• Q1 revenues up 52% to $53.7 million
• Adjusted EBITDA up 414% to $9.3m
• Expected full-year revenue guidance lifted to $250m to $260m
• Two-year marketing partnership with FanDuel

Sports betting tech and data firm Genius Sports has posted a handsome set of Q1 results.

The company, which is listed on the New York Stock Exchange, lifted revenues in Q1 to $53.7 million, a year-on-year rise of 52%.

But analysts and shareholders were particularly impressed with a jump in expected full-year earnings, now predicted to rise from $190m to between $250m and $260m.

The company has also pressed ahead with a number of new partnerships in the quarter, including a six-year strategic partnership with the National Football League, two-year marketing tie-up with FanDuel, where Genius will deliver data-driven, targeted advertising, and the acquisition of two leading technology companies – FanHub and Second Spectrum.

‘Superb results’

Mark Locke, the Genius Sports CEO, said: “We delivered superb results in the first quarter of 2021, demonstrating our continued excellent momentum and solid execution of strategic commitments.

““There is a significant opportunity to utilize our leading portfolio of official sports data, supported by our unique technology, scale and growing network of industry partners.

“Our strategy of powering the global sports data ecosystem has supported our growth in the quarter, and we’re confident in our ability to continuously improve our end-to-end solution and deliver on our increased guidance for the year.”

Tabcorp Keeps Suitors Waiting

Meanwhile, Australian company Tabcorp has put takeover talk for its media and sports wagering businesses on hold, at least until its board meeting on June 20.

Entain and Apollo Global Management are assumed to be frontrunners for the business – with investors pushing for a sale to cash in on the media and sports bet divisions.

The Australian newspaper reported that no development was expected until after the board meeting.

Entain had offered $2.7 billion for the business, but AGM had topped that with a subsequent offer of $3.1b, although the latter includes the Tabcorp gaming division as well.