NEW YORK – Sportradar (NASDAQ: SRAD), a global sports technology company, has launched a new suite of products aimed at enhancing NBA fan engagement and expanding betting opportunities. The company, leveraging its proprietary AI and technology, is set to provide a more immersive basketball viewing and betting experience by utilizing official NBA content, including skeletal tracking data.
The newly introduced Virtualized Live Match Tracker offers fans 3D visualizations of live NBA games with customizable viewing angles, designed to keep users engaged within a betting operator's app while presenting in-play betting options. This follows the earlier release of 4Sight Streaming for basketball, after its success with tennis, which delivers animated overlays and actionable insights to predict game outcomes and inform real-time betting decisions.
In addition, NBA Advanced Visualizations have been developed to create interactive graphics and animations that enhance game analysis and media storytelling. These include 3D animations, heat maps, and player performance metrics based on real-time skeletal tracking data.
The emBET product, initially launched on NBA League Pass, now extends to a broader range of devices, such as internet-connected TVs and Android devices. This expansion allows bettors to actively monitor their wagers and enjoy an interactive viewing and betting experience across multiple platforms.
Sportradar's commitment to deepening its partnership with the NBA is reflected in the words of Eric Conrad, EVP, Rights & Strategic Partnerships - USA & Latam, who stated that Sportradar's technology is "reimagining how fans interact with the NBA" and expressed excitement for future innovations.
As the trusted partner of major sports organizations, including the NBA, Sportradar covers nearly a million events annually across various sports. The company also emphasizes the importance of integrity in sports through its Integrity Services division.
The information for this article is based on a press release statement from Sportradar.
In other recent news, Sportradar Group AG has been making significant progress in its financial performance and market positioning. The company reported a substantial 29% increase in its second-quarter revenue for 2024, reaching €62 million. This growth was significantly driven by a 59% revenue increase in the U.S. market and a 22% rise across Europe, APAC, and Latin America. Furthermore, Sportradar raised its full-year guidance, expecting revenues of at least €1.07 billion and adjusted EBITDA of at least €204 million.
Sportradar's stock has recently been upgraded by several financial institutions. JPMorgan upgraded the stock from Neutral to Overweight and increased the price target from $12.00 to $15.00. Similarly, JMP Securities and Jefferies each upgraded the stock and set a new price target of $16.00. Canaccord Genuity also increased the price target for Sportradar's shares to $18.00.
Among other recent developments, Sportradar announced the appointment of Michael C. Miller as Chief Legal Officer, Chief Administrative Officer, and Corporate Secretary. Miller, with over two decades of legal and business experience, is expected to foster growth and strategic focus within the company. These are the latest developments in Sportradar's journey, which continue to shape its growth and expansion in the sports data and content market.
InvestingPro Insights
Sportradar's (NASDAQ: SRAD) innovative product launches align with its strong financial performance and market position. According to InvestingPro data, the company has shown impressive revenue growth of 23.34% over the last twelve months as of Q2 2024, with quarterly revenue growth accelerating to 28.64% in Q2 2024. This growth trajectory supports Sportradar's ability to invest in cutting-edge technologies like AI-driven engagement tools for NBA fans.
InvestingPro Tips highlight that Sportradar is trading at a low P/E ratio relative to its near-term earnings growth, with a PEG ratio of 0.47, suggesting potential undervaluation despite its recent stock price surge. The company's stock has seen a significant 31.63% price increase over the past six months, reflecting investor confidence in its growth strategy and market expansion.
Sportradar's strong balance sheet, with more cash than debt, provides financial flexibility to continue innovating and expanding its product offerings. This solid financial footing is crucial as the company aims to capitalize on the growing sports betting market and deepen its partnerships with major leagues like the NBA.
For investors seeking more comprehensive analysis, InvestingPro offers 12 additional tips for Sportradar, providing a deeper understanding of the company's financial health and market position.
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