Genius Sports CEO Mark Locke shot down media rumors of a potential acquisition of a renowned gaming service provider.
The sports betting data, technology, and broadcast supplier had been linked to Kambi Group plc recently in multiple media reports, but both entities denied any deal on Wednesday.
“As policy, we do not comment on unfounded and ill-informed rumors,” Locke said in a statement. “To prevent any further speculation, we can confirm that we are not involved in any discussions of this nature with Kambi."
Anders Ström, Kambi’s chair of the board, also confirmed that the sports betting service provider “is not engaged in any such discussions.”
Sensible attempt?
Kambi is an attractive business. With a sportsbook of its own, Kambi also provides odds and data feeds as well as front-end and AI technology to B2C gaming companies Bally’s, Rush Street Interactive, Kindred Group, LeoVegas, and others.
Genius Sports is partnered with more than 400 sports organizations globally, including major sports leagues like the NFL, NCAA, NASCAR, English Premier League, and FIBA.
Should more ever come of a potential acquisition, Kambi would bolster Genius’ ability to provide leagues, broadcast partners, and sports betting operators with enhanced technology feeds.
Business is good
Genius has had a solid last few months and is poised for continued growth. The company extended a partnership with Football DataCo, which is the data rights holder for EPL, last month.
The company’s technology is helping speed up the VAR process in soccer matches as well.
Genius also announced it exceeded Q2 guidance by more than $1 million in revenue and reached 10% growth year-over-year to $95.4 million.
“We are excited for the remainder of the year and expect to reaccelerate group revenue growth, continue our Adj. EBITDA margin expansion and generate positive cash flow,” Locke said in an earnings press release.
Genius increased its guidance for the rest of 2024.
Backing off
Kambi, meanwhile, took a step back on its financial targets for 2027. In January, the company projected revenue to reach two to three times 2022’s figures, but the Kambi board backed off of those estimates in July, citing slow regulation processes in key markets.
Second-quarter revenue reached €45.7 million, up 6.5% year-over-year.
Kambi has also made recent changes at the top as former Sportradar executive Werner Becher replaced Kristian Nylén as CEO in July.
The company extended its partnership with RSI last week.
