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Sportradar faced sharp pressure after the publication of two short reports from Muddy Waters and Callisto Research. The authors of the reports stated that the company allegedly collaborated with illegal betting operators, as well as with sites associated with banned or sanctioned markets. Against this background, on April 22, Sportradar shares fell by 23% following the results of trading.
The company’s reputation as a provider of data and integrity services for major sports organizations was a key blow. The Guardian writes that the Callisto report includes more than 270 unlicensed operators on whose websites the branding and tools of Sportradar or its betting division Betradar were allegedly noticed.
The charges separately mention the topic of Russian and banned markets
Publications about the case specifically highlight the topic of Russia and other prohibited jurisdictions. The Guardian, citing a Callisto report, writes that after 2022, platforms allegedly appeared on the Russian black market that claimed to use Sportradar products, including virtual games and Nsoft content owned by the group.
Separately, Muddy Waters claims that its investigators at ICE 2026 in Barcelona directly told the Sportradar sales team that they wanted to work with the markets of Vietnam, Thailand, Indonesia and China, where online gambling is prohibited, but they did not receive a refusal. Moreover, the report says that they were allegedly offered products adapted to such markets.
Sportradar denies the accusations and calls them an attack on the stock price
Sportradar itself has officially denied the allegations. In a statement to investors, the company said that the short reports contain factual inaccuracies, demonstrate a fundamental misunderstanding of its business, and were prepared by short sellers who are trying to capitalize on the stock’s decline. Sportradar also stated that it works exclusively with licensed operators and adheres to strict standards of compliance and due diligence.
At the moment, it is important that we are talking about accusations from short sellers, and not about a proven violation. But the sheer scale of the claims has already created a serious risk for Sportradar: the story hits not only the quotes, but also its image as one of the main “clean” infrastructure suppliers for global betting and sports.
Source: https://next.io/news/investment/sportradar-shares-drop-23pc-short-seller-claims/
