A leading data provider for sports betting companies announced second-quarter earnings and shared updates on multiple customer partnerships.
What Happened: Genius Sports GENI reported $55.8 million in second-quarter revenue, beating the Street estimate of $53.8 million. Revenue increased 108.4% year-over-year.
Revenue by segment was $40.7 million for betting technology, content and services, $7.2 million for sports technology and services and $8 million for the media tech, content and services segment.
The company has added several customers via acquisition in the current fiscal year, including Spirable, Second Spectrum, FanHub and Sportzcast.
“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,” Genius Sports CEO Mark Locke said.
Related Link: Genius Sports SPAC: A Look At The Thing Behind The Thing For Sports Betting
What’s Next: Since the end of the second quarter, Genius Sports has announced several customer wins, many for its exclusive data from the National Football League.
Genius Sports announced a partnership with DraftKings Inc DKNG since the close of the second quarter. On Tuesday, Genius Sports announced partnerships with Caesars Entertainment CZR and WynnBet, a unit of Wynn Resorts WYNN that is going public via a SPAC merger with Austerlitz Acquisition Corp I AUS.
The company also signed a partnership with 888 SI Sportsbook.
All of the partnerships included access to the NFL data that Genius Sports is the exclusive provider of. Many of the deals also include access to Genius Sports’ player acquisition, fan engagement and other sports data including the English Premier League and NASCAR.
“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,” Locke said.
The company raised its full-year guidance from a range of $250 million to $260 million to a range of $255 million to $260 million.
GENI Price Action: Genius Sports shares are down 5% to $20.14 at publication time.
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