenue share on MTS, and feed or turnkey pricing quoted deal by deal
Turnkey
Path to launch
- 1Scope the buy with sales: raw UOF feed, MTS managed trading, or the Orako turnkey
- 2Clear counterparty vetting: license checks and sanctions screening, with an operator license as the entry ticket
- 3Map target states against the 56-license North American supplier stack and confirm any market-specific approvals before content goes live
- 4Integrate from docs.sportradar.com: UOF over AMQP with the Java or .NET SDK and odds recovery wired in, or scope the MTS handover including OneFeed for third-party content
- 5Negotiate commercials: MTS runs on a share of operator GGR, and feed pricing is quoted deal by deal
Support & account management
You can't demo service before you sign, so what a vendor puts in writing is the only floor you can hold it to.