Sportradar, a global provider of sports betting and sports entertainment products and services, rang the opening bell yesterday at the NASDAQ Stock Exchange.
The ceremony marked its official debut as a NASDAQ-listed company which saw it open with a market value of $7.8bn. As trading closed, the firm held a valuation of $7.4bn after shares had peaked briefly above the IPO price to eventually fall by 7.2% on the day.
CEO Carsten Koerl, along with his executive team, was joined on stage by investors Michael Jordan and Todd Boehly. He stated: “Ringing the opening bell at the NASDAQ as a public company is a significant milestone in the history of Sportradar.
“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.
“Moving forward, we’ll continue to propel digital transformation across the sports ecosystem as a result of our dedication to developing the most innovative products and solutions that drive fan engagement.”
There was reaction, too, from Ted Leonsis, Founding Partner of Revolution Growth, and Founder and CEO of Monumental Sports & Entertainment. “Today is just the beginning for Sportradar,” he said. “Revolution Growth first invested in the company in 2015, recognizing that trusted data was becoming an increasingly integral part of professional sports.
“When we look at where the sports industry is today, and where it is going, data analytics is without a doubt one of the most important tools for sports teams, for media companies, and for betting organizations. Sportradar has helped eager fans access a more immersive sports experience. And rapid digital acceleration during the pandemic has opened up numerous new opportunities across the industry.
“No organization is better positioned than Sportradar to be the dominating force at the nexus of sports and big data. It is evidenced by their unparalleled data science team, their deals with major leagues and media companies in the US and around the world, and their forward thinking approach to partnerships with companies like DraftKings. Revolution Growth is proud to have played a role in helping this game-changing company reach today’s milestone.”
