Sportradar CEO Rebuts Short-Seller Allegations, Clarifies Revenue From Unlicensed Markets During Q1 Call

Carsten Koerl clarifies Sportradar's revenue mix and rebuffs "black market" allegations from short-sellers during the company's Q1 2026 earnings call.

By: AXL Media

Published: Apr 29, 2026, 10:50 AM EDT

Source: Information for this report was sourced from iGaming Business (iGB).

Response to Short-Seller Allegations

During Sportradar’s Q1 2026 earnings call, CEO Carsten Koerl directly challenged recent reports from Callisto Research and Muddy Waters. The short-selling firms had alleged that Sportradar derived up to 40% of its revenue from illegal or unlicensed operators. Koerl dismissed these claims as "false, misleading, and defamatory," arguing they were "self-interested" attempts to manipulate the stock price. He clarified that the company does not work with black-market operators and maintains a strict compliance structure for "grey market" jurisdictions.

Quantifying Revenue Exposure

Under pressure from analysts to provide transparency, Koerl quantified Sportradar's exposure to unregulated markets at approximately 5% to 13% of its total revenue mix. This figure is significantly lower than the 30% to 40% suggested by the short-sellers. Koerl explained that this range is meticulously tracked through operational data and that the company only enters into contracts with operators after a comprehensive vetting process. He reiterated that Sportradar’s longevity in the industry is built on maintaining regulatory licenses across the globe.

The "Sting Campaign" at ICE Barcelona

Koerl also addressed a specific allegation from Muddy Waters regarding a "sting" operation at the ICE Barcelona 2026 trade show. The short-seller claimed a Sportradar salesperson offered to facilitate business with Yabo Group, a major illegal operator in China. Koerl described the incident as a "purposeful sting campaign" targeting a junior employee during an event where the company held over 4,000 meetings. He noted that such initial discussions are far from a signed contract and are subject to an "intensive KYC process" involving sanction list checks and final legal review.