Betting supplier takes the leap
Global sports betting supplier Sportradar has gone public. The company began trading on the Nasdaq stock exchange on Tuesday, with an initial valuation of $27 per share. This values the business, which will trade under the ticker symbol SRAD, at nearly $8bn.
Sportradar chief executive Carsten Koerl rang the opening bell at Nasdaq on Tuesday. Former NBA star and prominent investor in the company Michael Jordan joined Koerl for the occasion. Sportradar posted some pictures of the event to its Twitter page later that day:
The supplier revealed details of the Initial Public Offering (IPO) in a statement on its website this week. It included a total of 19 million Class A ordinary shares. Koerl has also granted underwriters a 30-day option to purchase an additional 2.9 million shares at this initial cost.
The first day of trading
On Tuesday, Sportradar boss Koerl commented on the public listing – something he described as a “significant milestone” for the company. He said: “It is a testament to the ambition, originality and resourcefulness of our employees, the strength and commitment of our partners, the confidence and support of our investors and the vision of our customers.”
In selling 19 million of its Class A shares, Sportradar has so far raised $513m. However, the company’s shares closed the first day of trading 7% below the initial public offering price. Shares in the technology company ended the day at $25.05 each, valuing the company at around $7.4bn – down from $7.98bn.
A busy year for Sportradar
Going public has added another major event to Sportradar’s busy year, which has seen the company sign multiple deals. Perhaps most notably, Sportradar penned a ten-year global partnership with the NHL in June, giving it official rights to league data for betting and streaming.
most notably, Sportradar penned a ten-year global partnership with the NHL
The business has also sealed its fair share of supply agreements with gambling operators. Last month, it extended its data agreement with FanDuel through 2028. Earlier in the year, the supplier inked a deal to provide Bally’s Interactive with access to all of its pre-game betting services, live betting services, and content solutions portfolio.
In a blow to the company in April, the NFL named Genius Sports Group as its exclusive betting data distributor. The news came as a surprise to industry insiders, who expected the league to renew its agreement with Sportradar. Now, all official league operators must partner with Sportradar competitor Genius to access official league data.
Nasdaq backs sports betting
In addition to featuring betting companies on its stock exchange, Nasdaq has decided to dip its toe into the world of sports wagering itself. In a statement on Tuesday, sports betting company Sporttrade Inc. announced that it has partnered with Nasdaq for the right to use its market technology.
Based in Philadelphia, Sporttrade is a sports betting exchange that allows its users to trade in and out of bets like a stock market. By using Nasdaq’s software, which 2,300 finance companies already utilize, the company hopes to monitor bets to identify any irregularities or unusual trading.
“Adopting Nasdaq’s industry-leading market surveillance technology is essential in Sporttrade’s promise to our participants – to advance fair, transparent and efficient open sports betting markets,” commented Alex Kane, founder and CEO of Sporttrade.