Monday December 4, 2023

Genius Takeover Continues with Q1 Spike

Joe Nicholson-USA TODAY Sports/Design: Alex Brooks
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It would be an understatement to say Genius Sports had a good quarter.

The company reported earnings Thursday for the first time since going public on April 21 in a $1.5 billion SPAC deal with dMY Technology Group.

Q1 revenue increased 52% year-over-year to $53.7 million, and Genius raised its 2021 guidance from $190 million to $250-$260 million.

“Our strategy of growing the global sports data ecosystem has supported our growth in the quarter,” said co-founder and CEO Mark Lock.

In less than two months, Genius has announced the acquisition of Second Spectrum for $200 million, plans to buy FanHub, and exclusive NFL data rights. The NFL rights were secured in a reported six-year, $120 million deal with the NFL taking an equity stake in the data provider.

The company also recently partnered with FanDuel, MLB, Major League Rugby, and WynnBET.

Each division of Genius is reaping the benefits.

  • Media revenue: 127% increase year-over-year to $9.4 million
  • Betting revenue: 42.1% increase year-over-year to $39 million
  • Sports revenue: 41.6% increase year-over-year to $5.4 million

Genius, which works with more than 400 sports leagues in total, has a current market capitalization of $3.79 billion.

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