Genius Sports posts 108% annual revenue rise for Q2 2021
New York-listed data giant raises full-year projections as sports technology segment is boosted by Sportzcast and Second Spectrum acquisitions
Genius Sports has posted a 108% year-on-year (YoY) increase in revenue for Q2 2021 driven by its betting technology and sports technology branches.
The New York-listed firm, which went public in April via a $1.5bn SPAC merger with dMY Technology Group II, recorded Q2 revenue of $55.9m, up from $26.8m in Q2 2020.
Of this total revenue, the group’s betting technology arm posted an annual revenue increase of 122%, from $18.4m last year to $40.7m in Q2 2021.
Genius Sports’ sports technology branch revenue also leapt 105% to $7.2m, boosted by revenue consolidated from the acquisitions of Sportzcast and Second Spectrum.
Elsewhere, the group’s media technology division posted a 62% YoY revenue rise to $8m.
Genius Sports also recorded a 127% YoY rise in EBITDA from $2.3m in Q2 2020 to $5.2m in Q2 2021.
Following its Q2 result, Genius Sports increased its full-year 2021 financial guidance for both revenue and EBITDA.
The data giant expects to generate revenue of between $255m and $260m (previously $250m to $255m), while it has raised its EBITDA projection from $10m to $20m.
Mark Locke, Genius Sports CEO, 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.
“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,” he added.
Elsewhere, Genius Sports confirmed it has partnered with London-listed operator 888 to power the firm’s new US-facing Sports Illustrated-branded sportsbook.