Genius Sports posts 18% increase in Q3 revenue
The company also reported year-over-year growth in net revenue.
Key Points
- Q3 revenue rose year-over-year
- The company also posted growth in its adjusted EBITDA and net income
Genius Sports has released its third-quarter financial report. During the period, the company reported a more than 18% increase in quarterly revenue year-over-year.
In Q3, overall revenue reached $120.2m. Adjusted EBITDA rose by 45% year-over-year to reach $25.7m.
Group net income also grew when compared to figures posted during the same quarter last year. Net income reached $12.5m during the third quarter.
Genius Sports serves as a data, technology and broadcast partner and works to connect sports, betting and media.
Company Co-Founder and CEO Mark Locke celebrated the company’s quarterly results.
He commented, “Our strong results are underpinned by our successful commercial execution, positioning us to capture profitable growth alongside our partners as the sports betting industry continues to evolve and expand.
“We are empowering partners across the sports ecosystem to better reach, engage and monetize fans using our innovative technology and unique data-driven insights.”
Group revenue year-to-date also reflected significant growth, according to the report. Genius Sports posted a 17.3% increase in its group revenue for the fiscal year, which reached $335.4m.
The NFL recently teamed up with Genius Sports to release BetVision, which is an immersive sports wagering platform that offers fans statistics, insights, integrated bet slips and real-time augmentations within an interactive player. The launch offered fans around the US access to live NFL games.
Football fans can place bets within the live video player on the sportsbook app, as well as access NFL content on mobile and tablet devices.
As part of the initial launch, Caesars Sportsbook and Fanatics Sportsbook were the first to offer BetVision to sports betting fans. Both sportsbooks feature live streams of local, regional and national NFL games during the week.
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