SBC News Voice of the Sports Betting Industry
Genius Sports has published its first set of financial results as a newly listed NYSE company.
Publishing its full-year 2020 results (period ending 31 December), Genius recorded corporate revenues of $149 million – up 30% on FY2019 results of $115 million.
The firm’s betting technology unit (formerly Betgenius) served as the group’s biggest income contributor, generating FY2020 revenues of $111 million – up 25% on FY2019’s $88 million.
The growth of its betting technology unit was attributed to strong client take-up of its Official Data Rights services for bookmakers, and the continued expansion of value-added wagering components.
Genius sports’ tech unit recorded a 12% increase in year-on-year revenues to $16 million, (FY2019: $14.3m) driven by expanded services provided to existing sports league and federation partners across all tiers of professional sport.
Additionally, Genius’ media technology and content nearly doubled its 2020 revenues to £23 million (FY2019: $11.8m) as a result of new customers secured in the Americas and Europe for its programmatic advertising solution.
Genius results took a distinct US flavour, with the sports tech firm highlighting a series of US strategic achievements recorded during 2020 trading.
This included a six-year strategic partnership with the NFL to become the exclusive distributor of real-time official play-by-play statistics and wagering data for the tournament’s sports betting and media partners.
Closing its 2020 accounts, Genius EBITDA results increased to $17.5 million from -$6.2 million, driven by strict cost controls and reduced sales and marketing expenses in the wake of the COVID-19 pandemic, offsetting increased data rights costs.
“2020 was a landmark year for Genius, with outstanding performance amidst the challenges presented by the global pandemic,” said Mark Locke, GSL Co-Founder and CEO.
“We have entered 2021 with great momentum, bolstered by our recently-completed merger with dMY II and NYSE listing, as well as our exclusive partnership with the NFL.
“I am more confident than ever about the opportunities ahead as we continue to leverage our unique technology and scale to grow alongside the rapidly expanding global sports, betting and media ecosystem.”
