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Sportradar started as a software program that extracted betting odds from sports betting companies on the Internet. The program was developed by two Norwegians, Petter Fornass and Tore Steinkjer, who formed the company Market Monitor AS in 2001. Carsten Koerl was a major investor, buying 51% of the company's stock.
In 2012, Sportradar merged with Kilka. That same year, private equity firm EQT invested in Sportradar. In 2013, Sportradar made several acquisitions, including Attainment GmbH and Venatrack Ltd. In December 2023, Sportradar acquired the U.S. based sports data firm SportsData.
In September 2014, Sportradar became a 40% shareholder of NSoft, a software company from Bosnia and Herzegovina that offers an omnichannel betting solution for betting and gambling operators. That same year, EQT's Expansion Capital Fund II reinvested in Sportradar by selling its minority stake in the company to its flagship fund, EQT VI.
In 2015, Sportradar obtained distribution rights for NASCAR, the NFL, and the NHL. The same year, Revolution LLC led investments in the company from Michael Jordan and Mark Cuban. The NFL also acquired equity in Sportradar US as part of the partnership. [ citation needed ] At the end of 2015, Sportradar renewed the partnership with the International Tennis Federation as their official data collection service partner.
In 2016, Sportradar acquired Sportman Media Holding, including Laola1. Later that year, the NBA announced a multi-year partnership with Sportradar involving integrity services, data distribution and video streaming.
In January 2021, the company announced that former Fiserv CEO Jeff Yabuki as Sportradar's new chairman. In March 2021, Bloomberg News reported that Sportradar was in talks to go public via a SPAC, Horizon Acquisition Corp II. Sportradar held an initial public offering on the U.S.-based Nasdaq on 14 September 2021, at a valuation of US$8 billion.
In June 2021, the NHL announced a 10-year agreement with Sportradar to serve as its official betting data and streaming rights, media data rights, and integrity partner. The agreement expanded upon one first established in 2015. In April 2022, the league invoked an option in the agreement to make a US$10 million equity investment in Sportradar.