Genius Sports predicts $50m growth in next two years
Data and analytics firm highlights 2023 for exponential growth after 2021 deal with NFL
Genius Sports Limited (GSL) hosted its first ever virtual investor day on Thursday with the firm announcing promising projections for 2022 and 2023.
The sports data and technology company stated that revenue should be up 64% from 2021 in the next two years, quoting a figure of $430m (£321m).
GSL is yet to announce Q4 results, however, has predicted full-year revenue of $262m with EBITDA of $15m.
Mark Locke, GSL co-founder and CEO, was ebullient in the face of a 6.8% drop in share price, saying: “Genius is the key link between leagues, sportsbooks, media outlets, advertisers, and ultimately, fans. Our best-in-class data collection technology is used around the clock and around the globe, powering the high-growth global sports ecosystem. It is difficult to imagine this industry operating efficiently without the mission critical data and technology solutions we provide.”
Locke affirmed that the business would show profit in EBITDA in the next two years with a growth in 2023 of up to $50m, however this figure does not take into account costs that GSL considers “not relative” of its “core business” such as marketing and advertising.
The company is yet to release its full-year results for 2021, however in December of 2021 the firm had guided for a $262m revenue with EBITDA of $15m.
In April 2021, GSL inked a rights deal with the NFL to become the exclusive distributor of real-time official play-by-play stats and the league’s official sports betting data feed.
Brian Rolapp, chief media and business officer of the NFL, said: “Year one has been a tremendous success for us and Genius and has exceeded all of our expectations.
“This is much more than betting for us. Betting is an important part, but this is more about serving fans and helping them be engaged and retained in our sport 365 days per year. Key to sports in the future and the key to the NFL’s future is finding partners who can take a mass sport and serve the masses but also do it in a highly personalised way.”