A new report alleges that Sportradar, a leading sports betting and data company, has forged relationships with hundreds of illegal gambling operators, including several that appear to operate in Iran and Russian-occupied Crimea. The study, compiled by the activist financial research firm Callisto Research, claims to have identified more than 270 unlicensed betting companies offering sports betting, virtual gaming, and crypto casinos that purport to be products of Sportradar. The company’s branding and tools are visible on many of these websites.
Share Price Plummets
Sportradar AG, listed on the Nasdaq, saw its share price drop as much as 30% following the publication of Callisto’s report on Wednesday, before closing the day 23% down from the start of trading. Callisto Research has disclosed that it short sold Sportradar stock after releasing its report, a practice where investors bet on a decline in a company’s stock value.
Sportradar’s Business Model
Sportradar generates revenue through distribution deals that allow it to both service and police the gambling industry. Its integrity arm monitors betting markets on behalf of governing bodies and leagues, including Fifa, Uefa, Major League Baseball, and the NBA, alerting them to potential match-fixing or spot-fixing. Sportradar has been Fifa’s integrity partner since 2017, monitoring over 600,000 matches, with a contract extension until 2031 covering the next two men’s and women’s World Cups.
The company insists it works exclusively with licensed betting operators who pay taxes in their operating territories and offer customer protections, neither of which applies to the black market. The majority of unlicensed operators are based in Curaçao or Anjouan.
Allegations of Revenue from Unlicensed Operators
A former Sportradar employee is quoted in the report as saying that deals with unlicensed operators account for approximately one-third of Sportradar’s revenue, which was €1.2 million last year. Separately, another short seller, Muddy Waters, claimed on Wednesday that members of Sportradar’s sales team had indicated plans to target illegal markets.
Short sellers profit from a company’s stock price decline and often produce reports of alleged business failings to trigger share price movements they can trade on.
Sportradar’s Response
Sportradar dismissed all allegations from Callisto and Muddy Waters, describing them as an attempt to disrupt its share price. In a statement to the Guardian, the company said: "A short report issued today contains factual inaccuracies about the company, and we unequivocally challenge these assertions. The report demonstrates a fundamental misunderstanding of our business and the industry and was authored by a short seller trying to erode shareholder value and profit from stock disruption."
Sportradar added: "Sportradar works exclusively with licensed operators, follows strict global compliance, and due diligence standards, and we stand by our independently audited financial statements, risk disclosures, and information provided to investors and regulators. We conduct our business with the highest ethical standards consistent with company policies, laws and regulations."
A Sportradar source further stated that the company continuously audits sportsbooks for intellectual property infringement and scans the internet to capture and investigate breaches. Immediate action is taken upon detecting any contravention of its agreements.
Sanctions Compliance Concerns
Callisto’s report alleges that Sportradar and its betting arm, Betradar, have deals with hundreds of illegal operators, some of which trade in countries sanctioned by the US. Any involvement with unlicensed operators in Iran and Russia could raise questions about compliance with sanctions imposed by the US, the UK, and the European Union.
The report includes screenshots appearing to show Betradar virtual sports games on Berrybet and Betfido, Persian-language betting websites that allow deposits via Iranian payment providers. Berrybet also provides instructions on using Nobitex, an Iranian crypto exchange linked to the Islamic Revolutionary Guards Corps (IRGC) in a US Senate hearing.
Sportradar insists it complies with US sanctions prohibiting dealings with the Iranian market. Its Code of Business Conduct and Ethics states that "any indication" of a connection to Iran should result in putting a commercial relationship "on hold."
Russian Market Concerns
Following the invasion of Ukraine in March 2022, Sportradar announced it was suspending all new investments and client relationships in Russia to ensure compliance with international sanctions. However, Callisto claims several Russian-market platforms launched since that date purport to use Sportradar products.
Examples include Drexel Casino, launched last year on the Russian black market, which claims to operate Nsoft slot games developed by Sportradar’s Bosnian games studio Nsoft. Additionally, 2xWinner, launched last year, offers Betradar virtual sports games, while Lep Casino, set up in 2024, appears to offer games by Nsoft. The website of Bet-M, a Russian sportsbook launched in 2025 that previously held the name SportradarLLC, also appears to display a Sportradar domain among its information sources.
Links to Santeda International
Callisto has also uncovered evidence showing Sportradar content on multiple brands operated by Santeda International, a secretive company fueling the rise of illegal casinos in the UK, as previously reported by the Guardian. Santeda’s unlicensed casino products include Rolletto, Velobet, Goldenbet, and Mystake, which show signs of Betradar branding. The Betradar games are identifiable by the company logo and distinctive game icons, while Roletto’s use of Sportradar widgets for sports data is evident from its source code. Sportradar’s website states that operators using its widgets require approval of the domain involved.
Regulatory Scrutiny
Callisto’s report states that it has shared its findings with multiple North American and European gambling regulators, including the UK Gambling Commission. Three regulators have already begun assessing the findings regarding Sportradar.
