The official sports data provider, Genius Sports Ltd, announced its financial results for the first quarter ended March 31, 2021, showing solid year-over-year growth across all key metrics.
Group revenue increased 51.9% over the previous year to $ 53.7 million, driven by balanced growth across all major product groups, while in constant currency, revenue increased by $ 15.6 million, or 40% compared to the first quarter of 2020.
Turning to betting technology, content and service revenue, the company reported an increase of 42.1% over the previous year, to $ 39 million. The growth in business with existing customers was driven by price increases in contract renewals and renegotiations driven by Genius’ official data rights strategy, expansion of value-added services and new service offerings.
The acquisition of new customers and the increased use of Genius available event content was also one of the drivers of growth.
The company’s technology and sports services arm also saw growth, with revenue increasing 41.6% year-on-year to $ 5.4 million, driven by the expansion of services provided to existing sports league and federation customers across the board in all sport levels.
There was also an increase in Genius media technology, content and services, where revenue was 127% over the previous year to US $ 9.4 million, aided by the acquisition of new customers in the Americas and Europe, mainly for services programmatic advertising.
Genius Sports has big projections for 2021
As a result, the group’s adjusted EBITDA increased from US $ 1.8 million to US $ 9.3 million, driven by revenue growth, strong operating leverage and disciplined cost control. The company has now updated its projections for the entire year 2021 and expects to generate revenue of approximately $ 250 million to $ 260 million and an adjusted EBITDA of approximately $ 10 million to $ 20 million.
Co-Founder and CEO Mark Locke told investors: “We delivered excellent results in the first quarter of 2021, demonstrating our continued excellent momentum and solid execution of strategic commitments. There is a significant opportunity to use our leading portfolio of official sports data, supported by our unique technology, scale and growing network of industrial partners.
“Our strategy to strengthen the global sports data ecosystem supported our growth in the quarter, and we are confident in our ability to continually improve our solution from end to end and provide our greatest guidance for the year.”
