Sportradar CEO Carsten Koerl officially becomes a billionaire
Sportradar founder and CEO Carsten Koerl celebrates with Charlotte Hornets owner Michael Jordan, who owns a minority stake in the company, at the Nasdaq exchange.The Switzerland-based firm, which funnels stats from sports leagues to media companies and sports bettors, debuted on the Nasdaq on Tuesday.His first foray into the sports data space with startup Bwin had successfully gone public on Austria’s Vienna Stock Exchange, but Koerl lost control of the company he founded shortly after the IPO.
“It was the right time to say, ‘Okay, let’s start something new because I’m on a journey,’” Koerl toldThat decision paid off handsomely. Switzerland-based Sportradar, which helps sports leagues compile data like in-game statistics and distribute it to media companies and betting operators, went public on the Nasdaq on Tuesday. After opening at $27 per share, the company’s shares fell to $25.05 by market close, valuing the business at $7.4 billion. Koerl, who will remain CEO with 81.
Today, Sportradar has become a dominant player in the sports data space. After expanding into the U.S. in 2014, it boasts more than 900 sports betting clients, such as DraftKings, FanDuel and Flutter, and 150-plus sports league partners, including the NBA, MLB and the NHL. The NHL also has the rights toSportico
Yet the company is not without challenges. Uncertainty from the Covid-19 pandemic, which grounded the sports world to a halt, had threatened Sportradar’s business. Another obstacle of note: Rival data firm Genius Sports earlier this year took over the NFL’s data rights license, which Sportradar had held. Koerl is confident he can keep his competitors at bay, citing his company’s size, revenue and profit figures.
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