A securities class action has been filed against Sportradar Group AG (SRAD) on behalf of a class of all persons and entities who purchased or otherwise acquired Sportradar Class A ordinary shares between November 7, 2024 through April 21, 2026. This case has been filed in the USDC – SDNY.
Sportradar is a global sports data and technology company that collects, analyzes, and distributes real-time sports data and insights to betting operators, leagues, media companies, and teams. Sportradar has partnerships with top leagues such as the NBA, MLB, NHL, and PGA Tour.
During the relevant period, Sportradar stated that “Integrity is key” and “at the heart of what we do.” Sportradar also compared itself to the FBI of gambling and stated that it monitors illegal market activity “very closely.”
On April 22, 2026, Muddy Waters, an investigative research firm, published a report titled “Sportradar AG: Putting the BET into Aiding and Abetting. The Leader of Sports Integrity Powers the World’s Illegal Online Sports Books.” The report revealed, among other things, that Sportradar’s business model “depends on illegal operators to survive.” Muddy Waters stated that Sportradar “has actively aided and abetted illegal gambling across the world’s black and grey markets — not as an accident or an oversight, but as a business strategy.” The report estimated that illegal operators contributed to about 20–40% of the company’s total revenues. What’s more, based on its proprietary research methods and extensive interviews with former employees, Muddy Waters identified nearly 50 Sportradar clients and collaborators who were operating in illegal markets.
The same day, Callisto Research, an investigative research firm, published a report titled “Sportradar Group AG: the ‘integrity’ giant threatening its own existence with ties to illegal gambling, sanctioned parties and criminals.” The report revealed, based on an examination of hundreds of gambling platforms, evidence suggesting that one-third of platforms Sportradar claims to serve were using Sportradar’s products or services, or explicitly claiming to do so, while operating illegally in regulated or prohibited gambling markets. Callisto Research revealed that exposure to unlicensed operators could be as high as 30-40% of Sportradar’s revenue. The report also revealed that three U.S. gambling regulators have already commenced reviews into the company.
This news caused the price of Sportradar stock to decline $3.80 per share, or 22.6%, from $16.84 per share on April 21, 2026, to $13.04 per share on April 22, 2026.