Genius Sports reported Q4 and full-year 2023 earnings Wednesday, touting a 21% increase year-over-year in total revenue with $413 million for the full year. Quarterly revenue also jumped 21% YoY to $127.2 million in Q4.
The company’s Betting Technology, Content & Services segment earned $274.2 million in revenue in 2023, best across all segments of the business and a 31% increase year-over-year compared to 2022.
“We are excited to report our eighth consecutive quarter of financial results above expectations, while demonstrating the increasing profitability of our business model and our ability to consistently execute on our strategic objectives,” said Genius Sports co-founder and CEO Mark Locke in a press release.
Still, the company suffered a net loss of $85.5 million in the full year 2023, but at least decreased this substantially from 2022’s $181.6 million net loss. Adjusted EBITDA soared compared to the prior year, coming in at a 238% YoY increase for the full year with $53.3 million versus $15.8 million in the prior year.
Genius Sports is off to a hot start in 2024. The WNBA announced this week the league will use Genius technology to become the first U.S. women’s professional sports league with leaguewide 3D tracking data, a partnership that is set to launch with the tip-off of the WNBA’s 2024 regular season on May 14.
Growth in sports betting
In November, FanDuel joined three other online sports betting sites as the only operators offering BetVision, Genius’ product that allows users to livestream NFL games with in-game stats, integrated odds and bet slips, and real-time live wagering opportunities.
Genius announced during its Q3 earnings release that BetVision produced a 121% increase in in-play betting handle among streamers since the product launched in 2023’s NFL Week 1. The online sportsbooks using the platform saw an 87% increase in total handle per streamer as well.
The year kicked off with a huge announcement that Genius would offer its partners “Edge,” an automated pricing tool that can enhance sportsbook profit margins and could potentially revolutionize the approach to sportsbook traders.
The company expects another year of growth ahead, projecting total revenue of approximately $480 million and positive cash flow for the full-year 2024.
