August 20, 2021: -First came the IPO. Now, data supplier Sportradar extends a critical partnership to keep pace in the sports betting world.
Sportradar and betting company FanDuel had new terms that extend their pact to 2028, and the parties told CNBC. The Switzerland-based company will keep supplying FanDuel with its official data from top pro leagues, which include the National Basketball Association, Major League Baseball, NASCAR, and international soccer.
According to people familiar with the deal, financial terms were not made public, but the agreement is $150 million to $200 million in its value.
Flutter Entertainment, a U.K.-based mobile gaming company, owning 95% of FanDuel. Flutter trades on the London Stock Exchange and has a market capitalization of $34 billion. FanDuel partnered with Sportradar in 2018. Sportradar said it would play a “critical role in aiding FanDuel’s growth within a U.S. sports betting landscape.”
“Both Sportradar and FanDuel have established market-leading positions through investment in innovation and cutting-edge products and services, and this expanded agreement enabling us to work together to further evolve FanDuel’s offering, particularly in areas such as in-play betting,” Sportradar CEO Carsten Koerl said. “We’re looking forward to deeper integration with the FanDuel team to build on the success we’ve had together thus far.”
Sportradar wanting to empower its position within the sports betting supplier front and is ending the summer aggressively.
According to its SEC filing, the company announced its IPO with a listing size of $100 million. Sportradar will list on the Nasdaq Global Select Market under the ticker symbol SRAD. The public listing comes after a botched SPAC attempt, including Horizon Acquisition Corp. II, led by Los Angeles Dodgers minority owner Todd Boehly.
Although losing out on National Football League data rights was a setback, Sportradar strengthened its tech offerings by acquiring Synergy Sports in the previous March. It also partnered with Bally’s in July. Bally’s has a sponsorship deal with Sinclair that enables Sportradar’s sports data to use Sinclair’s multiple media platforms.
In the extension with FanDuel, Sportradar said it is planning to upgrade the company’s in-play bet offerings, representing nearly 50% FanDuel’s betting handle. FanDuel is well-positioned for leveraging micro-bets, as it’s aligned with tech firm Simplebet.
Simple but raised $15 million in March in a financing round as the software company wants to enhance its sports betting products.