Genius Sports increased its full-year revenue forecast for the 10th consecutive quarter, buoyed by its profitable data rights agreement for NFL betting and a renewed deal with the English Premier League.
Genius announced a rise in second-quarter sales and now expects $85 million in adjusted EBITDA and $510 million in revenue for 2024. Those figures are up 3.6% and 2%, respectively, from the sports betting data supplier’s previous forecasts, according to its earnings release Tuesday.
“This quarter validates our strategic execution as we continue to deepen our league relationships, having extended one of our key data rights agreements, expanded our technology footprint, and bolstered our product offering across the sports ecosystem,” Mark Locke, Genius Sports co-founder and CEO, said on the company’s earnings call Tuesday.
Premier League data part of long game
Genius extended its partnership with Football DataCo, securing through 2029 official data rights for the EPL, one of its most financially crucial partnerships. As part of the deal, Genius will provide official player data to sportsbooks to add pre-match and in-play markets based on metrics like assists and completed passes by the 2025 season.
“This renewal underpins our continued business expansion and fuels the trajectory of our medium-term financial outlook,” Locke said. “We expect the partnership to drive further innovation and value for our sportsbook partners.”
Locke declined to provide more details on the immediate financial impacts of various investments, opting instead to hit home the narrative of letting the seeds Genius has planted continue to develop.
“It’s a long-term story, so we want to know two to five years out, but they don’t want to give us that color,” one industry source told LSR.
Betting tech drives Genius revenue
Genius reported Q2 revenue of $95 million, up 10% year-over-year, and adjusted EBITDA of $21 million, up 33% from the previous year. Betting Technology led the way with $67.1 million, up 18%, driven by new customer acquisitions and higher contract renewal prices.
Despite these gains, the company posted a net loss of $21.8 million, a 111.65% loss increase year-over-year.
The company’s stock ($GENI) rose more than 9% to $6.55 a share by midday Tuesday, on double its average daily volume
More broadcasts and UK soccer
Key Q2 highlights included the launch of augmented Canadian Football League broadcasts, real-time graphical overlays for the Danish Cup Final, and an agreement with UEFA to provide AI player tracking technology in over 140 stadiums, covering 1,350 matches.
Following the reporting period, Genius continued to embed itself in the UK soccer ecosystem.
It secured a “landmark” deal with the EPL as its semi-automated officiating supplier, details of which will come ahead of next season, Locke said. The company also launched the English Football League’s first fantasy football game, aiming to boost fan engagement and gather digital audience data.
“Importantly, this also unlocks new revenue streams beyond sports betting alone,” Locke said regarding the UK soccer expansion.
Genius preps BetVision for NFL season
Management provided limited details on the company’s US footprint but addressed the BetVision product, which they believe is just as crucial to unlocking the US market as securing NFL sportsbook partners.
The streaming product is likely in line for another partner, as DraftKings CEO Jason Robins said it would be adding a watch and bet experience for NFL, during the company’s recent earnings call.
“It doesn’t take a rocket scientist to follow the announcement,” Chief Commercial Officer Jack Davison said when asked about DraftKings as a new customer.
“There’s quite a lot of emphasis on making sure the product is as efficient as possible for each customer. The need to make it immersive and engaging for customers has been a key focus.”
Genius sees less competition
Genius anticipates “reduced competitive tension” as the industry becomes increasingly dominated by Genius and Sportradar, the primary data rights players. Locke still emphasized investing in tech development remains key to differentiating product and obtaining new customers.
“We will provide specific 2025 guidance in due course, but as a base case, we want to be clear that this extended partnership now positions our business for continued margin expansion and cash-flow growth on an annual basis through at least the end of the decade,” Locke said. “We expect reduced competitive tension moving forward, which should support a more stable and predictable operating landscape.”
