KEY TAKEAWAYS
Genius Sports Limited makes money by selling official sports data, betting technology and, increasingly, advertising services built on live sports. In its fiscal 2025 annual report, the company reported group revenue of $669.5 million, up 31% from $510.9 million in 2024, with roughly 70% coming from Betting Technology, Content and Services. In the second quarter of 2026 (the three months ended June 30, 2026), revenue reached $195.5 million, according to the company’s release dated August 6, 2026. This article explains how the contracts work, what each revenue line contributes, and what the numbers do not show. All figures come from the company’s filings and releases, with the source’s own definitions, and this is analysis of a business, not investment advice.
What kind of supplier Genius Sports is
Genius Sports sits in the supplier layer of the gambling value chain, which is described in more general terms in how gaming suppliers make money. It does not take bets from the public. Its customers are sportsbook operators, sports leagues and federations, and marketers, and it reports a single operating segment with three product lines.
According to its annual report for fiscal 2025, the company works with more than 400 leagues and federations, more than 550 sportsbook brands and more than 250 marketing customers. The business rests on two kinds of assets. The first is official data rights: agreements with leagues that allow the company to collect and distribute match data in an authorized way. The second is technology that turns that data into odds-related feeds, risk and integrity tools, video, and advertising products.
The company obtains its most valuable rights, which the filing calls Tier 1 rights, through competitive tenders and pays the rights holder a fee. The annual report states that the UK soccer contract runs through the 2028-29 season and the NFL contract through the end of the 2029 season, and that together they account for the majority of third-party data rights fees. Lower-tier rights are often obtained in exchange for technology rather than cash, so part of the Sports Technology and Services line is paid in rights instead of money. In 2025 that non-cash revenue was $15.5 million, compared with $15.9 million in 2024.
The scale of the rights library matters because exclusivity is the source of pricing power. At December 31, 2025, the company reported 206,013 events under official rights, up from 145,547 a year earlier (+41.5%), of which 119,915 were exclusive, up from 115,057. Exclusive events therefore fell from about 79.1% of the total to about 58.2%, which shows that growth in the library came mostly from non-exclusive events. The filing reports esports events separately.
The three revenue lines, fiscal 2025
The company reports revenue in three product lines. The table below uses the figures in the annual report’s revenue note, in thousands of U.S. dollars, and the shares and growth rates are calculated from them.
| Product line | 2025 | 2024 | Growth | Share of 2025 |
|---|---|---|---|---|
| Betting Technology, Content and Services | 471,531 | 354,856 | +32.9% | 70.4% |
| Media Technology, Content and Services | 144,463 | 105,313 | +37.2% | 21.6% |
| Sports Technology and Services | 53,495 | 50,725 | +5.5% | 8.0% |
| Total | 669,489 | 510,894 | +31.0% | 100% |
Each share is the line’s revenue divided by total revenue, and growth is the change from 2024 divided by the 2024 figure.
where: line revenue is one product line’s reported revenue for the year, and total revenue is the sum of the three lines.
The Betting line grew by $116.7 million in 2025. The annual report attributes $99.5 million of that to existing customers, through price increases on renewals and added services, and $17.1 million to new customers. In other words, about 85% of the Betting increase came from customers already on the books, a mix that points to pricing and product expansion rather than customer wins as the main driver (99.5 ÷ 116.6 ≈ 85%, where 116.6 is the sum of the two reported components).
The contract structure explains why. Betting contracts are either fixed, with a guaranteed minimum fee for a set number of events plus a per-event charge above that, or variable, with the company receiving a share of the customer’s gaming revenue, defined in the contract as GGR or NGR, usually with minimum guarantees. For the difference between those two measures, see GGR vs NGR explained. The Media line is mostly fixed-fee and paid in advance.
What the structure means for the business
The fixed-versus-variable split shapes risk. A fixed fee with a minimum guarantee gives predictable revenue whatever happens in a given sports season, while a revenue share links part of Genius Sports’ income to how much its customers keep from bettors. The company’s own risk factors state that its revenue share arrangements expose it to customer betting losses, so unusually favorable results for bettors in a period can lower variable revenue even when betting volumes are high. The same dynamic is described from the operator side in how sportsbooks make money.
Pricing is the second feature. The company reports exclusive rights for 119,915 events, and the 2025 growth from existing customers is consistent with price increases on renewals, although the filing does not show how much room customers had to negotiate. Rights costs, which are paid to leagues, are the offsetting pressure: the annual report says the two largest contracts account for the majority of third-party data rights fees and run for fixed terms, so renewal outcomes and prices are a central business variable once those terms end.
