High-profile partnerships fuel 70% revenue growth for Genius Sports
Period saw the company sign agreements with BetMGM, FanDuel, Golden Nugget, Hard Rock Digital, Barstool Sportsbook, and Caesars, among others.
Official sporting data and technology company, Genius Sports, has today announced its financial results for the third quarter of 2021. The period has been one of impressive growth for the company, fueled by a number of high-profile deals with some of the United State’s largest sportsbooks.
Q3 saw group revenue increase by over 70% when compared to the same period in 2020, coming in at $69.1m. For betting technology, content & services, revenue increased 48% year-on-year to $43.6m, boosted by partnerships and customer acquisition.
The company’s sports technology & services segment saw a revenue increase of 159%, reaching $11.6m, fuelled by the inclusion of revenues derived from two acquisitions, Sportzcast, acquired in December 2020, and Second Spectrum, acquired in June 2021.
Meanwhile, Genius’ commercial arm reported revenue of $13.9m, a 114% year-on-year increase.
“Genius Sports’ growth is accelerating at an unprecedented level that far surpasses our original expectations. We are capturing more opportunities than ever before, underpinned by the broad adoption of official data by the entire ecosystem,” said Mark Locke, GSL Co-Founder and CEO.
“While only months into our first NFL season, we are even more confident of the long-term prospects of the partnership. We are transforming the global sports betting market through our progressive investment in technological innovation, and we will continue to do so for years ahead.”
Adjusted EBITDA for the period was $400,000.
Nick Taylor, GSL CFO, added: “We’ve positioned the business for continued success, giving us great confidence in raising our 2021 revenue outlook. We anticipate continued strong revenue growth as the market continues to expand and evolve, while preserving the option to reinvest in the business to fund strategic growth initiatives and drive long-term sustainability and scale.
“This early stage of our growth cycle presents a window of opportunity to invest in the future success of the business, and we’re excited to continue building towards our strategic vision.”
Crucially, the period was punctuated by a series of high-profile partnerships, seeing some of the United State’s largest sportsbooks utilize Genius’ data offering, especially in regard to its NFL statistics. This includes agreements with BetMGM, FanDuel, Golden Nugget, Hard Rock Digital, Penn/Barstool Sportsbook, and PointsBet, as well as Caesars, DraftKings, WynnBet, and 888/SI Sportsbook.
This series of agreements now sees 97% of the US sports betting market using Genius’ NFL data offering.
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