Sportradar Group AG (SRAD) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to Sportradar Group's third-quarter earnings call. (Operator Instructions) I will now hand the conference over to Jim Bombassei, Senior Vice President, Investor Relations and Corporate Finance. Jim, please go ahead.

女士們、先生們，感謝各位的到來，歡迎參加 Sportradar 集團第三季​​財報電話會議。（操作說明）現在我將把會議交給投資者關係和企業財務高級副總裁吉姆·邦巴塞。吉姆，請繼續。

Thank you, operator. Hello, everyone, and thank you for joining us for Sportradar's earnings call for the third quarter of 2025. Please note that the slides we will reference during this presentation can be accessed via the webcast on our website at investors.sportradar.com and will be posted on our website at the conclusion of this call. A replay of today's call will also be available on our website. After our prepared remarks, we will open the call to questions from analysts and investors. In the interest of time, please limit yourself to one question and one follow-up.

謝謝接線生。大家好，感謝各位參加 Sportradar 2025 年第三季財報電話會議。請注意，本次演示中將引用的幻燈片可透過我們網站 investors.sportradar.com 上的網路直播訪問，並將在本次電話會議結束後發佈在我們的網站上。今天電話會議的錄音回放也將在我們的網站上提供。在我們發表完準備好的演講後，我們將開放問答環節，接受分析師和投資人的提問。為了節省時間，請您只提一個問題，並只提一個後續問題。

Please note that some of the information you will hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue and future business outlook. These statements involve risks and uncertainties that may cause actual results or trends to differ materially from our forecast. For more information, please refer to the risk factors discussed in our annual report on Form 20-F and Form 6-K filed today with the SEC, along with the associated earnings release. We assume no obligation to update any forward-looking statements or information, which speak as of their respective dates.

請注意，您今天在討論中將聽到的一些資訊將包含前瞻性陳述，包括但不限於有關收入和未來業務前景的陳述。這些聲明涉及風險和不確定性，可能導致實際結果或趨勢與我們的預測有重大差異。有關更多信息，請參閱我們今天向美國證券交易委員會提交的 20-F 表格和 6-K 表格年度報告中討論的風險因素，以及相關的收益報告。我們不承擔更新任何前瞻性陳述或資訊的義務，這些陳述或資訊僅代表其各自發布之日的情況。

Also, during today's call, we will present IFRS and non-IFRS financial measures and operating metrics. Additional disclosures regarding these measures and metrics, including a reconciliation of IFRS to non-IFRS measures are included in the earnings release, supplemental slides and our filings with the SEC, each of which is posted to our Investor Relations website. We may also discuss certain forward-looking non-IFRS financial measures that cannot be reconciled to the most directly comparable IFRS financial measure without unreasonable efforts.

此外，在今天的電話會議上，我們將介紹 IFRS 和非 IFRS 財務指標和營運指標。有關這些措施和指標的更多披露信息，包括 IFRS 與非 IFRS 指標的調節表，均包含在盈利報告、補充幻燈片和我們向美國證券交易委員會提交的文件中，這些文件均發佈在我們的投資者關係網站上。我們也可能會討論某些前瞻性的非 IFRS 財務指標，這些指標若不付出不合理的努力，則無法與最直接可比較的 IFRS 財務指標進行核對。

Joining me for today's call are Carsten Koerl, our CEO; and Craig Felenstein, our CFO.

今天與我一起參加電話會議的有我們的執行長卡斯滕·科爾和我們的財務長克雷格·費倫斯坦。

And now I'll turn the call over to Carsten.

現在我將把電話交給卡斯滕。

Good morning, everyone, and thank you for joining us today. I'm pleased to announce another quarter of strong execution and performance. Our results further underscore our scale and position as a mission-critical partner deeply embedded in the global sports ecosystem. We achieved record quarter three revenues of EUR292 million and strong flow-through with 29% growth in adjusted EBITDA and a record adjusted EBITDA margin of 29%. So far, this year, we have generated EUR149 million of free cash flow, representing very strong conversion of 72%.

各位早安，感謝大家今天收看我們的節目。我很高興地宣布，本季我們又取得了強勁的執行力和業績。我們的研究結果進一步凸顯了我們作為全球體育生態系統中關鍵合作夥伴的規模和地位。我們第三季營收創下 2.92 億歐元的歷史新高，調整後 EBITDA 成長 29%，調整後 EBITDA 利潤率創下 29% 的歷史新高，實現了強勁的成長。今年到目前為止，我們已經產生了 1.49 億歐元的自由現金流，轉換率高達 72%。

In addition, we are raising our full year '25 guidance with the closing of our IMG Arena acquisition and providing our initial thoughts for '26. underscoring our accelerating growth and value creation. Given the strong momentum we see going forward and the opportunity to create significant shareholder value, our Board of Directors authorized increasing our share repurchase program by EUR100 million, raising the total program to a size of EUR300 million.

此外，隨著我們完成對 IMG Arena 的收購，我們提高了 2025 年全年業績預期，並給出了我們對 2026 年的初步展望，強調了我們加速成長和價值創造的勢頭。鑑於我們未來發展勢頭強勁，並有機會創造巨大的股東價值，我們的董事會批准將股票回購計畫增加 1 億歐元，使該計畫的總規模達到 3 億歐元。

As we discussed at our Investor Day, we are uniquely positioned to capitalize on the rapid expansion of the global sports betting market, given our scale and the depth and breadth of our content, we are driving higher take rates by growing our products and content, penetrating across our loyal client base as we continue to accelerate innovation and bring next-generation products to the market. IMG Arena fits squarely into this growth strategy. First, we would like to welcome our new colleagues and partners from around the world. IMG Arena is a highly strategic acquisition, which aligns with our core business and will fuel our next leg of growth. It further strengthens the competitive position as the scaled leader at the intersection of sports, media and betting, bringing a wealth of premium content and complements and enhances our already robust global portfolio and capabilities.

正如我們在投資者日上所討論的，憑藉我們的規模以及內容的深度和廣度，我們擁有獨特的優勢，能夠充分利用全球體育博彩市場的快速擴張。我們透過發展產品和內容，不斷提高佣金率，滲透到我們忠實的客戶群中，同時我們將繼續加速創新，並將下一代產品推向市場。IMG Arena 完全符合這項成長策略。首先，我們謹代表全體員工，歡迎來自世界各地的新同事和合作夥伴。IMG Arena 是一項極具戰略意義的收購，它與我們的核心業務相契合，並將推動我們下一階段的成長。它進一步鞏固了我們在體育、媒體和博彩交叉領域的規模化領導者地位，帶來了豐富的優質內容，並補充和增強了我們已經強大的全球產品組合和能力。

As a reminder, this transaction is unique in that we are not making any payments to Endeavor, but instead are benefiting from financial consideration totaling approximately EUR225 million. This acquisition is expected to accelerate our growth while being accretive to our adjusted EBITDA margins and free cash flow from conversion, which Craig will provide more details on shortly. This deal makes a major milestones and create significant additional opportunities for our company, enhancing our content distribution and further fueling product development. We will seamlessly integrate and monetize these rights across our highly scalable technology platform and client network, encompassing strategic relationships with over 70 rights holders, approximately 70% of these rights are spread across the three most betting sports, soccer, tennis and basketball. This acquisition helps fueling our flywheel, adding more must-have content and data, which in turn powers more as generation, grows NPS trading liquidity and scales our video streams.

需要提醒的是，這筆交易的特殊之處在於，我們無需向 Endeavor 支付任何款項，而是從中獲得總計約 2.25 億歐元的財務收益。此次收購預計將加速我們的成長，同時增加我們調整後的 EBITDA 利潤率和轉換產生的自由現金流，克雷格稍後將提供更多細節。這項交易為我們公司帶來了重要的里程碑，並創造了重要的額外機遇，增強了我們的內容分發能力，並進一步推動了產品開發。我們將透過我們高度可擴展的技術平台和客戶網絡，無縫整合這些權利並將其貨幣化，其中包括與 70 多個權利持有者的策略關係，其中約 70% 的權利分佈在足球、網球和籃球這三大博彩運動中。此次收購有助於推動我們的飛輪效應，增加更多必備內容和數據，進而推動更多內容的生成，提高 NPS 交易流動性，並擴大我們的視訊串流規模。

Our teams have been hard at work and now that we have closed on the deal, they have hit the ground running to manage a smooth integration and maximize revenue synergies in both the short and the long-term. While some synergies will be realized quickly, others might take more time to fully realize.

我們的團隊一直在努力工作，現在交易已經完成，他們立即投入工作，以確保順利整合，並在短期和長期內最大限度地發揮收入協同效應。有些協同效應會很快顯現，而有些則可能需要更多時間才能完全實現。

When it comes to global sports coverage, we are the clear leader, and this is further enhanced with IMG. With a portfolio of over 1 million matches annually, our major partnerships are locked in long-term, providing us with a great visibility on our right costs. We just completed the first season of our extended and expanded partnership with Major League Baseball, and we saw strong performance for the season with revenues exceeding original projections. We recently renewed and extended our deal with the Spanish Football Federation to sell the international media rights for the Spanish Super Cup until 2032. This agreement ensures we keep control of global broadcast sales for the tournament well into the next decade and gives us continuing as the Spanish Football Federation exclusive international media rights partner.

在全球體育報道方面，我們是絕對的領導者，而 IMG 的加入進一步增強了這一點。我們每年有超過 100 萬場比賽，我們的主要合作夥伴關係都是長期鎖定的，這讓我們能夠很好地了解我們的合理成本。我們剛結束了與美國職棒大聯盟延長和擴大合作關係的第一個賽季，該賽季業績強勁，收入超過了最初的預期。我們最近與西班牙足球聯合會續簽並延長了出售西班牙超級盃國際媒體版權的協議，有效期至 2032 年。該協議確保我們在未來十年內繼續掌控該賽事的全球轉播銷售，並使我們繼續成為西班牙足球聯合會的獨家國際媒體版權合作夥伴。

As we fine-tune our leading rights portfolio, we continue to drive innovation across our business, creating more cross-selling and upselling opportunities with our clients and partners.

在不斷完善我們領先的版權組合的同時，我們持續推動業務創新，為我們的客戶和合作夥伴創造更多交叉銷售和向上銷售的機會。

In terms of product development, we are leading to shift towards more personalized and interactive experiences. We are delivering next-generation products that shape how fans view bet and connect with the player on the field. A great example of how we are doing this is through our deepening partnership with the NBA. 4Sight Streaming, first introduced last season, has been upgraded with new features, including live shot probability, enhanced motion graphics and real-time player highlights. These updates deliver deeper storytelling and more contextual data-rich visualizations that boost engagement.

