Genius Sports, an official data, tech and broadcast partner that powers the global sports betting industry, has published its financial results for the third quarter ended September 30. As it turns out, Q3 was a very favorable period for the company.
Genius Sports Posted Its Q3 Results
Genius Sports reported group revenue of $78 million during the period, which represents a 13.8% year-over-year increase. Segment by segment, the company’s betting technology, content & services business earned $49 million in revenue. The media technology, content & services segment, meanwhile, earned $17.9 million, representing an increase of 29%, making it the fastest-growing segment. Lastly, sports technology & services earned $11.6 million for the period, representing an ever-so-slight increase of 0.3%.
Genius Sports also recorded a Q3 net loss of $9 million, which is significantly less than what the company lost in Q3 2021. Its AEBITDA, on the other hand, sat at $7.7 million, representing a huge improvement on the $0.4 million loss in Q3 2021.
The United States was the most profitable market, with revenue nearly tripling during the nine months ended September 30, 2022. Overall, the company posted a group revenue of $235.7 million for the first nine months.
CEO Locke Praised the Performance
Mark Locke, the company’s co-founder and chief executive officer, spoke about the financial results. He praised the growth, saying that the company is “pleased to deliver another quarter of growth.” He is glad that the company recorded group adjusted EBITDA profitability and said that the company remains on target to achieve its FY goals that were set during its Investor Day at the beginning of the year.
Locke added that the year was very profitable for the company and was characterized by the strong execution of the company’s strategy.
This year has been characterized by strong execution as we continue to deploy innovative technology, win new customers, and strengthen our key partnerships across the sports, betting, media, and broadcasting ecosystem, all with an eye towards cost discipline and profitable growth.
Mark Locke, CEO, Genius Sports
Q3 was also a very favorable period in terms of strategic expansion. The company penned partnerships with 27 different sportsbook customers, some of which included notable companies such as Bally’s Interactive, North Star Gaming and MaximBet.
It also launched several new free-to-play games in partnership with National Football League franchises such as the Denver Broncos, Indianapolis Colts, Las Vegas Raiders and Los Angeles Rams.
Genius Sports was also awarded the “Live Streaming Supplier” award at the SBC Awards 2022.