Casual fans may not have heard of Genius Sports, but it’s one of the companies best placed to cash in on the rise of sports betting.
The British sports data provider and processor’s Q4 and full-year results for 2020, released on Wednesday, show a company on the rise.
- Annual revenue grew 30.6% from 2019 to $150 million.
- The biggest growth area by dollars earned was in sports betting technology, which provides 74% of the company’s revenue and grew 25% to $111 million.
- The biggest percentage growth came from the company’s media revenue, which nearly doubled to $23 million on the year.
- Fourth-quarter revenue accounted for 31% of 2020 revenue and grew 28% from Q4 2019.
The report boosts Genius’ momentum as it hits the public market after merging last week with a SPAC, dMY Technology Group, in a $1.5 billion deal.
The company is locked in a battle with Sportradar to be the data backbone of major sports leagues. Earlier this month, Genius scored NFL data rights, previously held by its rival, for $120 million per year. The deal gave the NFL an equity stake in Genius.
In March, Sportradar agreed to a record-setting merger with L.A. Dodgers minority owner Todd Boehly’s SPAC at a $10 billion valuation.
The two are also locked in a legal dispute over Genius’ claim that Sportradar sends “data scouts” to Premier League games and other matches to collect data for which Genius has exclusive rights, according to Sportico.
Sportradar has argued that the exclusivity of Genius’ deals violates European antitrust laws.