Sportradar CEO Defends Company After Share Price Drop: “Offshore Revenue” No More Than 12%

^{Pictured: Carsten Koerl, CEO of Sportradar}

Sportradar CEO Carsten Koerl has rejected allegations of doing business with black-market operators, saying the company’s exposure to unregulated markets is in the low to mid single digits and does not exceed 12%, iGaming Business reported.

The remarks follow reports by investment firms Callisto Research and Muddy Waters, which accused Sportradar of working with unlicensed betting operators. The reports claimed that such clients could account for 30–40% of total revenue and suggested the company may have operated in markets where online gambling is banned. They also included references to alleged ties with Russian bookmakers. The publications prompted a decline in Sportradar’s share price.

Koerl described the allegations as “false, misleading, and defamatory.”

He said the company does not work with black-market operators and operates only with licensed partners in grey markets. “This accounts for between 5% and 12% of revenue,” he said.

The CEO added that following the publication of the reports, the company received support from clients, sports organisations, and the wider industry. He also noted that Sportradar remains in contact with regulators, some of whom have already requested clarification.

For the first quarter of 2026, Sportradar reported revenue of €347 million, up 11% year-on-year. Despite the growth, the company posted a net loss of €6 million.

Earlier, Gambling Park reported that Sportradar could face a class-action lawsuit over allegations of links to the illegal betting market.

* “Black market” refers to markets where operators conduct activities in clear violation of the law.

** “Grey market” refers to markets with an unclear legal status, where regulation is incomplete or only partially enforced.