Genius Sports announces Q1 results, 13% increase in revenue

Updated:2024-03-30 09:20    Views:135

Genius Sports has revealed its results for the first fiscal quarter of 2023.

The revenue exceeded its first-quarter guidance of $92m and totaled $97.2m, causing 13% growth year-over-year.

This was supported by its betting technology, content and services segments, which saw a revenue increase of 30%.

Genius Sports also reported an adjusted EBITDA of $8m, over double the $3m established as a guidance EBITDA amount.

Mark Locke, Genius Sports Co-Founder and CEO, said: “Following a strong year of execution in 2022, we are pleased to continue our momentum to start the new year, with the first quarter of 2023 marking another period of outperformance relative to our guidance.

"2023 is the year in which Genius expects to significantly accelerate Group Adj. EBITDA profitability and rapidly expand margins.

“Our first quarter results demonstrate the operating leverage of our business model,Play Casino Online built to benefit from positive industry trends and support sustainable, profitable growth.”

During Q1 2023, Genius Sports was one of the founding members of the Brazilian Integrity Association, which was launched to represent operators in the ongoing online sports betting legalisation of the country.

Multiple augmented broadcasts of English Premier matches were also launched with NBC, Optus and Premier League Productions.

Locke continued: “As a result, I have a greater sense of confidence in our ability to achieve full-year financial targets beyond our initial expectations, leading us to raise our 2023 outlook."

A partnership between NBA and Genius Sports also saw a next-generation platform announced on Second Spectrum technology.

On the other side of the sporting world, NFL launched a portfolio of interactive free-to-play games with Genius Sports to an international market.

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