Connect with us

News

Genius Sports Reports Financial Results

Published

on

genius sports reports financial results

Genius Sports Reports Financial Results

Photo by Stephen Dawson

Genius Sports Limited, one of the more aggressive yet underlying names in the US and global legal sports betting industry, has released its financial results for the fourth quarter and full fiscal year 2020 that ended December 31, 2020, according to the data provider. As well as showing the success of the past year, the numbers show a sense of optimism that Genius has just scratched the surface of its potential in legal sports betting in the US.

“2020 marked a milestone for Genius with excellence amid the challenges of the global pandemic,” said Mark Locke, Co-Founder and CEO of Genius Sports. “We entered 2021 with great momentum, supported by our recently completed merger with the listing of dMY II and NYSE, as well as our exclusive partnership with the NFL. I’m more confident than ever about the opportunities ahead as we continue to leverage our unique technology and scalability to grow alongside the rapidly growing global sports, betting and media ecosystem. “

What is Genius Sports?

For casual followers of the U.S. and global legal sports betting industry, Genius Sports may not be the best-known name. That’s because they’re the name behind the big names in the industry. Genius Sports, “a global leader in digital sports content, technology and integrity services,” is the industry leader in providing real-time data required for sports betting to determine odds and for bettors looking to educate themselves before an upcoming match.

Their goal is to provide accurate statistics to weather and sports betting quickly and effectively to improve the overall experience. The company also provides critical integrity services that are critical to the growth, profitability and credibility of betting platforms around the world.

Company highlights last year

The last 12 months, especially the last quarter, have been very good for the Genius Group. Their main announcement came last month when they released a multi-year partnership with the NFL. The six-year contract makes Genius Sports the exclusive distributor of the NFL for official real-time play-by-play statistics, proprietary Next Gen Stats data and the NFL’s official sports betting data feed for media companies and sports betting providers worldwide. It is said that the deal could be valued at $ 1 billion over the life of the contract.

Together with the NFL, Genius Sports forged similar relationships over the past year to provide data for NBA, WNBA, and major league rugby. They are also the official data provider of one of the two major DFS giants in the US market.

Genius Sports has secured the right to operate in states 13 and 14 for the past 12 months after Michigan and Virginia opened their services.

A look at the financial data for the fourth quarter of 2020

Consolidated sales of the Genius Group increased year-on-year by 27.6% to USD 47.0 million. In constant currency, sales increased $ 9.3 million, or 24.8%, year over year.

The company’s Betting Technology, Content & Services division was up 23.4% year over year to $ 35.3 million, in large part driven by increased customer usage of Genius event content and new customer acquisition. New services and a price increase for these services also contributed to the increase in profits.

Media, technology, content and services all showed an even larger increase in revenue, due in large part to the acquisition of new customers in America and Europe for advertising on their increasingly relevant platforms. Revenue increased 90.5% year over year to $ 7.5 million.

The only Q4 metric that fell was on Genius Sports technology and services. The report found sales decreased 1.7%, or $ 4.3 million.

How about the financial data for 2020 as a whole?

The Genius Group recorded strong growth in all product lines compared to the previous year. The financial report released last week showed a year-over-year gain of 30.6% to $ 149.7 million. In constant currency, sales increased $ 34.5 million, or 30%, year over year.

Betting technology, content and services showed, just as in the fourth quarter numbers, a significant increase over the previous year. Revenue from this sector rose 25.2% to $ 110.6 million thanks to aggressive plans to expand its official data products, the addition of services, and the ability to get those services into the hands of vendors.

Sports Technology & Services bucked the Q4 trend and posted year-over-year profits. Revenue from this sector increased 11.8% year over year to $ 16.1 million, in large part due to the company’s focus on expanding services to existing sports league and federation customers.

Media, technology, content and services revenue increased 94.0% year over year to $ 23.1 million.

On the way to 2021

Genius Sports seems to have just touched the tip of the iceberg in the exploding US market. Their exclusive contract with the NFL alone should propel the company into the next tier of data providers.

The influence of Genius Sports should not be underestimated, and their expertise in the field of legal sports betting should theoretically make them an outstanding provider in their field in the future. All eyes will be on the next quarter and fiscal year to see how much your hard work has paid off.

Source * www.sportsbookreview.com – * Source link