Why Sportradar Stock Soared Today
Shares of sports-betting technology company Sportradar (NASDAQ: SRAD) soared on Wednesday after its financial results for the second quarter of 2022 beat analysts' expectations. The company also raised its guidance, which excited the market. As of 10 a.m. ET, Sportradar stock was up 16%.
Sportradar partners with sports leagues, media companies, and sport-betting companies around the world to distribute data and provide analytics. In Q2, the Switzerland-based company generated revenue of 177 million euros, up 23% year over year and ahead of Wall Street's estimates.
Of particular strength was Sportradar's U.S. operations. Revenue in the U.S. was up an impressive 66% year over year compared to just 15% growth for the rest of the world. This outsized growth was due to the ongoing legalization of sports betting in the U.S.
Source Fool.com