The Media line adds a different customer base. Instead of selling to sportsbooks alone, the company sells advertising and fan-engagement products to marketers, using the same live data. In the second quarter of 2026 the Media line made up 40.0% of group revenue, against 22.5% a year earlier, which changes the company’s mix materially. That shift is the main strategic development in the period and, per the company’s own release, includes the Legend business acquired on May 1, 2026.
Guidance should be read as the company’s view, not a forecast by WagerBiz. For fiscal 2026 the company guided to revenue of $1.005 billion to $1.025 billion and Adjusted EBITDA of $285 million to $295 million. At the midpoints ($1.015 billion and $290 million), that implies an Adjusted EBITDA margin of about 28.6%.
Q2 2026 against Q2 2025
The second quarter of 2026 is the most recent reported period at the time of writing. The company’s release compares it with the second quarter of 2025, and the table below reproduces the reported figures, with percentage changes calculated from them.
| Measure | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Group revenue | 195,503 | 118,719 | +64.7% |
| Betting | 117,352 | 92,030 | +27.5% |
| Media | 78,151 | 26,689 | +192.8% |
| Adjusted EBITDA | 52,600 | 34,150 | +54.0% |
| Adjusted EBITDA margin | 26.9% | 28.8% | −1.9 percentage points |
| Net loss | (76,731) | (53,948) | Loss widened |
where: Adjusted EBITDA is the company’s own measure, which its release says excludes items such as stock-based compensation, litigation costs, transaction expenses and foreign-exchange gains or losses, and revenue is group revenue for the quarter.
Two readings follow. Revenue grew faster than profit: Adjusted EBITDA rose 54.0% against revenue growth of 64.7%, so the margin slipped by 1.9 percentage points. And the net loss widened even though Adjusted EBITDA improved. The release points to $28.9 million of non-recurring transaction expenses, $13.8 million of net interest expense, an $8.0 million loss from remeasuring contingent consideration, and a foreign-currency gain about $27.0 million smaller than in the prior-year quarter. For the first six months of 2026, revenue was $383.5 million (+46.0%) and Adjusted EBITDA was $76.6 million, a 20.0% margin.
Risks, limits and misreadings
The first limit is customer concentration. The annual report states that one customer accounted for 13% of revenue in both 2025 and 2024, whereas no customer exceeded 10% in 2023. A single contract renewal can therefore move group revenue by a noticeable amount, and the filing lists concentration among its risk factors.
The second is comparability. The Q2 2026 growth rates include Legend, which joined the group on May 1, 2026, so the 192.8% Media increase combines acquired and existing revenue. The release does not allow readers to separate organic growth from acquired growth in the figures used here, and no organic rate is calculated in this article. Likewise, Adjusted EBITDA is a company-defined measure; it is not the same as net income and should not be compared with other companies’ adjusted figures without checking their definitions.
The third is what the numbers cannot show. They do not reveal contract-by-contract pricing, the exact rights costs for each league, or how much variable revenue depends on customer results in a given quarter. Guidance is the company’s expectation and can change. This article does not predict the company’s results or its share price.
Key figures
| Figure | Value | Period and source |
|---|---|---|
| Group revenue | $669.5 million (+31%) | Fiscal 2025, annual report |
| Largest customer | 13% of revenue | Fiscal 2025, annual report |
| Events under official rights | 206,013 (119,915 exclusive) | December 31, 2025, annual report |
| Q2 revenue | $195.5 million (+64.7%) | Q2 2026, company release |
| FY2026 guidance (company) | Revenue $1.005–1.025 billion; Adj. EBITDA $285–295 million | Release dated August 6, 2026 |
Definitions: GGR is gaming revenue before deductions and NGR is after the deductions each contract specifies, and Adjusted EBITDA is as defined by the company.
Related analysis
To see how this supplier model fits the wider category, read how gaming suppliers make money, which contrasts sales with recurring revenue using a land-based supplier. For the measures that revenue-share contracts use, GGR vs NGR explained sets out the definitions. For the customer side of the same economics, see how sportsbooks make money.
Frequently Asked Questions
Sources & References
- Genius Sports Limited — Annual report for fiscal 2025 (SEC EDGAR)
- Genius Sports Limited — Revenue note, fiscal 2025 annual report (SEC EDGAR)
- Genius Sports Limited — Data license note, fiscal 2025 annual report (SEC EDGAR)
- Genius Sports Limited — Second quarter 2026 results, Form 6-K Exhibit 99.2 (SEC EDGAR)
- Genius Sports — Second quarter 2026 results and raised full-year outlook, August 6, 2026 (investor relations)
