Sportradar Enters Global Prediction Market Partnership with Kalshi

Research evidence excerpt

Sportradar Enters Global Prediction Market Partnership with Kalshi

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

08 June 2026

Sportradar Neutral

SRAD, SRAD US

Enters Global Prediction Market Partnership with Kalshi Price (05 Jun 26):$13.90

Gaming & Lodging

Samuel Nielsen AC

(1-212) 622-1366

samuel.nielsen@jpmchase.com

Daniel Politzer, CFA

(1-212) 622-0110

daniel.politzer@jpmorgan.com

This morning, SRAD announced a multi-year global strategic agreement with

Michael Hirsh, CFA

Kalshi to become an official data and solutions provider across the MLB, NHL,

(1-212) 622-0295

MLS and UFC, among others (here). The NBA was not listed in the initial michael.hirsh@jpmchase.com

agreement, but we would imagine NBA data could be rolled into the deal when/if J.P. Morgan Securities LLC

the league gives the green light. Importantly, the press release noted that the deal

establishes the ability for SRAD to enter into agreements for data and solutions

with Kalshi’s key partners, including brokers and market makers, suggesting that

this deal was a pivotal first step in striking agreements with players across the PM

ecosystem. Economics of the deal were not disclosed, but recall, SRAD’s FY26

outlook does include some level of PM data-related revenues from deals that were

yet to be announced at the time of the guidance.

SRAD has previously sized the PM opportunity in the “tens of millions” over time,

and we estimate that if SRAD can generate a 1.0% take rate of total steady-state

PM gross revenue ($7-13b per DKNG’s March investor day), it could equate to

~$100m of PM-related revenue and $30m of EBITDA longer term.

• Key questions. (1) What does this mean for FY26 guidance considering there

was some PM-related revenue contemplated? (2) How do the economics