Genius Sports Revenue Up 52% In Q1, Post USD$5.3 Million (AUD$6.8 Million) Loss
ports data and technology company, Genius Sports Group, have recorded revenues of USD$53.7 million (AUD$69.1 million) in the first quarter (Q1) of 2021, a 51.9% increase from the same period last year.
This first quarter growth was mainly driven by its betting technology, content and services division, which acquires betting data rights from sports leagues and federations, selling them onto betting operators around the world, with this sector growing 41.6% to USD$5.4 million (AUD$6.9 million).
The group’s media technology, content and services arm saw revenue grow 127% to USD$9.4 million (AUD$12.1 million), with the new acquisition of customers in the Americas and Europe for programmatic advertising services.
Despite this growth in revenue, Genius have revealed they made a USD$5.3 million (AUD$6.8 million) loss for the same Q1, which still marks an improvement of the same period last year, where they lost USD$7.5 million (AUD$9.6 million).
It is predicted that Genius will have to introduce price increases to bookmakers to cover expensive rights acquisitions, such as the recent exclusive data deal with the National Football League (NFL) earlier this year, as part of their six-year strategic partnership.
Speaking on the results, Genius co-founder and chief executive, Mark Locke, said: “We delivered superb results in the first quarter of 2021, demonstrating our continued excellent momentum and solid execution of strategic commitments.”