Sportradar CEO Labels Short Sellers’ Allegations as Personal Attack

(AsiaGameHub) –   Carsten Koerl, Chief Executive Officer of sports technology leader Sportradar, has retaliated against claims put forward by two short-selling investment research firms.

Two days prior, Muddy Waters and Callisto Research released accusations of unethical business practices by Sportradar. Both firms have also publicly admitted to shorting Sportradar’s stock.

The firms claim Sportradar has been actively working with hundreds of unlawful gambling operators, even as it offers integrity oversight services to the legal sector and major sports bodies such as FIFA and UEFA.

Following these allegations, Sportradar’s shares on the New York Nasdaq fell by 23%. Since both Muddy Waters and Callisto had shorted the stock—meaning they bet its value would decline—it’s probable the pair profited from this drop.

Sportradar moved swiftly to address the claims, and its CEO has since intensified his pushback.

“I take this as a personal attack considering my position and responsibility I have for investors, clients, partners and employees,” Koerl wrote on LinkedIn.

He added that “it is alarming to see so many false, misleading and defamatory statements about myself and the business designed to manipulate our stock price for the benefit of short sellers”.

Sportradar addresses the disruptive allegations

Koerl has grounds for calling the short sellers’ claims a personal attack. The accusations against Sportradar included pointed claims about Koerl personally, like assertions that the German executive has connections to Russian oligarchs.

“I believe these were thrown in to promote controversy and take advantage of the current news cycle,” Koerl said.

The CEO further noted that he was once a shareholder in Russian betting company Liga Stavok, but he sold those shares “when it no longer felt right to invest in an entity seen as linked to a geopolitical conflict”.

Established in 2001 with significant funding from Koerl, Sportradar spent the next 25 years becoming one of the globe’s largest players in the sports tech and data gathering industry.

Sportradar went public on the New York Nasdaq in September 2021 through an initial public offering (IPO), which valued the company at $8 billion (£5.9 billion at 2026 exchange rates). Today, its market capitalization is approximately $4 billion, with its share price falling from around $17 per share on April 21 to $12.90 as of this writing.

The company boasts a wide-ranging client list that includes the previously mentioned FIFA and UEFA, along with major leagues like the National Basketball Association (NBA), National Hockey League (NHL), Major League Baseball (MLB), NASCAR, and the Ultimate Fighting Championship (UFC), to highlight a few key partners.

A large portion of its revenue comes from collecting data from these leagues and sharing it with sports betting and media partners. Prominent bookmaker clients include FanDuel (owned by Flutter Entertainment), DraftKings, and William Hill (owned by Evoke).

Last year, Sportradar greatly expanded its international sports data rights coverage by acquiring IMG Arena from Endeavor Group Holdings. It also plans to enter the iGaming and predictions sectors in 2026, and last month launched a dedicated division focused on iGaming.

While integrity services are still an important part of Sportradar’s operations, they are far less prominent than its betting technology arm. In its FY25 financial results, the company reported total group revenue of nearly $1.3 billion, with $1 billion coming from its Betting Technology and Solutions segment, versus just $8.9 million from the Sports Performance and Integrity Services division.

Even so, the accusations against the company and its founder/CEO could affect not only its integrity services but also its partnerships with major licensed operators—many of which have spoken out about the risks that illegal gambling poses to their businesses.

“There are numerous allegations in these reports that are either entirely false, poorly researched, deliberately taken out of context, or, at best, repackaging the same tired stories we have heard for years,” Koerl asserted.

Koerl further stated that Sportradar ‘will address the allegations in due course with the appropriate facts’, and concluded by saying: “I am confident that Sportradar will continue to lead the industry with the support of our partners and incredible global team.”