Muddy Waters is short Sportradar Group AG (SRAD). At the ICE 2026 gaming conference in Barcelona, undercover investigators posing as a startup sportsbook targeting banned markets (Vietnam, Thailand, Indonesia, China) were not turned away by any SRAD salesperson. An Asia-focused executive offered to introduce them to the Yabo Group — China's largest illegal gambling operator, staffed by trafficked workers. Muddy Waters estimates illegal operators deliver 20-40% of SRAD's total revenues, and identified nearly 50 companies operating in illegal markets as current or recent SRAD clients, including 1xBet, FonBet, 8xBet, OKVIP, SBOBet, and Yabo Group. SRAD's CEO Carsten Koerl's claims of a '4-level' KYC process and close monitoring of illegal activity are contradicted by the undercover investigation, SRAD's own website code, and testimony of 15 current and former employees.
We did not write this report. We catalogued it. The underlying research was published by Muddy Waters Research. The Forensic Ledger does not endorse its conclusions. Always read the original document.
The Core Allegation
Sportradar Group AG (SRAD) — the world's largest sports data and integrity company — has actively aided and abetted illegal gambling across the world's black and grey markets, not as an accident or an oversight, but as a business strategy.
The Undercover Investigation
At the ICE 2026 gaming conference in Barcelona, Muddy Waters investigators posed as operators of a startup sportsbook. They told SRAD's sales team — repeatedly and explicitly — that their target markets were Vietnam, Thailand, Indonesia, and China. Every one of these countries bans online gambling.
Not one SRAD salesperson told them no. Instead:
- An Asia-focused sales executive walked them through product offerings tailored to each illegal market
- He bragged that SRAD 'serves everyone'
- He offered to introduce them to the Yabo Group — China's largest illegal gambling operator, whose Cambodian call centers are staffed by trafficked and enslaved workers
- He warned that Yabo's people didn't attend ICE because 'they would be hunted down'
- Then he offered to make the introduction anyway
The CEO's False Claims
CEO Carsten Koerl has compared SRAD to the 'FBI of gambling.' On the Q3 2025 earnings call, he described a '4-level' KYC process and claimed the company monitors illegal market activity 'very closely.'
Muddy Waters finds this claim to be a lie — contradicted by:
- The undercover investigation
- SRAD's own website code
- Testimony of 15 current and former employees
- The exposed infrastructure of a business model that depends on illegal operators to survive
SRAD Knows Where the Bets Come From
Unlike companies that simply sell software, SRAD has reams of data on its customers and their customers' customers:
- IP addresses
- Time zones
- Language settings
- Device configurations
- Mouse movements
- The sites through which bettors arrive
It collects 500+ data points per match and retains user data for three years. SRAD knows where the bets are coming from. It has always known.
The Revenue Exposure
Muddy Waters estimates that illegal operators today deliver approximately 20-40% of total revenues.
Using two proprietary code-analysis methodologies developed with cybersecurity experts, supplemented by extensive interviews with former SRAD sales executives, MW identified nearly 50 companies as current or recent SRAD clients and collaborators operating in illegal markets, including:
- 1xBet and FonBet (Russia, organized crime-linked)
- 8xBet (Cambodian modern-slavery-linked) — SRAD previously denied supplying 8xBet; MW found its Client ID in 8xBet's source code
- OKVIP and SBOBet (Southeast Asia)
- Yabo Group (China)
The Punchline
'SRAD's CEO likes to call his company the FBI of gambling. The FBI does not offer to introduce informants to human traffickers at trade shows.'
subsequent events
- 2025-Q3CEO Carsten Koerl claims '4-level' KYC process on earnings call
“The company monitors illegal market activity 'very closely'”
- Pre-2026-04-22MW conducts undercover investigation at ICE 2026 in Barcelona
“Not one SRAD salesperson told us no. An Asia-focused sales executive bragged that SRAD 'serves everyone'”
- 2026-04-22Muddy Waters publishes report on SRAD
“SRAD has actively aided and abetted illegal gambling across the world's black and grey markets — not as an accident or an oversight, but as a business strategy”
Source — https://muddywatersresearch.com/research/2026/mw-is-short-srad/
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