Genius Sports, sports betting data and solutions provider, announced Friday its financial results for its fiscal 2021 fourth quarter and full year ended December 31, 2021. According to the company’s report, there was a generalized growth in revenue across all segments including betting, media and sports technology.
For the year 2021, group revenue increased 75.5% year-over.year to $262.7 million, with strong growth across all product lines. On a constant currency basis, revenue increased $102.5 million or 64% year-over-year. Adjusted EBITDA decreased to $1.6 million.
Betting Technology, Content and Services’ revenue increased 60.2% compared to 2020, primarily driven by growth in business with existing customers, which supported customer acquisitions and increased utilization of Genius’ available event content. Media Technology, Content and services’ revenue grew 109.6% to $48.3 million as the company acquired new customers in the Americas and Europe. Sports Technology & Services’ revenue increased 131.7% to $37.2 million, driven by the inclusion of revenues derived from recent acquisitions, Sportzcast and Second Spectrum.
Mark Locke, GSL Co-Founder and CEO, stated in an official release after the group’s financial results were published: “2021 was a transformational year that saw Genius form innovative new relationships with leagues, sportsbooks and brands alike, which allowed us to deliver record group revenue in the fourth quarter. 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 sports data and global technology partnership with the Canadian Football League to grow fan engagement and extend media reach. It also launched “RomoVision” technology for CBS broadcasts of the NFL and supported Nickelodeon’s broadcast of the NFL playoffs using Second Spectrum’s player tracking video augmentation capabilities.
These and other milestones during that period resulted in an increase of group revenue of 78.7% year-over-year to $84 million. On a constant currency basis, revenue increased $35.7 million, or 74.1% year-over-year. Group adjusted EBITDA decreased to $12.5 million.
Betting Technology revenue rose 52.9% compared to 2020 to $53.9 million,driven by growth in customer utilization of Genius’ event content and new customer acquisitions. Media Technology, Content & Services saw revenue double in contrast with 2020 to $17.1 million, driven by the acquisition of new customers in the Americas and Europe. For Sports Technology and Services, revenue tripled year-over-year to $13 million, thanks to the inclusion of revenue derived from recent acquisitions, Sportzcast and Second Spectrum.
After the reporting period, Genius announced the expansion of partnerships with bet365 and Betwayto include official data streaming and fan engagement solutions; and hosted its first virtual Investor Day, including a deep dive on the business and expectations for Group Adjusted EBITDA profitability in 2022 and 2023.
As a part of the company’s Investor Day, which was held on January 27, Genius announced its expectation to generate Group Revenue of approximately $340 million and Group Adjusted EBITDA of approximately $15 million in 2022. In 2023, the company expects Revenue in the range of $430 to $440 and Group Adjusted EBITDA of $40 to $50 million.
Earlier this year, the company announced a first-of-its-kind deal in the NCAA,as Genius entered a statistical data partnership with the Mid-American Conference.This five-year agreement gives Genius the rights to manage and market the stats for all sports in the conference. The London-based company will also become, via a sublicense agreement, the sales agent for exclusive MAC sponsorship inventory.
🚨 Our new agreement with @MACSports is the 1st major fan engagement, official data & integrity partnership at a conference level.
📊 Genius tech will power immersive experiences for MAC fans while safeguarding the fairness of their events.
Release: https://t.co/BFCQNqPaDR pic.twitter.com/rJibdLS3KS
— Genius Sports (@GeniusSports) March 9, 2022
The company has also inked a deal with the Icelandic Football Association (KSI) and the Icelandic Top Football (ITF). Genius Sports has been granted the exclusive right to capture, manage and commercialize the ÍTF´s and the KSI’s official data and live video betting streams with its global network of betting partners.
Original article: https://www.yogonet.com/international/news/2022/03/14/61781-genius-sports-reports-60–betting-segment-revenue-growth-in-2021
