Genius Sports reports 31% increase in group revenue for 2020

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Genius Sports reports 31% increase in group revenue for 2020

Genius Sports has reported a 31% year-on-year increase in revenue to $150m, with Q4 revenue rising 27.6% to $47m.

The company reported positive results across all segments, as revenue from betting went up by 25.2% to $110.6m.

Genius says this growth occurred due to new customer acquisitions and service offerings.

Sports technology grew due to expanded services to sports leagues, with revenue up 11.8% to $16.1m.

However, media revenue had the sharpest incline as the company reported a yearly increase of 94% to $23.1m, driven by gaining new customers in the US and Europe.

To support this growth, the company made several moves across the industry, such as partnering with the National Football League (NFL) and extending its deal with the National Basketball Association (NBA).

Genius also went into a two-year marketing deal with giants FanDuel and acquired US manufacturer of sports distribution, Sportzcast.

Genius Sports co-founder and CEO, Mark Locke, said: “2020 was a landmark year for Genius, with outstanding performance amid the challenges presented by the global pandemic.

“We have entered 2021 with great momentum, bolstered by our recently completed merger with dMY II and NYSE listing, as well as our exclusive partnership with the NFL.»

The company says it will now revise its full-year 2021 projections and will reveal its first quarter earnings for this year in the coming weeks.

A flurry of positive Q1 and FY2020 results in recent days have shown the marked boost to onling gaming gained from customers being at home during lockdowns across the globe.

Betsson Group’s 12% annual increase in revenue, for instance, was a mild one by comparison, with Flutter Entertainment reporting a 33% rise.

Swedish firms Evolution, Kambi and Kindred Group all saw a minimum yearly growth of 40% to their revenue figures.