Professional
Added to YB: 2026-04-24
Pitch date: 2026-04-22
SRAD [bearish]
Sportradar Group AG
+0.23%
current return
Author Info
Muddy Waters Research is a short seller that peels back the layers, often built up by seemingly respected but sycophantic law firms, auditors, and venal managements. Sign up for the newsletter.
Company Info
Sportradar Group AG, together with its subsidiaries, provides sports data services for the sports betting and media industries in Switzerland, the United States, North America, Africa, Malta, the Asia Pacific, the Middle East, Europe, Latin America, and the Caribbean.
Market Cap
$4.6B
Pitch Price
$12.93
Price Target
N/A
Dividend
N/A
EV/EBITDA
10.41
P/E
47.03
EV/Sales
3.34
Sector
Hotels, Restaurants and Leisure
Category
special_situation
MW is Short Sportradar Group AG (SRAD US)
SRAD (short): Muddy Waters finds data biz aiding illegal gambling—20-40% of rev (~€120-150M from 47 clients) from illegal/sanctioned ops incl 1xBet, Fonbet, 8xBet tied to human trafficking. CEO lied re '4-level KYC'; at ICE sales staff offered intro to China's Yabo crime syndicate. Adj EBITDA overstated 37-48% by omitting €72M license interest. Losing 20% clients = €88-100M loss. UK/MGA license risk, material control weaknesses since IPO.
Read full article (107 min)