Strong Performance Report from Genius Sports
The strong start of the business year made Genius Sports more optimistic about the overall performance in 2021. The sports data solutions provider is aimed to have 250-260mln USD group profit and about 10-20mln USD Earnings Before Interest, Taxes, Depreciation, and Amortization.
The reviewed predictions for the year were published after Genius Sports’ first quarterly report. According to the Q1 report Genius, now listed in New York Stock Exchange, had more than 50% income growth (53.7mnl USD).
The department focused on betting technology is one of the most successful divisions of the group with an 11.5mln USD profit increase compares to the same tie period of the last year. The unit’s advancements derive from Genus Sports’ new and/or renewed partnership contracts that give the group exclusive content rights.
During the Q1 of 2021 Genius Sports has secured an important data partnership deal with the National Football League and started providing betting operators with NFL game stats.
The Sportstech unit of the corporation is also showing promising results with more than 40% income growth (1.5mln USD). The division has started providing new services to partners operating in a large variety of sports.
With new partners all over the world Genius Sports’ content services providing unit saw an unprecedented 127percent increase in revenues compared to 2020.
At the beginning of spring, the corporation’s stock market launch took place. Shortly after Genius Sports announced the new achievements of its M&A strategy by purchasing a game development studio as well as a data aggregation platform.
The first quarter of 2021 ended with a 7.5mln EBITA increase compared with the same indicator results of 2020 (400%).
On March 22, Mr. D. Levy was appointed Genius Sports’ chairman to oversee the group’s performance on behalf of the board of directors. Mr. Levy has held top management positions in the industry for years and will contribute to the corporation’s further success.
Genius Sports’ Chief Executive Officer and Co-Founder, Mr. M. Locke commented on the group’s achievements saying that
Genius has managed to successfully implement its growth strategies and achieve promising results during Q1. The group’s success will not end here because it still has some unrealized potential that will be monetized by Genius Sports. The corporation’s leadership believes in its success and further enhancement of offered services and products.