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Genius Sports Reports First Quarter Results Above Expectations and Raises 2024 Group Revenue and Adj. EBITDA Guidance

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Q1 Earnings 2024 Carousel 8th May

  • Group Revenue of $120m, exceeding first quarter guidance of $117m
  • Group Net Loss of ($26m) and Group Adj. EBITDA of $7m, exceeding guidance of $6m
  • Raised 2024 Group Revenue and Adj. EBITDA guidance to $500m and $82m, respectively, up from prior guidance of $480m and $75m
  • Reaffirming expectation to generate positive cash flow in 2024
  • Increased financial flexibility by entering into $90 million committed revolving credit facility with Citibank and Deutsche Bank

Genius Sports Limited, the official data, technology and broadcast partner that powers the global ecosystem connecting sports, betting and media, today announced financial results for its fiscal first quarter ended March 31, 2024.

“Following a strong year of execution in 2023, we are pleased to continue our momentum to start the new year, with the first quarter of 2024 marking another period of outperformance relative to expectations,” said Mark Locke, Genius Sports Co-Founder and CEO. “As we expand our technology footprint and work to extend one of our most important data partnerships with Football DataCo, we feel an enhanced sense of excitement and confidence in our outlook for 2024 and beyond.”

$ in thousands Q124 Q123 %
Group Revenue 119,718 97,229 23.1%
     Betting Technology, Content & Services 73,897 64,740 14.1%
     Media Technology, Content & Services 35,475 21,764 63.0%
     Sports Technology & Services 10,346 10,725 (3.5%)
Group Net loss (25,541) (25,168) (1.5%)
Group Adjusted EBITDA 6,878 8,042 (14.5%)
Group Adjusted EBITDA Margin 5.7% 8.3% (260 bps)

View the full press release here.

The post Genius Sports Reports First Quarter Results Above Expectations and Raises 2024 Group Revenue and Adj. EBITDA Guidance appeared first on European Gaming Industry News.

Balkans

SYNOT Group Announces New Partnership with Lutrija Bosne i Hercegovine

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SYNOT Group has announced a new partnership with Lutrija Bosne i Hercegovine. Following the successful completion of all stages of the Public Call for Business Cooperation, SYNOT has been selected as an additional supplier for operations in Bosnia and Herzegovina for a period of up to five years.

“The announcement of the Public Call for the Submission of Offers for Business Cooperation represented a clear challenge for us, and we are very pleased to have succeeded. Immediately after its completion, we signed a contract with Lutrija Bosne i Hercegovine for the supply of up to 500 units of the latest gaming equipment,” said Roland Andrýsek, Sales Director of SYNOT Group.

“This is a challenge for the Lottery of BiH as well, a new partnership and an opportunity for further growth and development. SYNOT Group has excellent references and experience across many markets, and I am confident that we will achieve strong results,” said Edhem Pašukan, Director of Lutrija Bosne i Hercegovine.

Local players can soon look forward to the introduction of entirely new gaming systems, Gamifire Prime and Exclusive Games – the latest game mixes in SYNOT’s portfolio, offering dozens of engaging titles ranging from classic fruit and themed games to popular Hold & Win concepts. The delivery will also include the proven Explosive Games Premium+ systems. All game mixes will be supplied together with state-of-the-art SYNOT cabinets, including the most advanced models ST2-32, ST3-27, Eclipse FL-32, as well as the highly popular UP1-24.

“SYNOT Group has a long-standing history and a strong position in the Balkan market. This region is of strategic importance to us, and establishing cooperation with another leading state lottery in the region represents an important milestone in our expansion and confirms our commitment to delivering top-quality gaming equipment to the region,” said Roland Andrýsek, Sales Director of SYNOT Group.

The post SYNOT Group Announces New Partnership with Lutrija Bosne i Hercegovine appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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2026 FIFA World Cup

Americans Expected to Bet More Than $3B on the 2026 FIFA World Cup

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A new report by Sweeps Pulse estimates American bettors will place total bets amounting to about $3.1 billion on the 2026 FIFA World Cup. This represents the most extensive single sport betting event ever conducted inside the US. The estimate also exceeds the $1.8 billion projected amount for wagers placed on the Super Bowl in 2024. Both amounts represent growth in the legal sports betting market. The 2026 football competition will be held in the US, Canada and Mexico.

