Sportsbook operator FanDuel and data provider Sportradar today announced they are extending their partnership. Sportradar is the selected data or odds provider to the gaming company through 2028.
Financial terms of the pact weren’t disclosed, but there’s talk the deal is worth $150 million to $200 million to Sportradar. The data company will be FanDuel’s provider for US sports, including Major League Baseball (MLB), the NBA, and the NHL. The NFL, the most wagered-on league in the US, isn’t part of the accord because Sportradar rival Genius Sports has the data accord with that league.
Both Sportradar and FanDuel have established market-leading positions through investment in innovation and cutting-edge products and services, and this expanded agreement enables us to work together to further evolve FanDuel’s offering,” said Sportradar CEO Carsten Koerl in a statement.
Extension of the agreement is a boon for Sportradar, because FanDuel is the largest online sportsbook operator in the US, with a 45 percent share in the world’s fastest-growing regulated sports betting market.
In-Game Betting Implications
The FanDuel/Sportradar extension is also confirmation of the growth of in-game, or live betting, and the importance of data needed to power that offering.
US operators see significant growth potential in live betting in the US, particularly for slower-moving sports, such as baseball and golf. By some estimates, in-game wagers account for half of FanDuel’s US handle, and the firm has obvious competencies in this area. Its parent company, Flutter Entertainment, is one of the largest sportsbook operators in the UK and Europe, where in-play betting has long been popular with gamblers.
“Under the terms of the agreement, Sportradar will provide the FanDuel Sportsbook with access to the most comprehensive suite of betting products in the marketplace, including complete pre-match betting services, live betting services, and betting entertainment tools,” according to the statement.
“The popularity of In-Play wagering means the FanDuel Sportsbook is a true second-screen companion for sports fans in the arena, stadium, sportsbook, or living room, and Sportradar’s best-in-class portfolio of products and services will support its evolution and future growth,” the statement continued.
Waiting on IPOs
News of the deal extension comes just two days after Sportradar filed a Form F-1 filing with the Securities and Exchange Commission (SEC), revealing plans for a US initial public offering (IPO).
The Swiss company plans to list on the Nasdaq under the symbol “SRAD.” The regulatory document didn’t include an IPO date or pricing range.
FanDuel is a highly anticipated IPO in its own right. Flutter owns 95 percent of the iGaming and sports betting enterprise. But amid a key executive departure and legal wranglings with a major investor, the UK-based gaming company delayed a FanDuel spinoff. The operator said that transaction will occur at some point next year.