Genius Sports has outlined that its US-focused expansion strategy is on course, having experienced significant growth in the third quarter of 2021 and striking partnerships with a number of major betting operators.
Publishing its Q3 2021 trading update, the Group registered sports data and technology provider detailed group revenue of US$69.1 million, a 70% increase on the previous year’s figure of US$40.5 million.
Additionally, revenue rose 60% year-on-year to US$25.9 million on a constant currency basis, whilst a unit breakdown saw earnings increased 48% year-over-year to US$43.6 million for the group’s Betting Technology division.
During the period, the company announced strategic partnerships with Entain/BetMGM, FanDuel, Golden Nugget, Hard Rock Digital, Penn/Barstool Sportsbook, and PointsBet, in addition to Caesars, DraftKings, WynnBet, and 888/SI Sportsbook, to provide full range NFL-related products. According to the Group, over 97% of the U.S. market now using NFL data exclusively through Genius.
“Genius Sports’ growth is accelerating at an unprecedented level that far surpasses our original expectations. We are capturing more opportunities than ever before, underpinned by the broad adoption of official data by the entire ecosystem,” said Mark Locke, GSL Co-Founder and CEO.
“While only months into our first NFL season, we are even more confident of the long-term prospects of the partnership. We are transforming the global sports betting market through our progressive investment in technological innovation, and we will continue to do so for years ahead,” Locke added.
Nick Taylor, GSL CFO, commented: “We’ve positioned the business for continued success, giving us great confidence in raising our 2021 revenue outlook. We anticipate continued strong revenue growth as the market continues to expand and evolve, while preserving the option to reinvest in the business to fund strategic growth initiatives and drive long-term sustainability and scale.”
“This early stage of our growth cycle presents a window of opportunity to invest in the future success of the business, and we’re excited to continue building towards our strategic vision,” Taylor concluded.