U.S. Sports Betting Doubled Last Year for Sportradar. Its Stock Is Sinking.

Bets on soccer, basketball, cricket, and tennis are driving strong growth for

Sportradar

—the world’s leading provider of data and technology for sports bookmakers.

The Swiss-based company (ticker: SRAD) reported Wednesday that its revenue grew 30% in 2022, to $780 million, while cash profits grew 23%. Betting revenue in the U.S. doubled, but a dip in profits is knocking the stock.