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Genius Sports reports Q3 2023 figures: Revenue up 29% year-on-year

The numbers are in, and despite foreign currency exchange rates playing a part, there are several increases across the board for Genius Sports this quarter.

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Sports data supplier Genius Sports has released its Q3 report for the quarter ending 30 September 2023.

Starting out strong, revenue from the company increased by 29% compared to last year's figures, with the total for 2023 standing at $101.7m.

When broken down into respective products, every vertical also saw improvements when compared year-on-year.

Betting Technology, Content and Services (TSC) accounted for $65.9m, an increase of 34%; Media TSC made $22.9m, a growth of 28%; and finally, Sports Technology and Services increased by 11% to $12.9m.

Net loss for Genius Sports unfortunately grew 29.5% to $11.6m.

However, adjusted EBITDA saw more positive figures, with a 131% increase to $17.7m.

As for the adjusted EBITDA Margin, this rose from 9.7% to 17.4%, an increase of 7.7%.

Analysing how each vertical contributes to the overall revenue at Genius Sports, with the increases compared to year on year shown as percentage values.

Mark Locke, Genius Sports Co-Founder and CEO, said: “Our consistent outperformance reflects the execution of our core strategy as we continue to develop and distribute innovative technology across the sports ecosystem, enabling success for our partners, and further solidifying our long-term strategic position.”

The business deals completed in Q3 2023 were just as busy, with multiple partnerships and product launches.

Genius Sports launched BetVision, an immersive sports betting experience that would include live game video footage from NFL games.

Also with NFL, Genius Sports partnered with Snap to power immersive Augmented Reality (AR) experiences by using NFL data.

For its sister sport, the company developed the first Rugby World Cup Fantasy game for World Rugby.

Nick Taylor, Genius Sports CFO, added, “We have reached a critical turning point in our business as we have realised consistent margin expansion in each quarter this year and now have much higher visibility into our long-term model following the renewals and extensions of key rights partnerships.”

In addition, Genius Sports received a provisional licence by the Nebraska Racing and Gaming Commission, it extended its data and integrity partnership with Brazil’s National Basketball League and launched the Ryder Cup Game Zone product for golf fans.

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