Genius Sports benefited from the rise of sports betting in the U.S. and the increasing value of sports data.
The company collected $85.9 million in revenue in the first quarter, up 59.9% year-over-year.
- Genius’ biggest segment, betting technology, rose 27.6% year-over-year to $49.7 million.
- It saw massive growth in media technology, up 157.3% to $24.1 million, and sports technology, up 123.3% to $12.1 million.
- However, it still ran an overall loss of $2.9 million.
Genius beat revenue expectations by 6.25%, and its stock price was up 1.8% at market close on Thursday.
The sports data company has carved out a lucrative space between sports leagues and betting operators. It has partnerships with the NFL, Premier League, MLB, PGA Tour, NCAA, and Liga MX, among others, as well as with sportsbooks such as FanDuel, SkyBet, and bet365.
It faces stiff competition, namely from Sportradar, which has a market cap of $2.91 billion, nearly five times Genius’ $591.7 million.
Both benefit from the ongoing rise of sports betting in the U.S., an industry which brought in $4.3 billion in revenue in a record 2021. This year is likely to set a new record now that states such as New York are making the practice legal and more accessible.