Yahoo Finance SportRadar Stock Surges on NBA Partnership
By Sam Boughedda
Investing.com — Sports technology company Sportradar Group AG (NASDAQ:SRAD) shares surged 10% after it announced a multi-year partnership with the NBA.
The deal includes the NBA, Women's National Basketball Association (WNBA), and NBA G League. Sportradar will have exclusive rights to distribute NBA data to sportsbooks in the U.S. and overseas. The NBA will also take an equity stake in Sportradar.
The new partnership is expected to begin with the 2023-24 NBA season.
SportRadar, whose original deal with the NBA began in 2016, will get expanded distribution rights for player tracking data.
Carsten Koerl, CEO of Sportradar, explained: "We believe that this agreement will contribute to Sportradar's profitable business and continued growth. The remaining time left on the existing deal, and this new multi-year agreement, gives us significant runway to partner with the NBA and develop exciting solutions across our teams, betting and sports entertainment verticals."
SportRadar shares traded at $23.90 in the morning session.
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