在產品開發方面，我們正引領著向更個人化和互動式體驗的轉變。我們正在推出新一代產品，這些產品將改變球迷看待投注的方式以及他們與場上球員的互動方式。我們透過不斷深化與NBA的合作關係來實踐這理念，這就是一個很好的例子。4Sight Streaming 於上賽季首次推出，現已升級，新增了實時射門機率、增強的動態圖形和實時球員精彩集錦等功能。這些更新帶來了更深入的故事敘述和更具背景資料豐富的視覺化效果，從而提升了使用者參與度。

One of our most exciting recent AI breakthroughs is the development of a generative foundation model for basketball, a first of its kind in sport. The model is based on a large transformer architecture, which we trained using billions of 3D body post data points from thousands of NBA matches, allowing the model to understand player movement, decision-making and game flow-through at an unprecedented level of details. This foundation model now powers predictive insights in real time, such as the expected points in the current possession, probability of the ball handler scoring in the next few seconds or how each player actions affect the teams' points per possession. These insights enhance our 4Sight Streaming product, bringing richer, more interactive visualizations to live broadcasters. In addition, this technology opened new frontiers in coaching and performance analytics, quantifying the value of every past block and shot.

我們近期最令人興奮的 AI 突破之一是開發了一種用於籃球的生成式基礎模型，這在體育界尚屬首例。該模型基於大型 Transformer 架構，我們使用來自數千場 NBA 比賽的數十億個 3D 身體後數據點對其進行了訓練，使該模型能夠以前所未有的細節水平理解球員的動作、決策和比賽流程。這個基礎模型現在可以即時提供預測性見解，例如當前進攻回合的預期得分、持球者在接下來的幾秒鐘內得分的機率，或每個球員的行為如何影響球隊每次進攻回合的得分。這些見解增強了我們的 4Sight Streaming 產品，為直播主播帶來更豐富、更具互動性的視覺化效果。此外，這項技術為教練和績效分析開闢了新的領域，量化了過去每一次蓋帽和投籃的價值。

We see this foundation model powering our next generation of products, including coaching and scouting analytics, realistic simulating betting products, advanced visualizations for media and broadcast and more advanced AI engines for sport video games.

我們看到這個基礎模型為我們的下一代產品提供動力，包括教練和球探分析、逼真的模擬投注產品、用於媒體和廣播的高級視覺化以及用於體育視頻遊戲的更高級的人工智慧引擎。

Now turning to our managed trading services. This product continues to be a differentiator for us and a key value proposition for our clients. Turnover for the quarter was up 25% year over year. And on a trailing 12-month basis, we managed approximately EUR48 billion on behalf of our clients, making us a top bookmaker globally. Our proven AI-driven trading and risk management capabilities, combined with the diversity of sports on our MTS platform enabled us to achieve a margin of over 11% for our clients during the quarter.

現在來看看我們的託管交易服務。該產品一直是我們的差異化優勢，也是我們為客戶提供的關鍵價值主張。本季營業額較去年同期成長25%。過去 12 個月，我們代表客戶管理的金額約為 480 億歐元，使我們成為全球頂尖的博彩公司之一。我們成熟的人工智慧驅動交易和風險管理能力，加上我們 MTS 平台上豐富的體育項目，使我們能夠在本季度為客戶實現超過 11% 的利潤率。

Given the scale of our trading volume and the number of betting tickets we are managing, this gives us a clear competitive advantage, enabling us to better manage risk than the major operators. In 2026, this client group will be a clear focus for upselling and cross-selling our MTS capabilities.

鑑於我們的交易量和我們管理的投注單數量，這賦予了我們明顯的競爭優勢，使我們能夠比主要營運商更好地管理風險。到 2026 年，我們將專注於向該客戶群追加銷售和交叉銷售我們的 MTS 功能。

We also continue to make significant progress in our marketing services business. In particular, our ads business delivered record volumes on our DSP this quarter, reflecting growth demanding for our data-driven advertising solutions. We saw robust performance across multiple channels, including our affiliate business, underscoring the strong ROI of our campaigns and the scalability of our marketing platform. As discussed last quarter, we are seeing a clear trend in today's fragmented media environment with clients increasingly turning to Sportradar to enhance fan engagement across mobile streaming and connected TV platforms. Betting is no longer viewed as a stand-alone experience, but instead as an integral part of how fans engage with sport.

我們在行銷服務業務方面也持續取得顯著進展。尤其值得一提的是，本季我們的廣告業務在 DSP 平台上的廣告量創下歷史新高，反映出市場對我們數據驅動型廣告解決方案的需求不斷增長。我們在多個管道都取得了強勁的業績，包括我們的聯盟業務，這凸顯了我們行銷活動的強大投資報酬率和我們行銷平台的可擴展性。正如上個季度所討論的，在當今碎片化的媒體環境中，我們看到一個明顯的趨勢，那就是客戶越來越多地轉向 Sportradar 來增強粉絲在行動串流媒體和連網電視平台上的參與度。博彩不再被視為一種獨立的體驗，而是被視為球迷參與運動不可或缺的一部分。

As fan behavior becomes more interactive and sports viewership continues through transition from linear to digital and mobile streaming, our media and technology clients are looking to leverage our capabilities to drive deeper engagement and greater value across multiple channels.

隨著粉絲行為變得更加互動，體育賽事觀看方式也從線性模式轉變為數位和行動串流模式轉變，我們的媒體和技術客戶希望利用我們的能力，在多個管道上推動更深層次的互動和更大的價值。

We have recently signed deals with a number of media platforms, including leading US regional sports networks and several top national broadcasters to integrate our data APIs, streaming products and advanced analytics, delivering deeper storytelling and more contextual data-rich visualizations that boost engagement. As an example of this in our new partnership with DAZN, the global sports entertainment platform offering live and on-demand coverage across a wide range of sports and leagues. This deal makes another milestone in scaling our media business globally as we now provide DAZN the data and broadcast services across soccer, basketball, tennis, golf, American football and baseball. Our technology will power on-screen graphics, deliver real-time stats and elevate storytelling across DAZN's platforms.

我們最近與多家媒體平台簽署了協議，其中包括美國領先的地區體育網絡和幾家頂級國家廣播公司，以整合我們的數據 API、串流媒體產品和高級分析，從而提供更深入的故事講述和更具背景信息的數據可視化，以提高參與度。例如，我們與全球體育娛樂平台 DAZN 建立了新的合作夥伴關係，該平台提供各種體育賽事和聯賽的直播和點播服務。這項交易標誌著我們在全球擴大媒體業務的另一個里程碑，因為我們現在為 DAZN 提供足球、籃球、網球、高爾夫、美式足球和棒球的數據和廣播服務。我們的技術將為 DAZN 各個平台上的螢幕圖形提供支持，提供即時統計數據，並提升故事敘述能力。

We also have extended and expanded our partnerships with Google and Yahoo!, providing live game day sports analytics for Google and expanding our relationships as a primary provider for sports data for both Yahoo Sports and Yahoo Fantasy.

我們還擴大了與谷歌和雅虎的合作關係，為谷歌提供比賽日實時體育分析，並擴大了我們作為雅虎體育和雅虎夢幻體育主要體育數據提供商的關係。

And we are excited about the customized version of our 4Sight technology we developed together with NBC for Peacock called Performance View. Debiting last night for Peacock streamed NBA games, Performance View gives fans a new way to experience the action. Performance View adds on-screen layer of data that illustrates deep analytics such as where a player is likely to score from next, helping fans understand what might happen before it occurs on the call.

我們很高興推出與 NBC 共同為 Peacock 開發的定製版 4Sight 技術，名為 Performance View。Performance View 昨晚開始為 Peacock 直播的 NBA 比賽提供全新的觀賽體驗方式。表現視圖在螢幕上增加了一層數據，顯示了深度分析，例如球員接下來可能在哪裡得分，幫助球迷在比賽開始前了解可能發生的情況。

Now switching to a topic that has been on investor minds recently, I will touch on prediction markets. We saw prediction markets emerge in sports betting nearly 25 years ago, but their share has been limited historically given the low liquidity and the challenge pricing more complex bets, including in-game wages. The emerging market situation in the US is a bit different given the current uncertainty regarding state versus federal regulation. We have seen recent moves made by certain of our league partners and clients, and we are in active discussions with them.

現在，我想談談最近投資人關注的一個主題：預測市場。大約 25 年前，我們看到體育博彩中出現了預測市場，但由於流動性低以及對更複雜的投注（包括比賽期間的賠率）進行定價的挑戰，預測市場的份額在歷史上一直受到限制。鑑於目前州監管與聯邦監管之間存在不確定性，美國新興市場的情況略有不同。我們注意到一些聯盟夥伴和客戶最近採取了一些行動，我們正在與他們積極進行磋商。

We will work closely with our partners and clients while ensuring that we comply with applicable laws and regulatory requirements. Should the market continue to develop in the way that aligns with those standards, we see the potential for prediction markets to complement our existing business and create incremental opportunity for Sportradar.

我們將與合作夥伴和客戶緊密合作，同時確保遵守適用的法律法規要求。如果市場繼續按照這些標準發展，我們認為預測市場有可能補充我們現有的業務，並為 Sportradar 創造更多機會。

In closing, we are excited about the continued momentum we are seeing in our business and the significant strides we are making leveraging our technology and capabilities to lead the industry. Our global scale, which will be further enhanced with IMG Arena, provides us with an opportunity to continue to innovate and drive value creation. We are confident in our growth strategy and the significant opportunities that lie ahead, and we remain laser-focused on driving long-term value for our clients, partners and shareholders.

最後，我們對公司業務持續發展勢頭感到興奮，並對我們利用自身技術和能力引領產業所取得的重大進展感到興奮。我們的全球規模，加上 IMG Arena 的加入，將進一步增強我們的全球規模，為我們繼續創新和創造價值提供了機會。我們對我們的成長策略和未來的巨大機會充滿信心，我們將繼續專注於為我們的客戶、合作夥伴和股東創造長期價值。

Thank you. And I will now turn over to Craig, who will discuss our financial results in greater detail.

謝謝。現在我將把發言權交給克雷格，他將更詳細地討論我們的財務表現。

Thanks, Carsten, and thank you, everyone, for joining us this morning. Sportradar's strong third quarter results once again demonstrate the value of the unique position we have built at the intersection of the sports, media and betting industries. The relationships we have developed and nurtured with clients and partners over more than two decades is driving durable and consistent revenue growth. And when combined with our stable and predictable cost base, we are generating record adjusted EBITDA margins and significant free cash flow. Sportradar is leveraging our best-in-class product suite across our leading global distribution network to deliver increasing value to our league, media and sportsbook partners.

