Sportradar Group, a sports data firm, filed with the Securities and Exchange Commission on Tuesday to raise up to $532 million in an IPO on the Nasdaq exchange.
The business from St. Gallen, Switzerland, intends to sell 19 million shares for $25 to $28 apiece. That amounts to $475 million to $532 million in all. Sportradar would have a market valuation of $29 billion at the midpoint of the pricing range, according to MarketWatch.
A group of investors, including Eldridge and Radcliff Management affiliates, will buy an additional $159 million worth of stock at the IPO price, according to the firm. For the year 2020, Sportradar had a profit of $26.1 million on revenue of $478 million. It intends to trade under the ticker SRAD.
Data for sports betting and sports entertainment is provided by the business, which was formed in 2001. Sports federations, journalistic organizations, and sports betting companies are among its clients. The National Basketball Association, National Hockey League, Major League Baseball, Nascar, and the Union of European Football Associations are all recognized partners.
Sportradar and online sports betting behemoth FanDuel Group announced an extension of their agreement last month, becoming Sportradar FanDuel’s preferred data and odds provider for U.S. sports through 2028. Sportradar employs about 2,300 people full-time in at least 20 countries.
Meanwhile, as the firm expands into western states, shares of online sports betting companies have increased since Aug. 27. The Oregon Lottery Commission has switched from competitor Scoreboard to DraftKings as its official mobile betting partner. Only one sports betting provider is permitted in Oregon. Several businesses are permitted to conduct in-person and mobile betting operations in other states.
Partnership with FanDuel
Sportradar lately has also extended a key collaboration in order to stay up with the fast-paced world of sports betting.
Sportradar and FanDuel, a sports betting firm, have agreed to new agreements that will prolong their partnership through 2028, according to CNBC. The business, located in Switzerland, will continue to provide FanDuel with official statistics from major pro leagues such as the NBA, MLB, NHL, and international soccer.
Financial specifics were not disclosed, but sources close to the sale estimate the deal to be between $150 million to $200 million.
Sportradar said it expects to enhance FanDuel’s in-play bet services, which it claims to account for roughly half of the company’s betting volume, as part of the agreement. Because of its partnership with Simplebet, FanDuel is ideally positioned to take advantage of micro-bets. This firm provides statistics on football that allows gambling companies to give rapid odds on bets such as who will catch the next pass or whether the next play will be a pass or a run.
Simplebet obtained $15 million in a funding round in March to help the software business improve its sports betting offerings.