Genius Sports reports 70% revenue growth for Q3
Genius Sports has announced its Q3 financial results ending September 2021. The company saw group revenue grow by over 70% year-on-year in the third quarter of 2021, reaching highs of $69.1m, driven by growth across all segments of the business. On a constant currency base, Genius' revenue increased by 60%.
Betting technology saw revenue grow 48% to $43.6m, with this driven by price increases on contract renewals and renegotiations with existing customers, support of new customers and increased utilisation of content.
Revenue from sports technology increased 159% to $11.6m, and media technology saw revenue increase 114% to $13.9m.
Genius incurred a decrease in its group EBITDA, which was negative $0.4m, with revenue growth offset by strategic investments and data rights costs.
Mark Locke, Genius Sports Co-Founder and CEO, said: “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.
“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.”
During its Q3 period, Genius announced strategic partnerships to provide NFL offerings to Caesars, DraftKings, Entain and BetMGM, Golden Nugget Online Gaming, Penn Interactive to power its Barstool Sportsbook, WynnBET and 888 to power its SI Sportsbook
Nick Taylor, Genius Sports 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.”
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