Thursday December 7, 2023

Genius Sports Reports Mixed Results for Quarter

  • Genius Sports reported a 25.4% year-over-year increase in fourth-quarter group revenue to $105.3 million.
  • The company widened its net loss to $127.7 million.
A view of the Genius Sports logo on the floor of the NYSE.
Genius Sports
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Genius Sports’ revenue increases didn’t save it from more than doubling its net loss for the quarter.

The technology company reported a 25.4% year-over-year increase in fourth-quarter group revenue to $105.3 million, but widened its group net loss by 129.7% to $127.7 million from $53.3 million.

Its betting technology, content, and services segment recorded a Q4 revenue increase of 21.5% to $65.5 million. Revenue for the media technology, content, and services segment jumped 50.4% to $25.6 million, in addition to a 8.6% increase to $14.2 million for the sports technology and services segment. 

During the three months ending Dec. 31, 2022, Genius launched NFL “Watch & Bet” video streams in the U.S. and Canada, extended its partnership with bet365, developed “In-Play MultiBet” for players to place same-game parlays, and launched a three-point shot tracker for the NBA on ESPN.

For the full year, Genius reported a 29.8% increase in group revenue to $341 million. 

Revenue rose 18.1% for its betting technology, content, and services segment to $209.3 million, 71.2% for its media technology, content, and services segment to $82.7 million, and 31.9% for its sports technology and services segment to $49.1 million.

Genius expects group revenue for 2023 to reach $391 million.

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