Genius Sports, the international sports data technology company, secured an 18.2% year-on-year revenue rise in the third quarter (Q3) of 2024.
The London-based firm saw its revenue rise from $101.7 million in Q3 2023, to $120.1 million for the three months up to September 30 this year.
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This led to group net income of $12.5 million, as opposed to a net loss of $11.6 million last year.
In terms of the different divisions within Genius, the segment that brought in the most revenue was betting technology, content and services. That sector brought in $85.6 million, up 29.9% from Q3 last year.
Genius has said this growth was down primarily to “higher customer utilization of Genius’ available content,” alongside “price increases on contract renewals and renegotiations.”
The other two divisions – media technology, content and services ($22.1 million); and sports technology and services ($12.4 million); both saw small decreases in revenue year on year.
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By GlobalDataThis led to group EBITDA (earnings before interest, taxation, depreciation, and amortization) of $25.6 million, up year-on-year from $17.6 million, a rise of 45.2%.
Mark Locke, co-founder and chief executive at Genius Sports, said: “Our strong results are underpinned by our successful commercial execution, positioning us to capture profitable growth alongside our partners as the sports betting industry continues to evolve and expand.
“We are empowering partners across the sports ecosystem to better reach, engage, and monetize fans using our innovative technology and unique data-driven insights.”
In terms of its financial outlook, Genius has now said it expected to generate group revenue of around $511 million for 2024 (growth of 24%), and adjusted EBITDA of approximately $86 million (growth of 61%).
Operating activity for Genius during Q3 included the signing of a renewed and expanded long-term partnership with global sports broadcaster ESPN.
Through an agreement announced in August, ESPN has expanded its college sports coverage with real-time team and player stats from Genius Sports, the exclusive distributor of official NCAA data, with access to data across 65,000 NCAA games a year including basketball, American football, ice hockey, volleyball and soccer.
Genius also launched its AI-powered GeniusIQ platform.
More recently, meanwhile, Genius expanded its partnership with the European Volleyball Confederation (CEV) governing body.
Through this deal, fantasy and predictor games around the CEV Champions League competition have been launched.
Genius generated revenue of $95.4 million for the second quarter of the year.
