Genius Sports cracks $500m revenue barrier for full-year 2024
Supplier records 24% yearly revenue increase driven by lucrative contract renewals for betting technology services division
Genius Sports has recorded revenue of $510.9m (£401.9m) for full-year 2024, representing a 23.7% increase on the previous year, as bosses hailed the 12 months as “defining” for the business.
The majority of the supplier’s revenue came from its betting technology, content and services arm, which generated a 29.4% year-on-year (YoY) increase to $354.9m.
Media technology, content and services added a further $105.3m in revenue, up 15% YoY, while revenue from the firm’s sports technology and services division increased 7.6% YoY to $50.7m.
Genius Sports mainly attributed the revenue increase to price increases from contract renewals and negotiations, with co-founder and CEO Mark Locke describing 2024 as a “defining year for commercial execution”.
Notable deals for Genius Sports in 2024 saw the firm extend its partnership with Football DataCo through to 2029, in addition to partnering with the English Football League (EFL) to launch a fantasy football product.
Europe accounted for the largest region by revenue with $256m, with the Americas ($225m) and the Rest of the World ($31m) behind.
Adjusted EBITDA for the year amounted to $85.7m, up 60.7% YoY, with an EBITDA margin of 16.8%, which in itself rose 390 basis points.
Operating expenses for the year increased 30.7% YoY to $187.2m. When factoring in $9.5m of foreign currency losses, and $509,000 worth of income tax, the company made a net loss of $63.0m in 2024, down from a $85.5m loss in 2023.
In terms of Q4 2024, revenue increased 38% YoY to $175.5m, while adjusted EBITDA soared for the quarter, rising 170.7% to $32.4m, with an EBITDA margin of 18.4%.
Overall, Genius made a $28.2m net loss in Q4 2024, an improvement on the $38.5m loss suffered in the corresponding period in 2023.
Looking ahead to the rest of 2025, Genius has forecast revenue of approximately $620m for the year, along with adjusted EBITDA of $125m.
This would equate to YoY growth of 21% and 46%, respectively, for each metric.
Locke remarked that the company performed above expectations for the year.
He said: “We have consistently exceeded expectations, bolstered our technology advantage and strengthened our balance sheet, now positioning Genius Sports for continued success in 2025 and a clear path to achieve greater scale.”
Genius Sports’ shares are up 2% at the time of writing to $8.49. The company’s stock has risen around 16% over the past 12 months.
Genius also saw a slew of new senior hires last year, including Kenneth Kay as chair in June, Mark Kropf as chief technical officer in September, in addition to appointing Robbie Bach to its board of directors in October.
Back in January 2025, the company also announced a public offering of 17,647,059 ordinary shares designed to raise $144m.