謝謝卡斯滕，也謝謝各位今天早上收看我們的節目。Sportradar 第三季強勁的業績再次證明了我們在體育、媒體和博彩行業的交匯點所建立的獨特地位的價值。二十多年來，我們與客戶和合作夥伴建立並維護了良好的關係，這推動了收入的持續穩定成長。再加上我們穩定且可預測的成本基礎，我們實現了創紀錄的調整後 EBITDA 利潤率和可觀的自由現金流。Sportradar 正在利用我們一流的產品套件以及我們領先的全球分銷網絡，為我們的聯賽、媒體和體育博彩合作夥伴提供越來越大的價值。

And as Carsten mentioned, the closing of the IMG Arena acquisition further strengthens our competitive position as the mission-critical partner to the sports industry. I will provide more color on the expected contribution from IMG later in my remarks as it accelerates our growth while being accretive to our margin and cash flow profile.

正如卡斯滕所提到的，IMG Arena 的收購完成進一步鞏固了我們作為體育產業關鍵合作夥伴的競爭地位。稍後我將在發言中更詳細地介紹 IMG 的預期貢獻，因為它將加速我們的成長，同時提高我們的利潤率和現金流狀況。

Turning to the quarter. Sportradar delivered revenues of EUR292 million, an increase of EUR37 million or 14% as compared with the third quarter a year ago. This growth was driven by higher uptake from our existing partners, continued strong US market growth and strong trading results from our managed trading services business. We continue to outperform market growth by deepening our client relationships through cross-selling and upselling our diverse portfolio of offerings as demonstrated by our customer net retention rate of 114%.

轉向四分之一。Sportradar 實現營收 2.92 億歐元，比去年同期成長 3,700 萬歐元，增幅達 14%。這一成長得益於現有合作夥伴的更高需求、美國市場的持續強勁成長以及我們託管交易服務業務的強勁交易業績。我們透過交叉銷售和向上銷售我們多樣化的產品組合，不斷加深與客戶的關係，從而持續超越市場成長，我們的客戶淨留存率高達 114%，證明了這一點。

As we have discussed previously, foreign currency movements, most notably due to the US dollar relative to the euro, continue to be a headwind and revenue growth in the third quarter would have been 17% on a constant currency basis.

正如我們之前討論過的，外匯波動，尤其是美元兌歐元的匯率波動，仍然是不利因素，如果以固定匯率計算，第三季的營收成長率將達到 17%。

Looking at the individual product groupings, we delivered broad-based growth across both our betting technology and solutions products as well as our sports content, technology and services. Betting technology and solutions revenue of EUR233 million grew 11% versus the third quarter a year ago, primarily driven by 19% growth in managed betting services, led by the sustained momentum at managed trading services from increased turnover with higher volumes from our existing customer base and trading activity from new clients as well as increased overall trading margins. Betting and gaming content delivered 8% growth during the quarter despite foreign currency headwinds, including sustained momentum in our streaming and betting engagement products due to growth in audiovisual revenues from both existing and new customers. Odds and live data products also continued to perform well, led by additional client uptake and continued US market expansion.

從各個產品類別來看，我們在博彩技術和解決方案產品以及體育內容、技術和服務方面都實現了全面成長。博彩技術和解決方案收入為 2.33 億歐元，比去年同期增長 11%，主要得益於託管博彩服務增長 19%，而託管交易服務的增長勢頭持續強勁，這得益於現有客戶群交易量增加和新客戶交易活動增加，以及整體交易利潤率提高。儘管受到外匯波動的影響，博彩和遊戲內容在本季度仍實現了 8% 的增長，這得益於現有客戶和新客戶視聽收入的增長，以及我們的串流媒體和博彩互動產品持續增長的勢頭。賠率和即時數據產品也持續表現良好，這得益於客戶數量的增加和美國市場的持續擴張。

Turning to our other product group. Sports content, technology and services delivered strong results this past quarter, with revenues of EUR59 million, increasing 31% year on year. Growth was led by marketing and media services, which was up 33%, primarily from increased uptake from existing and new technology and media customers and from contributions related to our expanded affiliate marketing capabilities. Contributions from integrity services more than doubled due to the uptake of products and services from our lead partners, and we delivered 10% growth versus a year ago from sports performance due primarily to price increases.

接下來，我們來看看我們的另一個產品組。體育內容、技術和服務在上個季度取得了強勁的業績，收入達 5,900 萬歐元，較去年同期成長 31%。行銷和媒體服務引領了成長，成長了 33%，這主要得益於現有和新的技術及媒體客戶的增加以及我們擴大的聯盟行銷能力所帶來的貢獻。由於主要合作夥伴的產品和服務被廣泛採用，誠信服務的貢獻翻了一番多；由於價格上漲，體育表現的貢獻比一年前增加了 10%。

Geographically, our growth continues to be broad-based with US revenue up 21% and Rest of World revenue up 13% in the third quarter. US revenues were 23% of our revenue mix as we continue to capitalize on the continued rapid market growth and the growing demand for our breadth of content and innovative product solutions. Aside from the impact of foreign currency on US revenue, please note that our US revenue mix is typically lowest in the third quarter due to the NBA and NHL off seasons.

從地理上看，我們的成長依然是廣泛的，第三季美國收入成長了 21%，世界其他地區收入成長了 13%。由於我們繼續利用市場持續快速成長以及對我們廣泛的內容和創新產品解決方案日益增長的需求，美國收入占我們收入組合的 23%。除了外匯匯率對美國收入的影響外，請注意，由於 NBA 和 NHL 賽季休賽，我們美國的收入佔比通常在第三季最低。

The strong revenue growth across our product portfolio translated into significant adjusted EBITDA growth in the third quarter with adjusted EBITDA of EUR85 million, increasing 29% year on year. Our continued focus on cost efficiencies, combined with our predictable and stable sports rights costs enabled us to deliver significant operating leverage with our adjusted EBITDA margin expanding over 300 basis points year on year to a record 29% as we continue to be diligent across our cost infrastructure. Looking at the individual cost buckets this past quarter; I will be speaking to adjusted expenses to provide a breakdown of the expenses that impact adjusted EBITDA. We have detailed in the earnings release and the financial section of the earnings presentation, the bridge from IFRS amounts. This past quarter, sports rights expense increased 15% year on year to EUR73 million, due primarily to the continued success of our ATP content as well as our renewed Major League Baseball partnership.

我們產品組合的強勁營收成長轉化為第三季調整後 EBITDA 的顯著成長，調整後 EBITDA 為 8,500 萬歐元，較去年同期成長 29%。我們持續關注成本效益，加上可預測且穩定的體育版權成本，使我們能夠實現顯著的營運槓桿效應，調整後的 EBITDA 利潤率同比增長超過 300 個基點，達到創紀錄的 29%，同時我們繼續在成本基礎設施方面保持嚴謹。回顧上個季度的各個成本類別；我將談談調整後的費用，以提供影響調整後 EBITDA 的費用明細。我們在獲利報告和獲利演示的財務部分詳細說明了從 IFRS 金額過渡到 IFRS 金額的過程。上個季度，體育版權支出年增 15%，達到 7,300 萬歐元，這主要是由於我們的 ATP 內容持續成功以及我們與美國職棒大聯盟的續約合作。

We will remain disciplined and strategic with regards to any additional rights we acquire. And with all of our major rights deals locked in the long-term, including the majority of the premium rights we have acquired from IMG, we have significant visibility on sports rights costs moving forward. This visibility gives us confidence in our ability to drive operating leverage across our sports portfolio as we capitalize on the value of our high-demand sports portfolio and the premium products we have developed for our global customer base.

對於我們未來獲得的任何其他權利，我們將保持嚴謹和策略性的態度。由於我們所有的主要版權交易都已鎖定為長期協議，包括我們從 IMG 獲得的大部分高級版權，我們對未來的體育版權成本有了清晰的了解。這種可見性使我們有信心在整個體育產品組合中推動營運槓桿，因為我們將充分利用我們高需求體育產品組合的價值以及我們為全球客戶群開發的優質產品。

Turning to people. Adjusted personnel expenses were EUR72 million in the quarter, up only 4% year on year, driven primarily by increased headcount to support growth opportunities. Importantly, our adjusted personnel expenses continued to decline as a percentage of revenue, down 260 basis points versus Q3 last year as we closely manage headcount to ensure we are focusing our talent and resources on the most profitable growth opportunities while unlocking additional operating leverage. Adjusted purchase services were EUR42 million in the quarter, up 14% year on year, primarily driven by increased cloud costs to support growth initiatives as well as higher traffic and affiliate costs related to the expansion of our marketing services business. Adjusted other operating expenses of EUR22 million in the quarter were up 4% year on year, declining as a percentage of revenue.

轉向人。本季經調整的人員費用為 7,200 萬歐元，較去年同期成長僅 4%，主要原因是為支持成長機會而增加了員工人數。重要的是，我們調整後的人員費用佔收入的比例繼續下降，與去年第三季相比下降了 260 個基點，因為我們嚴格控制員工人數，以確保我們將人才和資源集中在最有利可圖的成長機會上，同時釋放額外的營運槓桿。本季經調整後的購買服務收入為 4,200 萬歐元，較去年同期成長 14%，主要原因是為支援成長計畫而增加的雲端成本，以及與行銷服務業務擴張相關的流量和聯盟成本增加。本季調整後的其他營運支出為 2,200 萬歐元，年增 4%，但佔收入的比例有所下降。

While we have achieved considerable operating leverage already this year, we continue to see meaningful opportunity to deliver sustained margin expansion over the long-term given the inherent scale we have in our business and our long-term cost visibility. As we drive further revenue opportunities and integrate IMG Arena, we will continue to closely manage our cost structure and realize the benefits of sports rights being amortized on a straight-line basis over the life of these contracts, delivering more of every dollar of revenue to our bottom line. Looking at the full P&L, we generated a profit of EUR22 million in the third quarter versus a profit of EUR37 million reported in the third quarter a year ago as our strong operating results were more than offset by a EUR22 million lower unrealized foreign currency gain given FX movements, primarily associated with our US dollar-denominated sports rights.

