Sportradar J.P. Morgan TMC Conference Takeaways

Research evidence excerpt

Sportradar J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

18 May 2026

Sportradar Overweight

SRAD, SRAD US

J.P. Morgan TMC Conference Takeaways Price (18 May 26):$13.12

Gaming & Lodging

Samuel Nielsen AC

(1-212) 622-1366

samuel.nielsen@jpmchase.com

Daniel Politzer, CFA

(1-212) 622-0110

daniel.politzer@jpmorgan.com

We hosted a series of Boston investor meetings as part of the J.P. Morgan TMC

Michael Hirsh, CFA

Conference with SRAD CFO, Craig Felenstein, and SVP IR & Corporate Finance,

(1-212) 622-0295

Jim Bombassei. We highlight our key takeaways below. michael.hirsh@jpmchase.com

J.P. Morgan Securities LLC

• Prediction Markets. SRAD continues to see PM deals as imminent (similar

to its 1Q earnings call) and is confident in PM-related contributions in FY26

(there is some PM revenue in FY26 guidance that has not been signed yet).

SRAD reiterated its “tens of millions” expectation for PM-related revenue,

with demand from exchanges for data/settlement products, marketing services,

customer engagement tools, and integrity services; similar to its B2C OSB

peers, SRAD sees a meaningful opportunity in market making, particularly for

its live data and odds.

• Core business. SRAD acknowledged some market-level headwinds in its core

OSB business (slowing U.S. handle growth) but sees PMs as meaningful

incremental TAM that can serve as an offset once its products are live. SRAD

expects marketing momentum to pick up into the World Cup and the NFL

season. On IMG, SRAD is focused on continued monetization and has been

encouraged with cross-sell/uptake. SRAD sees repurchasing shares (incl. its

accelerated share repo) as a strong allocation of capital at current levels.

• Unregulated exposure. Mgmt. reiterated its L-MSD% estimate of revenue