Sportradar Securities Fraud Investigation

Sportradar, a global sports data and technology company, is under investigation for securities fraud by law firms Bleichmar Fonti & Auld LLP and Kessler Topaz Meltzer & Check. This follows reports from investigative research firms Muddy Waters Research and Callisto Research, published on April 22, 2026. The reports allege that Sportradar actively aided and abetted illegal gambling across black and grey markets, with illegal operators contributing an estimated 20-40% of its total revenues. Muddy Waters Research specifically identified nearly 50 Sportradar clients, including seven Russian sportsbooks and four Southeast Asian sportsbooks with links to Cambodian human trafficking, operating illegally. Callisto Research's findings suggested that one-third of platforms Sportradar claims to serve were operating illegally. These revelations led to a 22.6% decline in Sportradar's stock price on April 22, 2026, and prompted three gambling regulators in the United States to commence reviews into the company.