雖然我們今年已經實現了相當大的經營槓桿，但鑑於我們業務固有的規模和長期的成本可見性，我們仍然看到在長期內實現持續利潤率擴張的重大機會。隨著我們持續擴大收入來源並整合 IMG Arena，我們將繼續嚴格管理成本結構，並充分利用體育賽事版權在合約期間內以直線法攤銷的優勢，從而將每一美元的收入轉化為更多的利潤。從整體損益表來看，我們第三季獲利 2,200 萬歐元，而去年同期獲利 3,700 萬歐元。我們強勁的經營業績被 2,200 萬歐元的未實現外匯收益減少所抵消，這主要是由於外匯波動，與我們以美元計價的體育賽事版權有關。

Turning to the balance sheet. We continue to be in a strong liquidity position, closing the quarter with EUR360 million in cash and cash equivalents and no debt outstanding. During the first nine months of the year, we generated EUR149 million of free cash flow, a free cash flow conversion rate of 72% compared to free cash flow of EUR122 million in the first nine months of 2024. The increase in free cash flow was driven by strong operating cash flow, partially offset by higher sports rights payments.

接下來看一下資產負債表。我們持續保持強勁的流動性狀況，本季末持有現金及現金等價物 3.6 億歐元，且無未償債務。今年前九個月，我們產生了 1.49 億歐元的自由現金流，自由現金流轉換率為 72%，而 2024 年前九個月的自由現金流為 1.22 億歐元。自由現金流的成長主要得益於強勁的營運現金流，但部分被更高的體育版權收入所抵銷。

Cash and cash equivalents increased EUR12 million since the end of 2024 as the strong free cash flow generation was partially offset by the repurchase of 3 million shares for EUR65.5 million as part of the secondary offering during the second quarter. Looking forward, we continue to anticipate strong free cash flow growth for the full year and a conversion rate above last year's rate of 53%.

自 2024 年底以來，現金及現金等價物增加了 1,200 萬歐元，強勁的自由現金流產生被第二季二次發行期間以 6,550 萬歐元回購的 300 萬股部分抵銷。展望未來，我們持續預期全年自由現金流將強勁成長，轉換率將高於去年的 53%。

Turning to capital allocation. Given the significant momentum in the business and the value we are creating, the Board has approved a EUR100 million increase to our share repurchase program, bringing the total authorization to EUR300 million. To date, we have repurchased approximately EUR86 million of stock under the program at an average per share price of $17.96. It is important to note that while we continue to see value in our shares, given our strong and durable growth and expectations for significant operating margin and cash flow expansion going forward, our capital allocation priority remains investing in expanding the long-term growth potential of the company and we will weigh returning capital to shareholders versus additional organic and M&A investment opportunities in both the short and long-term.

接下來討論資本配置。鑑於公司業務的強勁發展勢頭和我們創造的價值，董事會已批准將股票回購計畫增加 1 億歐元，使總授權額達到 3 億歐元。迄今為止，我們已根據該計劃回購了約8600萬歐元的股票，平均每股價格為17.96美元。值得注意的是，儘管我們仍然看好公司股票的價值，鑑於我們強勁且可持續的成長，以及對未來營業利潤率和現金流顯著增長的預期，但我們的資本配置重點仍然是投資於擴大公司的長期成長潛力。我們將權衡短期和長期內向股東返還資本與增加內生成長和併購投資機會之間的關係。

Moving to our full year expectations for 2025. Given the acquisition of IMG Arena as well as the sustained operating momentum we are seeing across our business, we are raising our full year guidance. We now anticipate revenues of at least EUR1.290 billion, representing year-over-year growth of at least 17% and adjusted EBITDA of at least EUR290 million, representing growth of at least 30% versus 2024. This strong EBITDA growth translates to nearly 240 basis points of adjusted EBITDA margin expansion in 2025. While our upgraded guidance does reflect initial contributions from IMG, please note that given the timing of the acquisition close, the majority of the meaningful revenue and cost synergies we anticipate as we integrate IMG's portfolio of rights will be recognized in 2026.

接下來，我們展望一下2025年的全年預期。鑑於我們收購了 IMG Arena，以及我們業務持續保持良好的營運勢頭，我們提高了全年業績預期。我們現在預計營收至少為 12.9 億歐元，年成長至少 17%；調整後 EBITDA 至少為 2.9 億歐元，較 2024 年成長至少 30%。強勁的 EBITDA 成長意味著到 2025 年調整後的 EBITDA 利潤率將擴大近 240 個基點。雖然我們上調後的業績指引反映了 IMG 的初步貢獻，但請注意，鑑於收購完成的時間，我們預計在整合 IMG 的版權組合時，大部分有意義的收入和成本協同效應將在 2026 年實現。

Given that timing, we are providing our initial thoughts for 2026, where you can see the potential benefits of the acquisition. We currently anticipate 2026 revenue growth, including IMG, to accelerate to 23% to 25% range on a constant currency basis. Please note that foreign currency will be a headwind at current rates, and we will update you on this impact when we provide formal guidance for 2026 on our year-end earnings call.

鑑於此時間節點，我們在此提供我們對 2026 年的初步設想，您可以從中了解此次收購的潛在益處。我們目前預計，2026 年營收成長（包括 IMG）將加速至 23% 至 25%（以固定匯率計算）。請注意，以目前的匯率計算，外匯波動將構成不利因素，我們將在年終財報電話會議上提供 2026 年正式業績指引時，向您通報此影響。

As we mentioned when the acquisition was announced, we expect the IMG acquisition to be accretive to our adjusted EBITDA margins and current expectations for the consolidated company is an additional 250 basis points of margin expansion in 2026. Our strong year-to-date performance, combined with the addition of the IMG Arena sports rights portfolio, positions us for substantial growth in 2025 and beyond. We are well placed to capture opportunities in an expanding global market, deliver greater value to our clients and partners and drive increasing shareholder returns as we drive sustained revenue growth, expand our operating leverage and generate robust free cash flow.

正如我們在宣布收購時所提到的，我們預計 IMG 的收購將提高我們調整後的 EBITDA 利潤率，目前對合併後公司的預期是到 2026 年利潤率將再提高 250 個基點。今年迄今的強勁業績，加上 IMG Arena 運動版權組合的加入，使我們預計在 2025 年及以後實現大幅成長。我們已做好充分準備，把握不斷擴大的全球市場中的機遇，為我們的客戶和合作夥伴創造更大的價值，並透過持續的收入成長、擴大經營槓桿和產生強勁的自由現金流，推動股東回報不斷提高。

Thank you for your time this morning. And now Carsten and I will be happy to answer any questions you may have.

感謝您今天上午抽出時間。現在，我和卡斯滕很樂意回答大家可能提出的任何問題。

(Operator Instructions) Robin Farley, UBS.

（操作說明）羅賓法利，瑞銀集團。

I wanted to just clarify on your full year '25 EBITDA raise. The release says that you're including IMG Arena, but is it fair to say that the -- just given that it's only two months, I don't know if there's anything to break out how much of the increase was IMG Arena versus your organic business? Just wanted to clarify.

我想就您2025年全年EBITDA成長情況進行一些確認。新聞稿中提到你們包含了 IMG Arena 的推廣，但考慮到只有兩個月的時間，我不知道是否有任何數據可以區分 IMG Arena 的推廣貢獻和你們的自然增長分別佔多大比例？我只是想確認一下。

Sure. Thanks, Robin. We appreciate the question. So, when you think about the raise in guidance for 2025, from a revenue perspective, the majority of that increase relates to the inclusion of IMG into the 2025 full year forecast, offset by a little bit of foreign currency impact on the overall base business versus our original expectations. When you think about it from an EBITDA perspective, given the strong margin expansion that we delivered in the third quarter, we are continuing to raise our expectations for the full year, including IMG.

當然。謝謝你，羅賓。感謝您的提問。因此，從收入角度來看，考慮到 2025 年業績指引的上調，大部分成長與將 IMG 納入 2025 年全年預測有關，但部分成長被外匯匯率波動對整體基礎業務的影響所抵消，與我們最初的預期相比有所下降。從 EBITDA 的角度來看，鑑於我們在第三季度實現了強勁的利潤率擴張，我們將繼續提高全年預期，包括 IMG 的業​​績。

When you think about IMG overall, what we indicated when we announced the deal earlier this year was that we expect it to be margin accretive to our overall margins. The majority of that will take place, obviously, over the course of the next 12 months, but we do expect upon close that it will definitely be margin accretive at least in the first three months following acquisition. So, there is some contribution from an EBITDA perspective with regards to IMG in Q4.

從整體上看 IMG，我們在今年早些時候宣布這筆交易時就表明，我們預計這將提高我們的整體利潤率。顯然，大部分工作將在未來 12 個月內完成，但我們預計，收購完成後，至少在收購後的前三個月，利潤率肯定會提高。因此，從 EBITDA 的角度來看，IMG 在第四季做出了一定的貢獻。

So, some contribution, but it sounds like IMG might be the majority of the revenue increase, but the majority of EBITDA increase is from the rest of your business. Is that the right way to interpret that?

所以，IMG 確實做出了一些貢獻，但聽起來 IMG 可能是營收成長的主要來源，而 EBITDA 成長的主要來源是公司的其他業務。這樣理解對嗎？

That's correct.

沒錯。

Jason Tilchen, Canaccord.

Jason Tilchen，Canaccord。

A little bit of a follow-up on IMG. I'm just wondering now that the deal is closed, if you could share a little bit more about how conversations with some of your existing clients have gone regarding potentially including some of the additional rights in the products that they're taking and when you expect that to sort of more meaningfully show up in terms of the financial results in fiscal '26?

關於IMG的一點後續報導。既然交易已經完成，我想問一下，您能否再詳細談談您與一些現有客戶的溝通情況，關於在他們正在使用的產品中加入一些額外的權利，以及您預計這些權利何時會在 2026 財年的財務業績中產生更顯著的影響？

Jason, Carsten here. So, as you know, the deal has closed on Monday. And before from an antitrust perspective, we couldn't interact with the right holders and also with IMG directly. So, it's very early days.

傑森，我是卡斯滕。如你所知，這筆交易已於週一完成。先前，從反壟斷的角度來看，我們既不能與權利持有人直接互動，也不能直接與 IMG 互動。所以，現在還處於非常早期的階段。

But of course, it's interesting and both of the big leagues here in the US have reached out. PGA have reached out, Major League Soccer have reached out, and we start now discussions. It's an interesting space from a product perspective. It's still very early days, but we are more than optimistic that we can build here some innovations, which will even materialize in '26. So, the spirit is very good.

