Sportradar Accused of Cooperation with Illegal and Russian Bookmakers

Swiss betting data provider Sportradar has been accused of working with illegal operators and having ties to Russian bookmakers, according to reports from Callisto Research and Muddy Waters.

The reports say that up to 40% of Sportradar’s revenue is generated through offshore partners.

The most detailed allegations are contained in the Muddy Waters report. It says its representatives, posing as a prospective bookmaker at ICE 2026 in Barcelona, spoke with Sportradar staff and identified China, Thailand, Indonesia and Vietnam — where online gambling is restricted — as target markets. According to the report, Sportradar employees did not refuse to engage. Instead, one manager allegedly demonstrated products for such markets and said the company “serves everyone”.

The report also alleges that Sportradar continues to work with several Russian bookmakers.

According to the report, some may be linked to individuals under sanctions, posing a potential risk to the company.

The report names Fonbet, Liga Stavok, BetBoom, Leon, Winline and Olimpbet. It also estimates that sales to Russian clients may account for around 11–12% of Sportradar’s revenue. 1xBet and 1win are also cited as having links to Russia.

In addition, the report says its authors analysed the code of offshore betting sites and identified dozens of operators using Sportradar’s infrastructure while operating in prohibited or legally ambiguous jurisdictions.

After the reports were published, Sportradar’s shares fell about 22.6%.

Sportradar rejected the allegations.

In a statement, the company said the Muddy Waters and Callisto reports reflect a “fundamental misunderstanding” of its business and the industry.

Sportradar added that it works exclusively with licensed operators and adheres to strict client due diligence standards.

Gambling Park previously reported that lawsuits had been filed against Sportradar in the United States and the United Kingdom over alleged violations of antitrust laws.