Sportradar states that it will “unequivocally challenge” allegations that it has been working with illegal gambling operations, after claims about its conduct resulted in its share price plummeting.
Two investment research firms, Callisto Research and Muddy Waters, have published reports alleging that Sportradar has been providing services to illegal operators while simultaneously providing integrity services to both legal firms and sports organisations.
Both Callisto and Muddy Waters have both shorted Sportradar stock – essentially betting that the price will decline.
The two firms’ business models are that of short sellers, taking out shorts in companies and publishing negative research and allegations which subsequently lead to a share price drop off.
This has certainly worked out for the duo in Sportradar’s case. As of 4pm BST on 22 April 2026, Sportradar’s share price had fallen by 22.75% to $13 a share on the New York Nasdaq, having averaged between $16-$18 over the previous five days.
What are the short sellers saying?
The allegations made by Muddy Waters and Callisto Research are wide ranging, but essentially amount to accusing Sportradar of a double standard – of providing its integrity monitoring services to regulated firms while selling other services to illegal ones.
Muddy Waters claims to have sent representatives to Sportradar’s stand at the ICE trade show in Barcelona earlier this year, presenting themselves as representing a newly founded betting company focused on Vietnam, Thailand, Indonesia, and China.
Online sports betting is illegal in three of these four countries, while in Vietnam it is restricted only on horse racing, greyhound racing, and international football matches.
Muddy Waters alleges that “not one Sportradar salesperson told us no”, and that its representatives were subsequently referred to an Asia-focused Sportsradar salesperson
Callisito, meanwhile, alleges that up to 30%-40% of Sportradar’s revenue could come from unlicensed markets, and claims to have shared its research with European and North American regulators, asserting that three of the latter have commenced reviews.
“We believe Sportradar will have to choose between surrendering its revenue from illegal operators or losing its licences in Europe and North America,” Callisto claims.
Sportradar fires back
Sportradar maintains integrity partnerships with a range of major sports organisations, including FIFA, UEFA, the National Basketball Association (NBA), National Hockey League (NHL) and Major League Baseball (MLB).
Allegations that it is working with illegal firms, the kind of operators that are often associated with match-fixing, are a serious threat to Sportradar’s international integrity operations. It also comes at a time when many regulators and governments are putting more resources into combatting the black market.
The UK, for example, has launched an anti-illegal gambling taskforce. Major operators like Flutter Entertainment and Entain have been vocal about the need to clamp down on black market activity, and the presence of Asian-focused, non-UK licensed bookmakers in the English Premier League has been a source of controversy in that country.
Allegations that Sportradar is working with firms in this space could be damaging to the Swiss firm’s relationships with some of the biggest licensed gambling operators. It can be expected that the firm will fight these allegations tooth and nail.
“Short reports issued today contain several factual inaccuracies about Sportradar, and we unequivocally challenge these assertions,” a Sportradar statement read.
“These reports demonstrate a fundamental misunderstanding of our business and the industry and were authored by short sellers trying to erode shareholder value and profit from stock disruption.
“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 Sportradar’s policies and applicable laws and regulations.”
