Sportradar denies links to 270 illegal betting operators and shares fall 22%.
Sportradar AG has rejected accusations of maintaining business relationships with illegal gambling operators. The sports betting and data company responded to a report released by Callisto Research on Wednesday (April 23). The document indicates that more than 270 unlicensed betting platforms use the company's products and tools.
Callisto Research has identified unlicensed betting companies offering sports betting, virtual games, and crypto casinos. The Sportradar brand and tools appear on several of these operators' websites. Several of these sites appear to operate from Iran and Russian-occupied Crimea. According to The Guardian , Muddy Waters Research, an American investment firm known for short selling to activists, also published allegations on Wednesday claiming that Sportradar is aiding and abetting illegal online gambling operations by providing its solutions to operators targeting illegal markets such as China, Vietnam, and Thailand.
Callisto Research announced a short sale of Sportradar shares after publishing the report. Muddy Waters, another short-selling firm, filed claims on Wednesday. The organization stated that members of Sportradar's sales team reported that the company planned to target illegal markets.
Short sellers profit by betting on a decline in the market value of a company's stock. These organizations produce reports on alleged business failures or irregularities. The goal is to trigger price movements in the stock that can be traded.
The report alleges that Sportradar and its betting arm, Betradar, maintain agreements with hundreds of illegal operators. Some of these operators trade in countries sanctioned by the United States.
Impact on the financial market
Sportradar's stock price fell by as much as 30% after the report was published. Sportradar's shares lost more than 20% of their value on Wednesday after the company became the latest gaming provider to fall victim to a short-seller report alleging illegal activities. By the close of trading on Wednesday, the shares were down 22,57% in New York, 23% below their opening price.
Sportradar is listed on Nasdaq. The company has been an integrity partner of FIFA since 2017. During this period, it has monitored more than 600 matches. The contract was extended in early 2026 until 2031 to cover the next two Men's and Women's World Cups.
A former Sportradar employee is quoted in the report. According to this source, business with unlicensed operators accounts for about a third of the company's revenue. Sportradar's total revenue was €1,2 billion last year.
Sportradar announced the suspension of all new investments and client relationships in Russia following the invasion of Ukraine in March 2022. The measure aimed to ensure compliance with international sanctions.
Callisto claims that several platforms in the Russian market were launched after March 2022. These platforms claim to use Sportradar products. Drexel Casino was launched on the Russian black market last year. The platform claims to operate Nsoft slot games, developed by the Bosnian game studio Nsoft, wholly owned by Sportradar.
2xWinner was launched last year. The platform offers virtual sports games from Betradar. Lep Casino was established in 2024. The site appears to offer games developed by Nsoft.
The website of Bet-M, a Russian sports betting site launched in 2025, was previously named SportradarLLC. The platform appears to display a Sportradar domain among its information sources.
Allegations about operations in Iran
The report includes screenshots that appear to show Betradar virtual sports games on Berrybet and Betfido. Both platforms operate in Persian. The sites offer customers Iranian payment methods.
Berrybet provides users with instructions on how to use Nobitex, an Iranian cryptocurrency exchange. This platform was linked to the Islamic Revolutionary Guard Corps (IRGC) during a US Senate hearing.
Any involvement with unlicensed operators in Iran and Russia would raise questions about whether Sportradar complies with sanctions imposed by the US, UK, and European Union.
Sportradar claims to be in compliance with US sanctions that prohibit business dealings with the Iranian market. The company's Code of Conduct and Business Ethics, available on its investor relations page, states that "any indication" of a connection to Iran should result in a business relationship being placed "on hold."
Most unlicensed operators are based on the small Caribbean island of Curaçao or Anjouan in the Indian Ocean.
Connections with Santeda International
Callisto has uncovered evidence that appears to show Sportradar content on several brands operated by Santeda International. The Guardian reported this month that this secretive company is fueling the rise of illegal casinos in the UK.
Santeda's unlicensed casino products include Rolletto, Velobet, Goldenbet, and Mystake. These platforms display Betradar branding.
Betradar's games are identifiable by the use of the company logo and specific, distinct game icons. Rolletto's apparent use of Sportradar widgets to give clients access to sports data is evident in Rolletto's source code.
The Sportradar website states that operators wishing to use its widgets require Sportradar's approval of the domain involved.
Company response
“A brief report issued today contains factual inaccuracies about the company, and we unequivocally dispute these claims,” Sportradar said in a statement to the Guardian . “The report demonstrates a fundamental misunderstanding of our business and the industry and was created by a short seller attempting to erode shareholder value and profit from the stock disruption.”
The company added: “Sportradar works exclusively with licensed operators, adheres to rigorous global compliance and due diligence standards , and we back up our independently audited financial statements, risk disclosures, and information provided to investors and regulators. We conduct our business with the highest ethical standards consistent with company policies, laws, and regulations.”
In an official statement, Sportradar reinforced its position: “These reports contain several factual inaccuracies about Sportradar, and we unequivocally dispute these claims. These reports demonstrate a fundamental misunderstanding of our business and the industry and were created by short sellers attempting to erode shareholder value and profit from stock disruption. Sportradar works exclusively with licensed operators, adheres to rigorous global compliance and due diligence standards , and we stand by our independently audited financial statements, risk disclosures, and information provided to investors and regulators. We conduct our business with the highest ethical standards consistent with Sportradar's policies and applicable laws and regulations.”
A source from Sportradar reported that the company continuously audits sports betting sites for intellectual property infringement. The company scans the internet so that violations can be caught and thoroughly investigated. As soon as any violation of the terms and conditions of its agreements is detected, action will be taken immediately.
Sportradar generates revenue through distribution agreements that allow it to monitor and police the gambling industry. The company's integrity arm monitors betting markets on behalf of governing bodies and leagues. Partners include FIFA, UEFA, Major League Baseball , and the NBA. The company alerts these organizations to any potential match-fixing or point corrections.
Sportradar refused to answer a series of detailed questions posed by The Guardian.
Callisto's report states that he shared information with several US and European gambling regulators. The UK Gambling Commission is among the recipients. Three regulators have already begun an assessment of the findings about Sportradar presented in the report.
