Sportradar fell about 28% Wednesday after short sellers Muddy Waters and Callisto alleged its products are tied to unlicensed gambling sites.

On April 22, 2026, Muddy Waters Research published a report concerning Sportradar Group AG. The report alleges, among other things, that the company has provided services to certain operators targeting jurisdictions where online gambling is prohibited.

Muddy Waters stated it conducted an undercover operation where the firm’s representatives told Sportradar’s sales team they wanted to target illegal markets. According to Muddy Waters, the company was willing to proceed with such business arrangements.

The short seller estimates that illegal operators contribute approximately 20% to 40% of Sportradar’s revenue and a larger portion of profits. Muddy Waters believes that without revenue from illegal gaming operations, the company would be unprofitable.

Muddy Waters also noted that an Asia sales executive allegedly offered to introduce the undercover team to the Yabo Group, described as China’s largest illegal operator. The short seller claimed this occurred despite warnings about the operator’s legal status.

Callisto Research previously disclosed a short position in Sportradar. Muddy Waters stated it arrived at its conclusions independently but agrees with Callisto Research’s assessment of the company.

Sportradar provides sports betting data and integrity services to leagues and gambling operators globally. The company has positioned itself as a provider of integrity monitoring services to combat match-fixing in sports.