{"id":2710,"date":"2026-04-29T07:50:26","date_gmt":"2026-04-29T07:50:26","guid":{"rendered":"https:\/\/www.bettingjobs.com\/?p=2710"},"modified":"2026-05-06T07:51:37","modified_gmt":"2026-05-06T07:51:37","slug":"not-buying-it","status":"publish","type":"post","link":"https:\/\/www.bettingjobs.com\/bettingjobs-earningsandmore-partnership\/not-buying-it\/","title":{"rendered":"Not buying it"},"content":{"rendered":"<div class=\"captioned-image-container\">\n<figure>\n<div>\n<h3 class=\"header-anchor-post\"><strong style=\"font-size: 16px;\">One man on a lonely platform:<\/strong><span style=\"font-size: 16px;\"> Sportradar came armed yesterday with a new quarter-of-a-billion share buyback, a personal $10m commitment from CEO Carsten Koerl and plenty of answers to the analysts\u2019 questions when it presented its Q1 earnings, but it left investors unmoved.<\/span><\/h3>\n<\/div>\n<\/figure>\n<\/div>\n<ul>\n<li>The shares fell a further 11% yesterday, leaving them down nearly 50% YTD.<\/li>\n<li><strong>One case sitting by his side: <\/strong>Ironically, the company pulled forward its earnings release by a week in order, according to CFO Craig Felenstein, \u201cbetter capitalize on the opportunity provided by the company\u2019s current share price.\u201d<\/li>\n<\/ul>\n<p><strong>Two eyes staring cold and silent:<\/strong> Yesterday\u2019s earnings followed last week\u2019s <a href=\"https:\/\/complianceandmore.substack.com\/i\/195211522\/dirty-water\">short-selling attacks<\/a> from Muddy Waters and Callisto Research, which made various claims about Sportradar\u2019s exposure to gray- and black-market revenue.<\/p>\n<ul>\n<li>On the call, Koerl and Felenstein attempted to rebut the substance of the allegations and also downplay the alleged exposure to gray markets.<\/li>\n<li>Felenstein walked the analysts through the math, and after stripping out various elements of the revenues, came to the figure of a low- to mid-single-digit percentage.<\/li>\n<\/ul>\n<p><strong>Shows fear as he turns to hide:<\/strong> That is the direct counter to Muddy Waters\u2019 headline claim that between 20% and 40% of Sportradar\u2019s revenue flows from clients operating illegally.<\/p>\n<ul>\n<li>But what the company didn\u2019t do yesterday was deny any of the gray market names that were put forward by the reports.<\/li>\n<li>These included 1xbet, Stake, 188Bet, Yabo, 8xbet and SBOBet.<\/li>\n<\/ul>\n<p><strong>On the slide:<\/strong> <strong>Sportradar\u2019s share price YTD<\/strong><\/p>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!FYbj!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F37b2e1f2-b93b-4282-9e5a-4c13d8d4611a_1348x796.png%20424w,%20https:\/\/substackcdn.com\/image\/fetch\/$s_!FYbj!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F37b2e1f2-b93b-4282-9e5a-4c13d8d4611a_1348x796.png%20848w,%20https:\/\/substackcdn.com\/image\/fetch\/$s_!FYbj!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F37b2e1f2-b93b-4282-9e5a-4c13d8d4611a_1348x796.png%201272w,%20https:\/\/substackcdn.com\/image\/fetch\/$s_!FYbj!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F37b2e1f2-b93b-4282-9e5a-4c13d8d4611a_1348x796.png%201456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!FYbj!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F37b2e1f2-b93b-4282-9e5a-4c13d8d4611a_1348x796.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!FYbj!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F37b2e1f2-b93b-4282-9e5a-4c13d8d4611a_1348x796.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!FYbj!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F37b2e1f2-b93b-4282-9e5a-4c13d8d4611a_1348x796.png 848w, 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data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/37b2e1f2-b93b-4282-9e5a-4c13d8d4611a_1348x796.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:796,&quot;width&quot;:1348,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture>\n<div class=\"image-link-expand\">\n<div class=\"pencraft pc-display-flex pc-gap-8 pc-reset\"><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n<p><strong>Hands up:<\/strong> Koerl was on more certain ground countering the ICE sting allegation central to the Muddy Waters report. He did not deny the encounter, saying it was a purposeful sting campaign on a relatively young sales employee at the event.