當然，這很有意思，美國兩大職棒聯盟都已與我們聯繫。PGA已經聯絡我們，美國職業足球大聯盟也聯繫了我們，我們現在開始討論。從產品角度來看，這是一個很有趣的領域。現在還處於非常早期的階段，但我們非常樂觀地認為，我們可以在這裡進行一些創新，這些創新甚至將在 2026 年實現。所以，精神狀態非常好。

Integration is good for tennis. That is more business as usual. We have now three slams. And here, the work is more to look on the ones which are early renewal. So, the US Open, they are in five years. So that is more business as usual for us. We focus here more on Wimbledon and Roland-Garros, but we have already a perfect product portfolio, and we can ingest this data. We focus really on the three top sports, soccer, basketball and tennis. And this integration is relatively simple for us because that data goes into a machine, which we already have built it.

融合對網球運動有益。這跟往常一樣。我們現在已經獲得了三項大滿貫。而在這裡，工作重點更在於關注那些早期更新的項目。所以，美國網球公開賽，他們還有五年。所以對我們來說，一切照舊。我們這裡更關注溫布頓網球公開賽和法國網球公開賽，但我們已經擁有完善的產品組合，可以吸收這些數據。我們主要關注足球、籃球和網球這三大運動。對我們來說，這種整合相對簡單，因為資料會進入我們已經建造好的機器。

The difference to IMG is we learned now they have 90 to 100 clients. We have around about 800. So, this content is flowing in our global distribution engine. And some of the content is already getting into the ready products for some of the sports like Golf, for example, we see very interesting and exciting opportunities.

與 IMG 不同的是，我們現在了解到他們有 90 到 100 個客戶。我們大約有800人。所以，這些內容正在透過我們的全球分發引擎進行分發。部分內容已經融入一些運動項目的成品中，例如高爾夫，我們看到了非常有趣和令人興奮的機會。

And maybe just a follow-up for Craig. In the context of Carsten's response there, talking about sort of the magnitude of 7 to 8 times increase in the number of clients you can sell these products into. Is it fair to say that the guidance that you've given for fiscal '26 in terms of the acceleration of growth related to IMG is primarily with regards to their core existing client base and not related to sort of some of the upselling leveraging your global distribution network?

或許可以給克雷格一個後續問題。結合卡斯滕當時的回答，他談到你可以向其銷售這些產品的客戶數量增加 7 到 8 倍。可以這樣說，您在 2026 財年就 IMG 成長加速所給予的指導意見，主要是指其現有核心客戶群，而不是指利用其全球分銷網絡進行追加銷售？

No, I would answer that a little bit differently from a financial perspective. I would say that's true for 2025. When you look at the increase that we're looking at for the current year related to IMG, that's predominantly related to their existing business. But when you look over the course of the next 12 months, including what I indicated for 2026, we would expect there to be some significant uptake from our existing clients. So, you'll see that throughout the year, and it should build throughout the year.

不，從財務角度來看，我的回答會略有不同。我認為2025年的情況確實如此。從我們目前看到的與 IMG 相關的成長來看，這主要與他們現有的業務有關。但展望未來 12 個月，包括我之前提到的 2026 年，我們預期現有客戶會對此有顯著的需求成長。所以，你會看到這種情況貫穿全年，而且這種情況應該會隨著時間的推移而逐漸增強。

So, when we talk about our expectations for 2026, we are expecting some significant revenue synergies across our existing business given the relationships that we have and the new content that we've just obtained.

因此，當我們談到對 2026 年的預期時，鑑於我們現有的關係和我們剛剛獲得的新內容，我們預計現有業務將產生一些顯著的收入協同效應。

Ryan Sigdahl, Craig-Hallum Capital Group.

Ryan Sigdahl，Craig-Hallum Capital Group。

I want to start with integrity services, up triple digits this quarter. Obviously, a lot of news headlines, MBA, allegations, et cetera. But curious kind of if you're seeing an increased uptake. And given you have a market-leading product there, is this helping kind of from a feature in your negotiations with leagues within the many value-added things you're providing to them. But curious if this is moving up that stream.

我想先說說誠信服務，本季實現了三位數的成長。顯然，有很多新聞標題，MBA，指控等等。不過我很好奇，你是否看到使用量增加。鑑於你的產品在市場上處於領先地位，這是否能幫助你在與各聯盟的談判中，憑藉你為他們提供的眾多增值服務而獲得優勢？但我很好奇這是否是朝著那個方向發展。

Ryan, Carsten here. We are very proud of our integrity service and what we can do for both regulators and law enforcement agencies and the leagues. So, integrity and protection of the game is the highest interest for all the stakeholders. From our perspective, that's something which is enabling us to do the business in the betting markets, which we are doing and to expand our footprint here. Integrity is not really a service which is driving strong profits for us.

Ryan，我是Carsten。我們為我們的誠信服務以及我們能夠為監管機構、執法機構和聯盟所做的工作感到非常自豪。因此，維護比賽的完整性和保護比賽的公平性是所有利害關係人的首要利益。從我們的角度來看，正是這一點使我們能夠在博彩市場開展業務，並擴大我們在這裡的業務版圖。誠信本身並不能為我們帶來豐厚的利潤。

The commitment here is it is a very strong enabler for going on our betting services. But we are using more and more technology. It's more and more GenAI where we are getting more and more precise on seeing inconsistencies, which is helpful for our partners. You mentioned NBA with the current things, what happens there, but it happens also in baseball and many other sports. So, we are getting more and more accurate on this, which helps sport in a very general way.

這裡的承諾是促使人們使用我們博彩服務的強大推動力。但我們正在越來越多地使用科技。人工智慧技術正變得越來越發達，我們能夠越來越精準地發現不一致之處，這對我們的合作夥伴很有幫助。你提到了NBA目前的情況，以及那裡發生的事情，但這種情況也發生在棒球和許多其他運動中。因此，我們在這方面越來越準確，這對體育運動的整體發展大有裨益。

So that's the commitment from an integrity perspective.

這就是我們從誠信角度所做的承諾。

And just as a follow-up, curious from a customer-friendly soccer results that we've heard from many of your customers in September. Did you guys see that impacting your MPS business? And if you did, if you're able to quantify it?

另外，我們想進一步了解一下，我們從貴公司許多客戶那裡了解到，9 月的足球比賽結果對客戶來說是否友善。你們有沒有註意到這會對你們的MPS業務產生影響？如果你確實做到了，你能能量化它嗎？

Yes, we see some impact when you have only favorites winning in soccer. And as a reminder, more than 70% of our revenues are outside of the US and soccer is the main betting sport. So, in start of the season, when we see favorites winning, that is from a risk management perspective, more difficult to manage. We see a very limited impact on this in our NPS, and you see the strong growth numbers.

是的，當足球比賽中只有熱門球隊獲勝時，我們確實能看到一些影響。另外提醒大家，我們 70% 以上的收入來自美國以外，而足球是主要的博彩運動。所以，在賽季初期，當我們看到熱門球隊獲勝時，從風險管理的角度來看，這種情況更難管理。我們看到這對我們的 NPS 的影響非常有限，而且您可以看到強勁的成長數據。

But it's, of course, not really supportive from a bookmaker perspective. It's only the favorites are winning. As a small reminder, yesterday was a different day, and we saw a couple of surprises. So, this is leveling out very, very quickly. But the first quarter was a bit weaker because of this from a trading result.

但從博彩公司的角度來看，這當然不是好消息。只有奪冠熱門才能獲勝。提醒一下，昨天情況有所不同，我們看到了一些意想不到的事情。所以，這種情況正在迅速趨於平穩。但受此影響，第一季的交易業績略顯疲軟。

(Operator Instructions) David Katz, Jefferies.

（操作說明）David Katz，傑富瑞集團。

In a different direction, Carsten, I've heard some conversation from you in meetings with investors, et cetera, around iGaming. If you could give us some updated thoughts on how you see the opportunity set for you globally for Sportradar in iGaming and how we can start to think about that maybe hitting the model over time?

卡斯滕，從另一個角度來說，我聽到你在與投資者等人士的會議上談到了 iGaming 的一些話題。如果您能就您如何看待 Sportradar 在全球 iGaming 領域的發展機遇，以及我們如何開始考慮如何逐步實現這一目標，提供一些最新的想法，那就太好了？

Well, like stated in the last quarter, that's for us at the moment, test period. So, we are doing this in Brazil, and we see it holistic. So, we are starting with the client acquisition. We have the ad service for this. Sport is a perfect instrument here.

嗯，就像上個季度所說的那樣，目前對我們來說，這是一個測試期。所以，我們在巴西這樣做，並且我們將其視為一個整體。所以，我們首先要從客戶獲取入手。我們有相關的廣告服務。體育在這裡是一個很好的工具。

Once the client acquisition is done, it falls into the sports betting universe. Here, we have all the products from pure data feeds up to risk management or the full platform. We can channel switch that client based on AI and get them into the iGaming space, provide them the right product, measure the stimulation and the churn and have retention tools in between with the visualization. So that's a 360 holistic approach, which we test successfully in Brazil. There is a clear focus that once we are feeling strong enough with this product, we are looking into very scalable markets.

一旦客戶獲取完成，它就進入了體育博彩領域。這裡，我們提供從純資料來源到風險管理或完整平台的所有產品。我們可以根據人工智慧將客戶引導至 iGaming 領域，為他們提供合適的產品，衡量刺激效果和客戶流失率，並在兩者之間提供保留工具和視覺化功能。所以這是一個全方位、整體性的方法，我們在巴西已經成功地進行了測試。我們明確表示，一旦我們對這款產品有足夠的信心，我們就會專注於具有高度可擴展性的市場。

The US is such a sample. It's a very scalable market, where we believe we have to work on the portfolio that we are competitive, and we do this as we speak.

美國就是這樣一個例子。這是一個極具擴展性的市場，我們相信我們必須努力打造具有競爭力的產品組合，而我們現在正在這樣做。

From an iGaming perspective, we think there is -- it's a natural element for us because our clients usually have both licenses if they can operate in territories which license iGaming and sports betting. We have the connection to the clients. We have the technology and the platform and the approach. So, we feel very strong about iGaming to integrate this in our portfolio.

從 iGaming 的角度來看，我們認為這是自然而然的——因為如果我們的客戶可以在允許 iGaming 和體育博彩的地區運營，他們通常會同時擁有這兩種許可證。我們與客戶建立了聯繫。我們擁有技術、平台和方法。因此，我們對將 iGaming 納入我們的產品組合充滿信心。

And just as a follow-up, thinking about whether at some point that could be -- require some capital to ramp? Or is that sort of minimal or not something we should think about?

