Sportradar (NASDAQ:SRAD) announced today it has inked an agreement with the Union of European Football Associations (UEFA). The pact calls for Sportradar to be the federation’s exclusive data provider for the UEFA Champion’s League, UEFA European Championships and other football (soccer) competitions.
Financial terms of the pact weren’t disclosed. Under the terms of the agreement, Sportradar and UEFA will extend a long-standing integrity relationship. That will now include the data provider’s integrity and investigation services to bolster UEFA’s anti-match fixing arm.
The agreement covers 1,550 matches from the 2021/22 season through to the end of the 2023/24 season across all UEFA properties, including UEFA EURO 2024, the European Qualifiers, the UEFA Nations League, the UEFA Champions League, UEFA Europa League, UEFA Europa Conference League, UEFA Super Cup, UEFA Women’s Champions League and UEFA Women’s EURO 2022, Under-21s and UEFA Futsal Champions League and UEFA Futsal EURO Championship,” according to a statement issued by Sportradar and UEFA.
Sportradar doesn’t operate sportsbooks. Rather, it provides data to leagues that is then supplied to gaming companies.
The ‘Other’ Football Is Huge Among Bettors
In the US, American football is the most wagered-on sport. But the sport Americans refer to as soccer is massive in terms of global betting.
Sportradar previously had a data agreement with the NFL, but rival Genius Sports (NYSE:GENI) won that business earlier this year. Still, the Switzerland-based company is a major player on the international football wagering stage, providing access to bettors in 120 countries. That’s done through a network of more than 900 sportsbook operators.
Those agreements include “high profile” partnerships with the Asian Football Confederation (AFC) and the South American Football Confederation (CONMEBOL). As Sportradar points out, football is the world’s most popular sport. That could be indicative of significant opportunity for sportsbook operators and technology providers, such as Sportsradar.
The UEFA agreement is slated to cover an average of 500 matches per season, according to Sportradar.
Sportradar Making Moves
Sportradar is piecing together an impressive portfolio of deals with leagues, potentially making its data all the more essential to gaming companies. The company provides data on over 80 sports across 150 leagues in 120 countries. Those relationships include the NBA, MLB, NHL, FIFA, and NASCAR.
The company is less than two months removed from its initial public offering (IPO). The shares are off nearly 16 percent since the IPO. But it appears investors like the UEFA news, as Sportradar stock is higher by almost six percent in early trading.
The consensus price target on the name is almost $29, implying upside of nearly 40 percent from the Oct. 29 close.
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