Genius Sports has doubled its revenues in the second quarter of 2021 from the corresponding time period in 2020 to $59 million (Q2 2020: $27 million).
Publishing its H1 2021 report, Genius H1 revenues stand at $110 million, up 76% on corresponding 2020 results of $62 million – as the group upgrades 2021 revenue projections to $255-$260 million range.
Meanwhile, the company’s H1 EBITDA results stood at $14.5 million (H1 2020: $4m), helping the company maintain its 2021 earnings guidance to fall between £10-20 million
The sports data and technology firm detailed its acquisitions of Second Spectrum and Sportzcast as helping its Genius SportsTech unit increase revenue by 105% to a record $7.2 million (Q2 2020: $3.5 million).
Additionally, the company also experienced a 62% increase in revenue for its Media and Content services to $8 million, primarily driven by increased advertising spend by its US and European clients.
Mark Locke, CEO of Genius Sports, said: “We’re enormously proud of our continued execution in the second quarter and our ability to implement our end-to-end solutions on behalf of our industry partners.”
Completing its first H1 report after its registration as a NYSE business, the group’s Betting Technology unit also registered an increase in revenue to $41 million (Q2 2020: $18 million), a rise of 144%.
The unit’s significant uplift was attributed to benefiting from a normalised global sporting calendar, new customer wins and existing sportsbook clients activating new wagering services.
Entering the second half of 2021 trading, Genius has reported an upsurge in its US market prospects, having entered multi-year strategic partnerships with DraftKings, Caesars Entertainment, WynnBET and 888 SI Sportsbook.
Supporting its US growth strategy, Genius governance confirmed that its concluded NYSE listing helped the company raise $435 million in primary and secondary proceeds that will be used for general corporate purposes.
“We continue to significantly expand our leading portfolio of official rights by partnering with sports leagues and federations in key regions across the globe,” Locke added.
“Our comprehensive suite of premium content, technology services and fan engagement solutions have strengthened our commercial partnerships. Our recently announced NFL-related agreements with sportsbook operators have validated our strategy and instilled confidence in our ability to deliver results at the high end of our previous guidance for the year.”