另外，我還在考慮，在某個時候，這是否可能需要一些資金來擴大規模？或者說，這種想法太微不足道了，我們根本不該考慮？

David, we are looking in both. So, we are looking into organic investments, and we do this into our teams to build the right games. And we are looking into the market. Is there something which is attractive for us to follow on this strategy. But it follows our general guidance in saying what we do in M&A must be accretive to our margin, which is a tough hurdle to go, but we are looking actively to expand this service, and both are an option, the organic and the M&A expansion.

大衛，我們兩方面都在考慮。所以，我們正在研究有機投資，並將這些投資投入到我們的團隊中，以打造合適的遊戲。我們正在考察市場。這種策略有哪些吸引我們去遵循的地方？但這符合我們的一般指導原則，即我們在併購方面所做的一切都必須增加我們的利潤，這是一個難以逾越的障礙，但我們正在積極尋求擴大這項服務，有機增長和併購擴張都是可行的選擇。

Shaun Kelley.

肖恩·凱利。

I wanted to go back to the topic of prediction markets, if we could. Carsten or Craig, can we just talk about -- there's obviously a big announcement between some of these prediction markets and the NHL, which is a major partner of yours. So, can you talk about, first of all, the participation of Sportradar in that deal, if there was any? And then, I mean, second, much bigger picture, just what's the primary use case for the customers as it would relate to sort of the prediction market side of this, whereas with traditional house back books, obviously, I think we know how you participate with those customers. But here, the interface seems a little different.

如果可以的話，我想回到預測市場的話題。卡斯滕或克雷格，我們能談談嗎——顯然，一些預測市場和 NHL（你們的主要合作夥伴）之間有一項重大公告。那麼，首先您能否談談 Sportradar 是否參與了這筆交易？其次，從更宏觀的角度來看，客戶的主要使用場景是什麼，這與預測市場方面有關，而對於傳統的房屋抵押貸款簿，顯然，我認為我們知道如何與這些客戶互動。但這裡的介面似乎略有不同。

And what would be the sort of primary value prop or selling proposition to a very different landscape as you kind of think about these markets? And maybe, Carsten, if you could just draw on your experience from Betfair and sort of how that landscape work, that might be useful.

那麼，當你思考這些市場時，在截然不同的市場環境下，主要價值主張或銷售主張會是什麼呢？卡斯滕，或許你可以藉鏡一下你在 Betfair 的經驗，了解那裡的運作模式，這可能會有所幫助。

Shaun, I was expecting that question from a prediction market perspective. So, give me a bit more time because it's an interesting topic, I think, for all of us. In principle, we see here three stakeholders, and we are in a unique position because we are connected to all of them. First stakeholder is, of course, sport leagues and the teams. I had in the last 48 hours meetings with three commissioners about this to get their view on the situation.

肖恩，我預料到你會從預測市場的角度問這個問題。所以，請再給我一點時間，因為我認為這對我們所有人來說都是一個有趣的話題。原則上，我們這裡有三個利害關係人，而我們處於一個獨特的地位，因為我們與他們所有人都有聯繫。首要利害關係人當然是體育聯盟和各隊。在過去的 48 小時內，我與三位委員就此事進行了會面，以了解他們對此事的看法。

And the view is differentiated from some of them, they are saying the most important for us is -- and that's unique -- that's uniting all of them is the responsible gaming and the integrity of the game. So, they want to guarantee this. That's the main interest from sport. And of course, you might guess it. There is also a financial interest from sport to say if we organize these measures, we want to have a participation.

他們的觀點與某些人的觀點不同，他們認為對我們來說最重要的是——這也是他們獨有的——將他們所有人團結起來的是負責任的遊戲和遊戲的誠信。所以，他們想保證這一點。這就是體育運動的主要吸引力。當然，你可能已經猜到了。體育界也有經濟利益，他們會說，如果我們組織這些活動，我們希望有人參與。

And now we are coming to what is the official data used. And is there an official data used to settle what happens on the prediction market. And here, we see different views from NHL, MLB and MBA. I don't want to go here too much into the details, but you mentioned that there was a press statement from NHL. So, you see yourself that there is a different interpretation of this.

現在我們來看看官方使用的數據是什麼。那麼，是否有官方數據用於判定預測市場上的事件發生？在這裡，我們看到了來自 NHL、MLB 和 MBA 的不同觀點。我不想在這裡過多贅述細節，但你提到NHL發布了一份新聞稿。所以，你自己也意識到對此還有另一種解釋。

But what is uniting all of them is responsible gaming integrity is on top of mind. It needs a clear rule set, and this rule set currently is not there. Second, states and regulators, their interest is player protection, and their interests are clear rules on this and license operators have to follow and comply to these rules in the territory of those states. And there is a tax interest from the stakeholders. I think this is a pretty straight play and very, very clear.

但所有參與者都一致認為，負責任的遊戲誠信是他們最重視的。它需要一套清晰的規則，目前還沒有這套規則。其次，各州和監管機構的利益在於保護玩家，他們的利益在於制定明確的規則，並要求獲得許可的運營商在這些州的領土內遵守這些規則。此外，利害關係人也關心稅務問題。我認為這是一齣非常直白、非常清晰的戲。

Online sportsbooks, and I had meetings in the last 24 hours with two CEOs here, see the situation that they want to have equal competition. So, if it comes to acting in states which are at the moment not issuing gaming and gambling and sports betting licenses and they can't compete in those states, that is an issue for them. There is the illegal sports betting argument saying, if you're not licensed and if you operate in states where we can't operate, we classify this as illegal sports betting. So that's the situation. I think it would be good for all of us to lean back and see can we unite this interest from the different stakeholder groups into something which creates a framework of operation, which is a fair balance, and which is satisfying the needs of the player protection and the responsible gaming and the integrity of the sports.

線上體育博彩公司，在過去的 24 小時內，我與這裡的兩位 CEO 進行了會面，並了解到他們希望實現公平競爭。所以，如果涉及到在目前不發放博彩、賭博和體育博彩許可證的州開展業務，並且他們無法在這些州參與競爭，這對他們來說就是一個問題。關於非法體育博彩的說法是，如果你沒有獲得許可，並且在我們無法經營的州開展業務，我們就將其歸類為非法體育博彩。情況就是這樣。我認為，我們所有人都應該冷靜下來，看看能否將不同利益相關群體的利益結合起來，建立一個公平的運作框架，既能滿足玩家保護的需求，又能促進負責任博彩，還能維護體育運動的誠信。

I'm totally certain that we will see this. There is a lot of movement in this space, but there are a lot of arguments uniting all those parties. So that is the ecosystem. As you hear, we are actively connecting. We are actively involved in this debate.

我完全確信我們會看到這一點。這個領域有很多變化，但各方之間也有很多共同的論點。這就是生態系。正如你所聽到的，我們正在積極地進行連結。我們積極參與了這場討論。

I think it needs top management to be in here. From our perspective, it's an opportunity. Of course, we want to help those markets if we see that those clarifications are done and if we see that all the stakeholders are satisfied, we are ready to participate in this market. That's where it stands. Our historical learning here is Betfair is more than 25 years in the market.

我認為需要高階主管參與。從我們的角度來看，這是一個機會。當然，如果這些澄清工作已經完成，並且所有利害關係人都感到滿意，我們願意幫助這些市場，我們也準備好參與其中。情況就是這樣。根據我們以往的經驗，Betfair 在市場上已有超過 25 年的歷史。

It didn't gain a dominant share in this market in the 25 years. But there's a reason why Betfair is doing some good businesses here. We're talking single digit from the GGR view on a global basis, which Betfair or exchanges have. So, it's a relatively small amount. We think it will be the same in the United States.

在過去的25年裡，它並沒有在這個市場中獲得主導地位。但 Betfair 在這裡取得一些不錯的業績是有原因的。從全球博彩總收入（GGR）的角度來看，我們說的是個位數成長，這是 Betfair 或交易所的數據。所以，金額相對較小。我們認為美國的情況也會如此。

It's more limited to less games. NFL is a premium sample for this, where the liquidity is high and you get relatively quickly a matching for what you want to bet on.

遊戲種類較少，功能也相對有限。NFL 就是一個很好的例子，它的流動性很高，你可以相對快速地找到你想要投注的內容。

If we speak about financial market transaction, relatively quickly, a matching offer for this. So that is the mechanism. If you have a few matches, works perfectly. It doesn't work for live betting. We see a huge live betting trend worldwide, 70% of the matches or the bets, which are wagered are live.

如果談到金融市場交易，相對而言，很快就會有與之匹配的報價。這就是其作用機轉。如果你有幾塊相符的火柴，那就完美了。它不適用於滾球投注。我們看到全球範圍內出現了巨大的滾球投注趨勢，70% 的比賽或投注都是滾球投注。

So, from this perspective, that's not the right instrument according to our view. But for something which is high volume, that makes a lot of sense, but it needs a clear regulation. It needs clarity who is acting on the exchange, what are the rules of control? And it, of course, needs the player protection. It needs the protection for money laundering, and it needs a protection that sport is involved into this if it comes to the integrity of the game.

所以，從這個角度來看，我們認為這不是合適的工具。但對於大宗商品來說，這很有道理，但需要明確的監管。需要明確誰在進行交易，以及控制規則是什麼？當然，這也需要對球員進行保護。它需要防止洗錢，也需要防止運動捲入其中，因為這關係到比賽的公正性。

So that's what we see. I hope I answered your questions.

這就是我們看到的。希望我的回答能幫助你。

That's perfect. And just a very quick follow-up. Have you been approached? And is there a use case for market makers? And have you been approached by those as potential customers of Sportradar?

那很完美。還有一個非常簡短的後續問題。有人找過你嗎？那麼做市商是否有實際應用場景？是否有人聯絡過您，表示他們是 Sportradar 的潛在客戶？

Yes, we have been approached, and we are discussing this. That's the reason why I said we are ready to go here once the framework is the right framework that we can start to act. But the market maker is playing a main role here. The market maker needs high-quality data, and the market maker needs more or less zero latency. Very important for them.

是的，我們已經接到相關電話，目前正在討論此事。這就是為什麼我說，一旦框架確定下來，我們就可以開始行動了。但做市商在這裡扮演著主要角色。做市商需要高品質的數據，並且需要幾乎零延遲。對他們來說非常重要。

We have all these services, and we can provide it to them.

我們擁有所有這些服務，我們可以為他們提供這些服務。

Barry Jonas, Truist.

Barry Jonas，Truist。

Can you just give us an update on what percent of OSB handle came from in-play in the quarter and how you see that ramping going forward?

