Craig-Hallum Sees Positive Outlook for Sportradar with Exclusive Deal
Craig-Hallum notes that MLB announced it signed an MOU with the CFTC as well as a commercial deal making Polymarket the exclusive prediction market for the league, calling the news "very positive" for Sportradar given that it states that Polymarket will get access to Official League Data from Sportradar, "MLB's exclusive global distributor of data for prediction markets." This is the first deal to be signed following the CFTC's recent staff letter recommending that Designated Contract Markets rely on official data provided by the relevant leagues as a settlement source, adds the firm, which thinks the trend continues and "solidifies the need for official data in the growing prediction markets ecosystem." The firm reiterates a Buy rating on Sportradar shares.
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- Annual Report Submission: Sportradar Group AG filed its annual report on Form 20-F for the fiscal year ending December 31, 2025, with the SEC on March 27, 2026, enhancing the company's compliance and transparency, which boosts investor confidence.
- Report Access: Investors can access the annual report via the company's investor relations website or the SEC's site, and the company offers free paper copies upon request, demonstrating its commitment to shareholder engagement.
- Company Overview: Founded in 2001, Sportradar is a leading global sports technology company that creates immersive experiences for sports fans and bettors, covering over one million events annually, showcasing its significant influence in the sports, media, and betting industries.
- Industry Partnerships: As a trusted partner of organizations like the ATP, NBA, and NHL, Sportradar not only redefines the sports fan experience but also safeguards sports integrity through its Integrity Services division, highlighting its critical role in the industry.
- Brand Launch: Sportradar has launched its new iGaming brand, Playradar, aimed at providing a fully integrated cross-vertical gaming ecosystem for global operators, marking the next phase in its iGaming business evolution.
- Innovative Experience Center: Playradar features a 24/7 'Experience Center' where players can watch live sports and play games on the same screen, fostering community interaction and supporting real-money play, which is expected to significantly enhance user engagement.
- Rich Content Offering: The new brand will provide live and historical sports/casino hybrid content, leveraging Sportradar's data to turn real sporting moments into interactive gameplay, enhancing player experience and driving higher player value.
- Leadership Team: Sportradar has appointed former Playtech Live CEO Edo Haitin to lead the division, leveraging his over 20 years of experience in iGaming operations and live casino development to accelerate Playradar's growth.
- Sale Overview: Greenhouse Funds LLLP disclosed the sale of 802,904 shares of Blackbaud during Q4 2025, with an estimated transaction value of $51.63 million, marking a complete exit from the company and reflecting concerns over the SaaS sector.
- Impact on Holdings: This transaction reduced Blackbaud's representation in Greenhouse Funds' 13F assets to zero, indicating a lack of confidence in the company's future performance, which could affect the overall performance of the fund's portfolio.
- Market Performance Analysis: As of February 13, 2026, Blackbaud's stock was priced at $49.08, with a one-year return of -39.2%, highlighting the company's vulnerable position in the market, which likely prompted the fund's decision to sell.
- Industry Trend Reflection: The sale by Greenhouse Funds aligns with the broader challenges faced by SaaS stocks, particularly as AI technologies rapidly evolve, putting cost pressures on many SaaS companies and prompting investors to reassess their investment strategies.
- Significant Trade Size: Greenhouse Funds LLLP sold 802,904 shares of Blackbaud in Q4 2025, with an estimated transaction value of $51.63 million, reflecting the fund's strategic exit from SaaS stocks amid market volatility.
- Asset Management Shift: This transaction reduced Greenhouse Funds' Blackbaud position value from 1.89% of AUM to 0, indicating a significant loss of confidence in Blackbaud, likely due to increasing industry uncertainties.
- Market Reaction: Blackbaud's stock continued to decline in 2026, validating the timing of Greenhouse Funds' exit and highlighting concerns about the company's future performance, especially with the rapid advancement of AI technologies.
- Investment Strategy Adjustment: This decision aligns with the broader trend in the SaaS industry, suggesting that the fund's management may prefer reallocating capital to other more promising investments to navigate market fluctuations.
- Strong Financial Performance: Sportradar reported a GAAP EPS of €0.01 in Q4, with revenues reaching €369.89 million, reflecting a 20.5% year-over-year growth that underscores the company's robust momentum in the sports data market and solidifies its market position.
- Adjusted EBITDA Growth: Adjusted EBITDA surged by 48% to €89 million, with the adjusted EBITDA margin expanding by 451 basis points to 24.2%, indicating significant progress in cost control and operational efficiency, thereby enhancing profitability.
- Robust Cash Flow: The company generated net cash from operating activities of €88 million and free cash flow of €18 million, demonstrating a healthy financial position that supports future investments and shareholder returns.
- 2026 Financial Outlook: Sportradar targets revenue growth of 23% to 25% for fiscal 2026, with adjusted EBITDA expected to grow by 34% to 37%, which will further drive the company's long-term growth strategy and bolster market confidence.










