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Kalkine Media ASX Share Market News & Research

NFL agrees to extend its partnership with Genius Sports Ltd

July 07, 2023 05:13 AM IST | By Invezz
NFL agrees to extend its partnership with Genius Sports Ltd
Image source: Invezz

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Genius Sports Ltd (NYSE: GENI) ended more than 25% up on Thursday after announcing a multi-year extension on its partnership with the NFL – National Football League.

Details of the Genius-NFL extended partnership

Under the new agreement, the London-based firm will continue to exclusively distribute NFL data and stats to sportsbooks and media outlets through the 2027-2028 season.

The sports data and technology company also confirmed that it has secured rights to distribute live streams to betting platforms as well. Mark Locke – its Chief Executive said today in a press release:

Genius Sports will continue to help safeguard the integrity of all NFL games, which is critically important to the NFL, by continuing to provide our 24/7 bet monitoring services.

The tech stock has now more than doubled versus the start of the year.

NFL to expand its stake in Genius Sports

Note that the National Football League is already one of the largest shareholders in Genius Sports Ltd. It was issued 18.5 million shares of the company as part of the original agreement in 2021.

The extended partnership announced this morning, though, will further expand the league’s stake in “GENI” by at least four million shares. According to Brent Lawton – NFL’s VP for Business Development and Strategic Investments:

We are excited to extended our relationship with Genius Sports and look forward to working with them to develop the next generation of NFL fans.

The stock market news arrives about two months after Genius Sports guided for $400 million in full-year revenue – well ahead of the previous year as well as the analysts’ estimates.  

The post NFL agrees to extend its partnership with Genius Sports Ltd appeared first on Invezz.

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