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Business - 04 May 2021
Genius Sports, the international sports data technology company which began trading on the New York Stock Exchange last week, has agreed a deal to buy FanHub, a provider of free-to-play online games.
Genius, which listed on the NYSE following a merger with a special purpose acquisition company (SPAC), is acquiring the entire FanHub games portfolio, which includes a range of fantasy sports games.
Genius plans to integrate these games with its own data technologies and licensed video content highlights, and the deal is expected to close in the second quarter of 2021.
FanHub already works with several major sports leagues that have partnerships with Genius, including the NFL, MLB and MLS.
The collaboration will help Genius “deliver tailored marketing campaigns alongside live odds, rich data and statistics, video highlights and messaging," according to the data firm.
Genius chief executive Mark Locke said: "This transaction is expected to expand Genius Sports’ global audience and reach, while accelerating the convergence of sports, betting, and media to engage the modern fan.”
Andrew Cronyn, FanHub’s chief executive and founder, added: “We couldn’t imagine a more complementary partner and together we will offer an even richer fan experience, generate more excitement, and offer value to our partners.”
FanHub, which launched in 2012, operates in the US, the UK, Australia and Ukraine,
Last week, Genius posted a loss of $30.3 million for the 2020 financial year, despite substantial revenue increases across its three business segments.
In its first set of results as a publicly-traded company, Genius recorded a year-on-year revenue increase of 30.6 per cent, to $149.7 million, with this rise driven largely by growth in its betting technology, content and services division, which saw turnover rise by over 25 per cent, to $110.6 million.
Founded in 2000, Genius has experience working with more than 500 sports organisations and leagues, including soccer’s Fifa and English Premier League, basketball’s NBA, Euroleague and FIBA, MLB, Nascar and US golf's PGA Tour, and recently secured a lucrative deal with American football's NFL.
The firm first announced it intended to go public last October, in a $1.5 billion deal with dMY Technology.
Earlier this month, Genius consolidated its different divisions - in betting, media and technology - into one all-encompassing brand, in preparation for the IPO, and also agreed a deal for 22.5 million of its shares (worth close to $450 million) to go to the investment wing of the NFL.
In the same deal, worth $120 million over six years to the NFL, Genius became the league’s distributor of real-time, play-by-play data and statistics, as well as of the NFL’s sports betting feed.
The firm recently named David Levy, the former president of Turner Broadcasting, as its new chairman.