Genius Sports Raises Full-Year Outlook After Strong Q3

Genius Sports raised its full-year revenue guidance following Tuesday’s third-quarter earnings report. 

The London-based sports data provider generated $69.1 million in revenue in Q3 2021, a 70.5% increase compared to the same period last year. 

The results were driven by Genius’ Betting Technology, Content, and Services segment, which posted $43.6 million in revenue — a 48% increase year-over-year. The company’s Sports Technology and Services segment generated $11.6 million in revenue, a 159% uptick compared to Q3 2020. 

Full-year revenue is projected to range between $257 million and $262 million, up from a previous target between $255 million and $260 million. 

Genius completed a $1.5 billion merger in April with dMY Technology Group to go public and has since continued to expand its offerings. 

• April: The company secured exclusive NFL data rights for $120 million per year in a six-year deal.
• June: It acquired Second Spectrum — the official analytics provider for the NBA, Premier League, and MLS — for $200 million.
• September: It reached an agreement with 888 Holdings to provide data and tech to Sports Illustrated’s new gambling platform, SI Sportsbook.
• November: It announced an expanded partnership with FanDuel to provide the sportsbook with official NFL data. 

Genius saw its total operating expenses reach $47.5 million in Q3 2021, up from $11.6 million in Q3 2020.