On earnings call, Genius Sports CEO says sportsbook operators shrank Q2 ad spend

On earnings call, Genius Sports CEO says sportsbook operators shrank Q2 ad spend

Article brief provided by Covers
  • Geoff Zochodne, Covers
August 16, 2022 10:21 PM
  • Geoff Zochodne, Covers

    The chief executive officer of data-and-analytics company Genius Sports Ltd. says online sportsbooks shrank their promotional budgets during the second quarter and shifted some spending towards advertising their internet-based casinos instead.

    Genius on Tuesday reported its financial results for the second quarter, which ended June 30. And the company, which says it “powers the global ecosystem connecting sports, betting and media,” reported a much-improved bottom line due in part to a strong performance from its media business.

    Co-founder and CEO Mark Locke said during a conference call for analysts and investors that their media revenues “far outpaced” the company’s guidance for the quarter.