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Stock-based costs cause Genius losses to rocket in H1

| By Daniel O'Boyle
Data supplier Genius Sports saw revenue grow 76.3% to $109.6m in the first half of 2021, but net losses shot up to $464.2m because of high stock-based compensation costs.

Betting technology, content and services represented by far the largest contributor to Genius’ revenue, bringing in $79.6m, up 73.8%. Of this increase, $15.8m was due to price increases on existing contracts or renewals, while $7.8m came from new customer acquisitions and $10.7m from “increased utilisation” of Genius content.

Sports technology and services revenue, meanwhile, grew 72.6% to $12.6m. Much of this growth was due to acquisitions of businesses such as Sportzcast and Second Spectrum

Revenue from media technology and services almost doubled to $17.4m.

Looking at revenue geographically, $81.7m of Genius’ revenue came from Europe, up 62.1%. The Americas were the fastest-growing region, with revenue up 155.1% to $19.9m, while revenue from the rest of the world was up almost exactly 100% to $7.9m.

Read the full story on iGB North America

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