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Genius Sports Reports Mixed Results for Quarter

  • Genius Sports reported a 25.4% year-over-year increase in fourth-quarter group revenue to $105.3 million.
  • The company widened its net loss to $127.7 million.
A view of the Genius Sports logo on the floor of the NYSE.
Genius Sports

Genius Sports’ revenue increases didn’t save it from more than doubling its net loss for the quarter.

The technology company reported a 25.4% year-over-year increase in fourth-quarter group revenue to $105.3 million, but widened its group net loss by 129.7% to $127.7 million from $53.3 million.

Its betting technology, content, and services segment recorded a Q4 revenue increase of 21.5% to $65.5 million. Revenue for the media technology, content, and services segment jumped 50.4% to $25.6 million, in addition to a 8.6% increase to $14.2 million for the sports technology and services segment. 

During the three months ending Dec. 31, 2022, Genius launched NFL “Watch & Bet” video streams in the U.S. and Canada, extended its partnership with bet365, developed “In-Play MultiBet” for players to place same-game parlays, and launched a three-point shot tracker for the NBA on ESPN.

For the full year, Genius reported a 29.8% increase in group revenue to $341 million. 

Revenue rose 18.1% for its betting technology, content, and services segment to $209.3 million, 71.2% for its media technology, content, and services segment to $82.7 million, and 31.9% for its sports technology and services segment to $49.1 million.

Genius expects group revenue for 2023 to reach $391 million.