<\/p>\n<ul>\n<li>\u201cNo excuse, this should not happen,\u201d he added..<\/li>\n<li>But he argued that such a deal would not successfully negotiate Sportradar\u2019s full KYC chain and that such conversations were anyway \u201cfar off from signing a contract.\u201d<\/li>\n<\/ul>\n<p><strong>Slings and arrows:<\/strong> Koerl went on to suggest that Sportradar was \u201cprobably the most attacked company when it comes to sports-data piracy,\u201d arguing that its products are being redistributed with or without its knowledge.<\/p>\n<ul>\n<li>He drew an analogy with Bloomberg terminals, pointing out that when a bank misuses Bloomberg data, regulators go after the bank, not the terminal provider.<\/li>\n<li>\u201cIt is not a betting functionality,\u201d he protested. \u201cIt is an information tool.\u201d<\/li>\n<\/ul>\n<p><strong>We\u2019re right behind you: <\/strong>Koerl also suggested he and Sportradar had received \u201coverwhelming\u201d support from partners and clients, from the wider industry and from \u201csome commissioners.\u201d<\/p>\n<ul>\n<li>\u201cAnd from a regulator perspective, we are in contact with some regulators on a very frequent basis,\u201d he added.<\/li>\n<li>\u201cSome of them contacted our teams, explaining to them the situation, and that\u2019s an ongoing process.\u201d<\/li>\n<\/ul>\n<p><strong>A swing and a miss:<\/strong> Somewhat overshadowed by the pushback on the short-selling reports, Q1 revenue of \u20ac347m was up 11% YoY with adj. EBITDA up 12% to \u20ac66m.<\/p>\n<ul>\n<li>This did not help with the investor response as they represented a consensus miss.<\/li>\n<li>But the FY26 guidance was reaffirmed, with revenue forecast \u20ac1.57bn at midpoint and \u20ac395m of EBITDA.<\/li>\n<\/ul>\n<p><strong>Power play: <\/strong>On developments around prediction markets, Koerl said they were a \u201csignificant opportunity\u201d and that the company was \u201cuniquely positioned to lead\u201d given its content, scale and unmatched product portfolio.<\/p>\n<ul>\n<li>Sportradar was set to \u201cpower key players in the prediction market ecosystem,\u201d he added.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/earningsandmore.substack.com\/p\/not-buying-it\">Click here to read the FULL edition!<\/a><\/p>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>One man on a lonely platform: Sportradar came armed yesterday with a new quarter-of-a-billion share buyback, a personal $10m commitment from CEO Carsten Koerl and plenty of answers to the analysts\u2019 questions when it presented its Q1 earnings, but it left investors unmoved. The shares fell a further 11% yesterday, leaving them down nearly 50%&hellip;<\/p>\n","protected":false},"author":13,"featured_media":2715,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","footnotes":""},"categories":[24],"tags":[],"class_list":["post-2710","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bettingjobs-earningsandmore-partnership"],"acf":[],"post_author_name":"","post_authors_type":"","post_authors_from_team_members":false,"_links":{"self":[{"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/posts\/2710","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/comments?post=2710"}],"version-history":[{"count":3,"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/posts\/2710\/revisions"}],"predecessor-version":[{"id":2718,"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/posts\/2710\/revisions\/2718"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/media\/2715"}],"wp:attachment":[{"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/media?parent=2710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/categories?post=2710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bettingjobs.com\/af-api\/wp\/v2\/tags?post=2710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}