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Wednesday, July 24, 2024
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Genius Sports Nears Profitability with Major U.S. Growth

  • Genius Sports grew across all segments in the second quarter.
  • The company approached profitability with a $4.8 million loss.
Genius-Sports
Genius Sports

Genius Sports sees profitability on the horizon after revenue growth across all its core segments.

The sports data and technology company notched $71.1 million in revenue, up 27.3% from last year. 

The London-based company with a growing U.S. presence was affected by a strengthening dollar: Revenue was up 42% year-over-year when measured using constant currency.

  • The company absorbed a net loss of $4.8 million, a massive improvement from a $464 million loss in the same period last year.
  • Revenue related to sports betting rose 10% year-over-year to $44.8 million.
  • Genius’ smaller segments showed massive growth: Its media-related revenue increased 88% to $15 million, and its sports technology and services division went up 57% to hit $11.3 million.

International Approach

Genius has betting, media, and technology relationships across the globe. 

In the second quarter, it developed free-to-play games for FIFA’s new FIFA+ streaming platform, struck a partnership with Brazilian sportsbook Betsul, and secured a data and broadcast augmentation deal with Portuguese soccer club S.L. Benfica. 

The U.S., where Genius works with the NFL, MLB, NCAA, and the PGA Tour, remains a central focus. U.S. revenue nearly quadrupled in Q2 from the previous year.

Genius also has partnerships with the Premier League, Euroleague Basketball, Liga MX, the CFL, and FIBA.

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