能否告知我們本季 OSB 交易額中有多少百分比來自場內投注，以及您如何看待未來這一比例的成長？

Yes. Barry, as you know, we are not reporting constantly on this handled, but the number is roughly the same like in the last quarter. Comparing it to what we see on our MTS global business, which is roughly 70% handled from online sportsbooks for live, we see here in the US roughly 50%, but the trend is picking up that we get a higher conversion on live betting.

是的。巴里，正如你所知，我們並沒有持續報告這方面的處理情況，但數字與上一季大致相同。與我們 MTS 全球業務的情況相比，大約 70% 的即時投注來自線上體育博彩，而在美國，這一比例約為 50%，但即時投注的轉換率正在上升。

And then just as a follow-up, I believe you have a big sports right contract with UEFA up in early '27. When should we expect renewal discussions to commence? And are there opportunities to expand that contract any further?

另外，我想補充一點，我相信你與歐足總簽訂了一份重要的體育版權合同，將於 2027 年初到期。續約談判預計何時開始？是否還有機會進一步擴大合約範圍？

We are in active discussions like we are with all our league partners. UEFA is a special case. They are sitting in Switzerland. We are based in Switzerland. I'm in frequent contact with UEFA.

我們正在積極與所有聯盟合作夥伴進行磋商。歐足聯的情況比較特殊。他們現在身在瑞士。我們公司位於瑞士。我與歐足總保持著密切聯繫。

Looking now to the opportunities you heard in the call before that we launched yesterday with NBC, the performance view, which was on air. That is something which we do now also for soccer. This is a thing which is very interesting for UEFA because what we can do is we predict the next pixel. And then going forward, we can simulate what might happen in the next four, five in the NBA case, seven seconds. And these are products where UEFA sees a big use case if it comes to their global distribution and broadcast partners.

現在讓我們回顧一下昨天我們與 NBC 聯合推出的業績展望節目中提到的機遇，該節目當時正在播出。我們現在也把這種方法應用在足球領域。這對歐足總來說非常有趣，因為我們可以預測下一個像素。然後，我們可以模擬接下來四秒、五秒（NBA 比賽的情況）或七秒鐘內可能發生的事情。對於歐足總的全球分銷和轉播合作夥伴而言，這些產品具有很大的應用前景。

So, these are things which we're actively discussing, and it involves, of course, the tracking data and the deeper data. So, these are developments which UEFA is more than interested in. And of course, we are more than interested to get deeper embedded in the value creation of this league.

所以，這些都是我們正在積極討論的事情，當然，這涉及到追蹤數據和更深層的數據。因此，這些事態發展正是歐足總非常關注的。當然，我們也非常有興趣更深入地參與這個聯盟的價值創造。

Clark Lampen, BTIG.

克拉克·蘭彭，BTIG。

I've got two questions. The first is going to be on IMG. You provided a framework for 2026 inclusive of the business and contributions. But I wanted to see if you could give us maybe a little bit more detail qualitatively around sort of what's assumed next year from an integration standpoint and a revenue synergy capture standpoint. Does it take a while, I guess, to have the sort of client-by-client discussions and negotiations that result in those synergies unlocks, i.e., should we imagine that, that is a bigger opportunity for 2027 rather than 2026 because that's -- there's a time component there that you can't really compress.

我有兩個問題。第一部將在IMG上發布。您為 2026 年制定了框架，其中包括業務和貢獻。但我希望您能從整合和收入綜效獲取的角度，更詳細地定性地說明明年的預期情況。我想，要與客戶逐一進行討論和談判，從而釋放協同效應，可能需要一段時間。也就是說，我們是否應該認為，2027 年的機會比 2026 年更大，因為──這其中包含著一個無法壓縮的時間因素。

And then as we think about the overall SRAD customer base, right now, you guys have close to 2,000 customers around 200 strategic and enterprise. Are the majority of those customers, I guess, sort of even beyond the first 200 addressable, I guess, from an incremental revenue standpoint? Or how should we think about how far and wide, I guess, the distribution of this could go?

然後，當我們考慮 SRAD 的整體客戶群時，目前你們有近 2000 個客戶，其中約有 200 個是策略和企業客戶。我想，從增量收入的角度來看，這些客戶中的大多數，甚至可能超出前 200 位客戶的範圍？或者我們該如何思考這種傳播範圍會有多廣、多遠呢？

Sure. Thanks, Clark. So, when you think about the revenue synergies, they will take some time to ramp over the course of 2026. But as I mentioned, we are now out there starting to talk to those clients immediately. Once the deal closed, we were out there having those discussions already on Monday.

當然。謝謝你，克拉克。所以，從收入綜效的角度來看，它們需要一段時間才能在 2026 年逐步實現。但正如我所說，我們現在已經開始立即與這些客戶進行洽談。交易完成後，我們週一就已經開始進行相關討論了。

And we understand that when you look at the kind of content that we're acquiring, specifically soccer, tennis and basketball. These are some of the most highly demanded sports from a gaming perspective. So, a lot of the clients that we have globally will be looking for these almost instantaneously. When you think about some of the other, what I would call, synergy opportunities, certainly, we've identified items on the cost side that we're looking at that will take some time to ultimately come to fruition over the course of 2026, but the vast majority of this will be on the revenue side. The one thing I will note is that the majority of their customers, the customers that IMG had are customers of ours.

我們明白，當我們審視我們正在獲取的內容類型時，特別是足球、網球和籃球。從遊戲角度來看，這些都是最受玩家歡迎的運動項目。因此，我們全球的許多客戶幾乎會立即尋求這些服務。當你考慮其他一些我稱之為協同效應的機會時，當然，我們已經確定了一些成本方面的項目，我們正在研究這些項目，這些項目最終將在 2026 年實現，但絕大部分都將體現在收入方面。我要指出的一點是，IMG 的大多數客戶，也就是我們的客戶，也是他們的大部分客戶。

So, for those clients, those clients already have a lot of these products and services, where we have the ability to upsell and cross-sell is the other 700 to 800 or so clients that we have globally on the gaming side of the house. And we have already started those discussions, and you'll see that, like I said, ramp up throughout 2026.

因此，對於這些客戶而言，他們已經擁有許多這類產品和服務，而我們能夠追加銷售和交叉銷售的對象，是我們在全球遊戲領域擁有的另外 700 到 800 家左右的客戶。我們已經開始了這些討論，正如我所說，你會看到這些討論在 2026 年逐步展開。

Maybe just as a very quick follow-up, the 8% betting and gaming content growth that we saw this quarter, you guys called out a 250 basis points FX drag. Was that -- if we were to think about ex-FX growth for betting and gaming content, should we think about a similar FX drag on that portion of your business? Or was it more elevated or sort of less elevated or less significant for any reason?

或許可以快速補充一下，本季我們看到博彩和遊戲內容成長了 8%，你們指出這其中存在 250 個基點的匯率拖累。也就是說——如果我們考慮博彩和遊戲內容的匯率成長，是否也應該考慮匯率波動對您業務這部分造成的類似拖累？或者，由於某種原因，它的地位更高，或者地位稍低，或者不太重要？

Yes. We obviously don't guide by individual line item or talk to too much specifics with regards to the makeup of individual line items. But what I will say is your thesis is correct. When you look at the FX impact, the impact on that line item is very consistent with what it would be across the entire company in totality from a percentage perspective. So, when you're looking at growth in that segment or that product grouping, it certainly would be into the double digits without foreign currency.

是的。我們顯然不會逐項進行指導，也不會過多討論個別項目的具體構成。但我必須說，你的論點是對的。從百分比的角度來看，外匯影響對該專案的影響與對整個公司整體的影響非常一致。所以，如果你觀察該細分市場或該產品組的成長情況，不考慮外幣因素，其成長率一定會達到兩位數。

And when you look at that versus how it was trending in Q1 and Q2, it's very consistent performance throughout the course of the year. So, we're seeing nice, sustained momentum in our, what I would say is core businesses.

如果你將這項數據與第一季和第二季的趨勢進行比較，你會發現它在整個年度的表現都非常穩定。所以，我們看到，在我們核心業務領域，出現了良好且持續的成長動能。

Michael Hickey, Benchmark.

Michael Hickey，Benchmark。

Carsten, Craig, Jim, congrats guys on a great quarter, great guide as well. Carsten, you kind of nailed the predictions market piece. We appreciate that. Your experience certainly shows through. You did say you're in active discussions with all the key stakeholders here.

Carsten、Craig、Jim，恭喜你們，這個季度表現出色，你們的指南也很棒。卡斯滕，你對預測市場的分析相當到位。我們對此表示感謝。你的經驗確實體現得淋漓盡致。您之前說過，您正在與所有關鍵利害關係人進行積極的討論。

Just in terms of timing from those discussions, should we start to see some flow-through here in '25? Or do you think the divide and the debate is deep enough that '26 is more likely? And then data integrity, obviously, is focal here. But also, curious what you're doing on the advertising side. Obviously, the market is going to heat up.

就這些討論的時間節點而言，我們是否應該在 2025 年看到一些成果？或者你認為分歧和爭論已經足夠深刻，以至於2026年更有可能發生？顯然，資料完整性是這裡的關鍵。另外，我也很好奇你們在廣告上做了些什麼。顯然，市場將會升溫。

Some of your operator partners are coming in, Polymarket is coming in. And so, it seems like on the media side, you might have some incremental opportunities as well.

你們的一些營運商合作夥伴即將加入，Polymarket 也即將加入。因此，在媒體方面，似乎也有一些逐步增加的機會。

We do. And Michael, the media side is not problematic. And we have some business already with [Kulti] in this perspective, it comes to client acquisition and to advertising services. So, this is something which is a nice opportunity. There's relatively high spend from those participants because it's a new market entry, and that is a less problematic service.

是的。邁克爾，媒體方面沒有問題。從這個角度來看，我們已經和 [Kulti] 有一些業務往來，包括客戶獲取和廣告服務。所以，這算是個不錯的機會。由於這是一個新進入市場的服務，而且該服務的問題較少，因此這些參與者的支出相對較高。

And we are in very active discussions here to develop then also the tailor-fit product for these client groups, but we have already some services there.

我們正在積極討論如何為這些客戶群開發量身定制的產品，但我們目前已經有一些服務面向這些客戶群。

And then, Carsten, I think what I heard you say is when you sort of examine and live through the Betfair situation in the UK and you reflect on that experience in the US, what I think I heard you say or translated was that in regulated markets, you wouldn't expect much share from the prediction markets versus the traditional operators. I just want to confirm that I heard you correctly on that. And then the second piece, I think the big unlock here besides the incremental business you can drive from the prediction side would be that the prediction markets continue to scale, and they motivate unregulated states like Texas, California, maybe altogether half the US population to accelerate legalization of traditional sports betting.