Projected Betting Breakdown (2026 FIFA World Cup)

• $1.6 billion via licensed U.S. sportsbook apps

• $920 million via offshore and unlicensed platforms

• $380 million via retail sportsbook locations

• $200 million via sweepstakes and social sports formats

Why This Tournament is Different

There have been no previous World Cups where there is serious U.S. betting volume. This is due to the mobile sports betting being non existent in the U.S. for a large part of the time leading up to the 2022 FIFA World Cup in Qatar. There is now a huge difference when it comes to how mature (and big) the market is in 2026; all major players in the space are already established; they each have their own significant budgets to promote their brand(s); and users have developed four years worth of habits using the NFL, NBA, and College Sports to bet on games.

Another fact is that many of the 2026 World Cup games will be held in cities like New York, Los Angeles, Dallas, and Miami will generate much more local involvement.

The Mobile Factor

In terms of placement (mobile apps) it is estimated that 68% of all World Cup bets will be made using mobile apps. This is compared to an estimate of 41% of all bets taken in the 2018 World Cup. The sportsbooks have committed to spending an estimated $400 million on promotions related to the World Cup. These promotions include but are not limited to; Deposit Matches, Odds Boosts, Free-Bets, and other promotions targeting new soccer bettors.

Key mobile betting statistics:

• Average user session time per game is 23 minutes during major soccer events. Major soccer events average 38% longer than NFL regular season games.

• There is an expectation that live in-game betting will make up 44% of the total World Cup wagered amount.

• FanDuel and DraftKings are expected to take approximately 58% of the licensed app volumes.

The Soccer Audience is Younger and Growing

There are many factors that contribute to an increase in betting at this time. One major factor contributing to the surge in bets at this time is demographics. The data collected from surveys shows that 61% of Gen Z sports bettors have soccer as one of their top 3 wagering sports, while only 29% of bettors who are over 50 years old identify soccer as one of their top 3 wagering sports. This trend demonstrates how the demographics of the sports-betting population are changing.

The post Americans Expected to Bet More Than $3B on the 2026 FIFA World Cup appeared first on Americas iGaming & Sports Betting News.

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AGLC

Alberta iGaming Corporation Appoints Dan Keene as its CEO

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Dan Keene, who served as the interim CEO of the Alberta iGaming Corporation (AiGC), has been appointed to the role permanently, effective April 21, 2026. Under his leadership, AiGC will launch Alberta’s regulated iGaming market on July 13. Keene has played a pivotal role in shaping the province’s gaming landscape, both through his work standing up AiGC and in his previous roles at the Alberta Gaming, Liquor, and Cannabis Commission (AGLC).

“Dan brings deep operational experience and a strong track record in gaming and market development. His leadership will be essential as the Alberta iGaming Corporation prepares for launch and delivers a regulated market built on social responsibility and player protection,” said Sanjeev Kad, Board Chair, Alberta iGaming Corporation.

About Dan Keene

Serving as Vice-President, Gaming at AGLC since July 2022, Keene overseen a broad portfolio, including gaming retail services, technical operations, compliance, online gambling, player loyalty, supply chain, electronic gaming, and product development across Alberta. He has been instrumental in advancing consumer-focused initiatives. He co-led the creation of Winner’s Edge, Alberta’s first province-wide casino loyalty program, and guided the operations of PlayAlberta.ca, currently, the province’s only regulated online gambling platform. Previously, Keene worked at AGLC as Manager, Casino Products. In this role, he led a team of specialists responsible for selecting slot games and terminals for Alberta’s 30 casinos and 750 VLT locations. Before joining AGLC, he completed successful tenures with Molson Breweries and Century Casinos Inc.

The post Alberta iGaming Corporation Appoints Dan Keene as its CEO appeared first on Americas iGaming & Sports Betting News.

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