Genius Sports, a provider of sports betting data and solutions, has announced its financial results for the fourth fiscal quarter of 2021 and the fiscal year ending December 31, 2021. According to the report, there was widespread growth in revenue across all segments including betting, media and sports technology.
For the full year 2021, the group’s revenue increased 75.5% to $262.7 million, with strong growth across all product lines. On a constant currency basis, revenue grew $102.5 million or 64% year-over-year.
Sports betting, media and technology revenue was up 60.2% over 2020, primarily driven by growth in business with existing customers, which supported customer acquisitions and increased usage of available Genius event content.
Media technology, content and services revenue grew 109.6% to $48.3 million as the company gained new customers in the Americas and Europe. Sports technology and service revenue jumped 131.7% to $37.2 million, driven by the inclusion of revenue derived from recent acquisitions, Sportzcast and Second Spectrum.
Company CEO Rating
Mark Locke, co-founder and CEO of GSL, said: “2021 was a transformative year that saw Genius form new relationships with leagues, sportsbooks and brands, which allowed us to deliver record fourth quarter group revenue. We are confident that 2022 will be another strong and profitable year as we capitalize on the growth opportunities ahead and continue to expand our services around the world.”
During Q4 2021, the company agreed to a transformative global sports data and technology partnership with the Canadian Football League to expand fan engagement and media reach. It also launched “RomoVision” technology for NFL broadcasts on CBS and supported Nickelodeon’s broadcast of the NFL playoffs.
These and other milestones during this period resulted in a 78.7% increase in group revenue to $84 million. On a constant currency basis, revenue was up $35.7 million, or 74.1% year-over-year. The group’s adjusted EBITDA decreased to US$ 12.5 million.
Betting technology revenue increased 52.9% compared to 2020 to $53.9 million, driven by growth in usage of Genius event content and new customer acquisitions.
Genius Sports expands partnerships and holds ‘Investor Day’
After the period noted in the report, Genius announced the expansion of partnerships with bet365 and Betway to include official streaming data and fan engagement solutions; and hosted its first virtual Investor Day, including a deep dive into the group’s business and Adjusted EBITDA profitability expectations in 2022 and 2023.
As part of the company’s Investor Day, held on January 27, Genius announced its expectation to generate group revenue of approximately US$340 million and adjusted EBITDA of approximately US$15 million in 2022. In 2023, the company expects revenue in the range of US$ 430 to US$ 440 and EBITDA of US$ 40 to US$ 50 million.
Earlier this year, the company also announced a first-of-its-kind agreement with the NCAA, when Genius signed a statistical data partnership with the Mid-American Conference. This five-year agreement gives Genius the right to manage and market statistics for all Conference sports.
The company also signed an agreement with the Icelandic Football Association (KSI) and Icelandic Top Football (ITF). As a result, Genius Sports has been granted the exclusive right to capture, manage and trade official ITF and KSI data and live video streams with its global network of betting partners.