卡斯滕，我想我聽到你說的是，當你審視並親身經歷英國的 Betfair 事件，並反思你在美國的經歷時，我想我聽到或翻譯的是，在受監管的市場中，你不會期望預測市場相對於傳統運營商獲得太多的市場份額。我只是想確認一下我是否聽錯了。其次，我認為除了預測方面可以帶來的增量業務之外，最大的突破在於預測市場的持續擴張，這將激勵像德克薩斯州、加利福尼亞州這樣尚未受到監管的州，或許會激勵美國一半的人口加快傳統體育博彩的合法化進程。

Obviously, that's where the majority of your core business is. I'm just sort of curious your confidence or not that, that could actually be a catalyst for legalization and the opportunity for you.

顯然，那正是你們核心業務的大部分。我只是有點好奇，你是否相信這實際上會成為合法化的催化劑，並為你帶來機會。

So, let's go first on the share and the prediction markets. The nature of the business here is that you have a market maker in between and you have various levels of prices, which you can buy, and which needs then a match. So usually see five levels, six levels of the market. And if you want to lay up, let's say, $10,000, you might need to wait until you have the matching with the different levels and you might need to make compromises. So, the way how this transaction is done is significantly more complicated than sports betting.

那麼，我們先來看看股票和預測市場。這種商業模式的特點是，中間有做市商，有各種價位的商品可供購買，然後需要進行配對。所以通常可以看到五、六個層次的市場。如果你想下注，比如說 10,000 美元，你可能需要等到不同程度的賭注都匹配成功，而且你可能需要做出一些妥協。因此，這種交易的進行方式比體育博彩要複雜得多。

The beauty of sports betting is you can price literally everything because the bookmaker on the other side is holding then the risk, which is enabling a beautiful business for us with the MTS services. But that's the beauty of sports betting. You can price everything. You can do this live. You can price parlays up to whatever, 20 times fold.

體育博彩的魅力在於，你可以為幾乎所有事情定價，因為博彩公司承擔了風險，這使得我們透過 MTS 服務開展了一項美好的業務。但這就是體育博彩的魅力所在。所有東西都可以定價。你可以現場進行。你可以將串通投注的賠率設定為任意值，最高可達 20 倍。

So that's something which is not possible from the model of exchanges and prediction markets. But prediction markets are super-efficient. If it comes to one or two or five matches, limited number of matches, where you have a lot of liquidity that this matching goes very quickly. For example, a Super Bowl or some NFL matches.

所以，這是在交易所和預測市場模式下不可能實現的。但預測市場的效率非常高。如果只有一兩場或五場比賽，比賽數量有限，但資金流動性充足，那麼配對過程就會非常迅速。例如，超級盃或一些 NFL 比賽。

If you talk about 3,000 matches from MLB or NBA or 4,000 from NHL, that is spread much thinner, and it gets much less interesting because you do not have that liquidity to match it. So, this is what we observed for 25 years with Betfair and what Betfair observed by themselves. So, there is a very good use case if you speak about a limited number of matches where there is a high interest and it's a very sharp pricing, usually attracting more high rollers, which want to have bigger stakes for a lower commission. So, we see exactly that use case also in the US, and we saw already in the last couple of weeks that this is working very good. Now in your second part of the statement, you said that I'm hinting into Texas and California, which I didn't do, but I'm happy to speak about this.

如果你說的是 MLB 或 NBA 的 3000 場比賽，或者 NHL 的 4000 場比賽，那比賽就分散得多，也變得沒那麼有趣了，因為你沒有足夠的流動性來匹配這些比賽。所以，這是我們25年來對Betfair的觀察結果，也是Betfair自己觀察到的結果。因此，如果你談論的是數量有限但關注度很高的比賽，而且價格非常優惠，通常會吸引更多的豪賭客，他們希望以更低的佣金下更大的賭注，那麼這就是一個很好的應用場景。所以，我們在美國也看到了同樣的用例，而且在過去幾周里，我們已經看到它運行得非常好。現在，在你聲明的第二部分，你說我暗示了德克薩斯州和加利福尼亞州，但我並沒有那麼做，但我很樂意談論這件事。

Yes, of course, in the talks which I have with the stakeholders, some of them said it might be an accelerator for Texas and California because what we see is a huge proportion of what goes into the prediction market comes out of those two states, super states, which are roughly 30% of the GDPR of the US economy, if I'm not mistaken.

當然，在我與利益相關者的會談中，他們中的一些人表示，這可能會加速德克薩斯州和加利福尼亞州的發展，因為我們看到，預測市場的大部分資金都來自這兩個超級州，如果我沒記錯的話，它們約占美國經濟總量的 30%。

So that is interesting. And yes, from a regulatory perspective, we see that there is more interest now out of those two states to understand what might be happening in a regulation perspective when this comes to play. So, I think you are not mistaken to say that this is putting a bit more pressure on regulation, which we all expected to come a bit later. Maybe that is accelerating now. So at least that's what we are recognizing.

這很有意思。是的，從監管角度來看，我們看到這兩個州現在更有興趣了解，當這種情況發生時，監管方面可能會出現什麼問題。所以，我認為你說的沒錯，這確實給監管帶來了一些壓力，而我們都預料到監管會稍晚出現。或許這種情況正在加速發展。所以至少我們認識到了這一點。

Operator, we have time for one more question.

操作員，我們還有時間再問一個問題。

Jordan Bender, Citizens Bank.

Jordan Bender，公民銀行。

I want to address some of the noise around the business with your exposure to certain markets, whether they're gray or beyond that. Are you able to discuss your view on this exposure? And internally, how do you make sure your data isn't ending up in markets they shouldn't be ending up in?

我想談談圍繞您業務的一些雜音，以及您在某些市場（無論這些市場是灰色地帶還是其他領域）的曝光度。您能否談談您對此次曝光的看法？在公司內部，如何確保資料不會流入不該流入的市場？

Jordan, Carsten here. Can you please define what is gray market for you?

喬丹，我是卡斯滕。請問您能否解釋一下您認為什麼是灰色市場？

I guess, unregulated, untaxed, I guess some of us or you guys maybe have seen some of the reports out there that --

我想，不受監管，不徵稅，我想我們有些人或你們可能已經看過一些相關的報導了。--

Thank you for the clarification. So, we have a four-level process. So, we are only working with licensed operators. And we have contracts which are enabling those operators only to work in the territory where they are licensed in. That's the first one.

謝謝你的解釋。所以，我們有一個四級流程。所以，我們只與持有執照的業者合作。我們簽訂的合約規定，這些業者只能在其獲得許可的地區開展業務。這是第一個。

Second, we have a global compliance team, which is making an intensive KYC with every operator, and we are insisting on this that we control it. Number three, we have an internal audit, which is looking to IP infringements. We are trying to see it in our data feeds mistakes, which we can identify and then assemble where is our content popping up. And if there is a case, where our content is popping up in markets which are not licensed, which are not covered by the contracts. Of course, we are going on those operators.

其次，我們有一個全球合規團隊，正在對每個營運商進行嚴格的 KYC 審查，我們堅持這樣做是為了控制它。第三，我們進行了內部審計，調查是否有智慧財產權侵權行為。我們正在嘗試從資料來源中發現錯誤，以便識別並彙總我們的內容出現的位置。如果發生這種情況，即我們的內容出現在未經授權、不在合約範圍內的市場。當然，我們會選擇這些業者。

That happens for a handful of cases every year, and we are monitoring this very closely. Number four, we have league partners, which are from us requesting a vetting process. NBA and NHL is such a samples. So, for every operator who gets this content, that is a separate vetting process with the league, which is coming on top of the levels one to three, which we have there.

這種情況每年都會發生少數幾起，我們正在密切關注此事。第四，我們有聯賽合作夥伴，這些合作夥伴都是我們要求進行審查的。NBA和NHL就是這樣的例子。因此，對於每個獲得此內容的運營商來說，這都是聯盟單獨制定的審查流程，這是在我們現有的 1 到 3 級審查之外的。

And Craig, it's the second quarter in a row that you've talked about adding headcount. The company restructured two years ago. So, can you maybe specifically kind of opine on where you're adding some of this talent and where you see the need for more talent?

克雷格，這已經是你連續第二季談到增加人手了。公司兩年前進行了重組。那麼，您能否具體談談您正在哪些方面引進人才，以及您認為哪些方面還需要更多的人才？

Yes. Thanks, Jordan. So, I would say it's less about us adding talent, and it's more about using existing talent more efficiently. When you look at the personnel cost growth that we had in the third quarter, it was somewhere in the low to mid-single digits. It's obviously a step down from what you've seen historically.

是的。謝謝你，喬丹。所以，我認為關鍵不在於我們需要增加多少人才，而是我們需要更有效地運用現有的人才。從第三季的人員成本成長率來看，大約在個位數低到中段水準。這顯然比你以往所見的要遜色一些。

And that's just an example of us using our existing headcount in more efficient ways. So, we'll continue to look for ways to do that. When we put people to work or we end up adding any new headcount, we always look at what are they working on and what's the return on what they're working on. And if they're working on things that, frankly, have not taken a lot of hold, then we'll move them to projects, which have higher return parameters around them. And you're seeing that across the business.

這只是我們更有效地利用現有人力資源的一個例子。所以，我們會繼續尋找實現這目標的方法。當我們安排員工工作或增加任何新的員工人數時，我們總是會查看他們在做什麼以及他們所做工作的回報是什麼。如果他們從事的工作坦白說並沒有取得多大進展，那麼我們會將他們調到回報率更高的專案中。而且這種情況在整個公司都普遍存在。

You'll continue to see that diligence in Q4, and we expect that to continue into 2026 as well. So, the days of us adding somewhere in the mid- to high teens people every single year because we're a technology company are behind us, and we're going to put our heads to work in the places that matter most.

在第四季度，您將繼續看到這種嚴謹的工作作風，我們預計這種作風也將持續到 2026 年。所以，我們作為一家科技公司，每年增加十幾名員工的日子已經過去了，我們將把精力投入最重要的事情。

We want to thank everyone for joining us for our third quarter earnings call. Now I'll turn it back to the operator.

感謝各位參加我們的第三季財報電話會議。現在我把它交還給操作員。

Thank you. This is all the time we have today for questions. I will now turn the call back to Jim Bombassei for closing remarks.

謝謝。今天提問時間到此結束。現在我將把電話轉回給吉姆·邦巴塞，請他作總結發言。

Everyone will be around for your questions throughout the day. I appreciate you joining the call.

全天都會有工作人員在場解答您的問題。感謝您參加通話。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。