Genius Sports Q2 revenue up 22% behind strong betting and media

Genius Sports Q2 revenue up 22% behind strong betting and media

Article brief provided by Sportico
  • Brendan Coffey, Sportico
August 7, 2023 7:24 PM
  • Brendan Coffey, Sportico

Sports data and analytics provider Genius Sports saw second quarter revenue jump 22.1% to $86.9 million, led by its biggest business, sports betting services, which saw existing customers utilizing more of the content Genius has available, according to the company.

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Genius’ top line results beat Wall Street analysts’ expectations. Nine brokerage equity analysts who follow the stock expected sales to come in at $80 million for the quarter ending June 30. The outperformance cheered investors, with Genius shares on the New York Stock Exchange [closing Monday up 10.3%].

“Following the financial outperformance in the first half of the year and the recently renewed partnerships with FDC and the NFL, we have validated our core strategy,” Genius CEO Mark Locke said in a press release Monday.