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In a note to clients today, B. Riley analyst David Bain reiterates a \u201cbuy\u201d rating on Genius with a $23 price target, implying the stock can nearly quadruple from current levels. The analyst says it’s a positive that Genius offered up a narrow range of guidance because it \u201cdemonstrates strong visibility.\u201d<\/p>\n<\/div>\n
\u201cWe continue to believe sports data is at the heart of online sports content, particularly as the US begins to move further toward real-time betting,\u201d said Bain. \u201cThe procurement of official data offers a scarce, sticky, immersive monetary opportunity across the entire sports betting and sports media ecosystem, in our view.\u201d<\/p>\n
Genius provides data in over 150 countries to more than 400 sports organizations, including the NFL, EPL, FIBA, NCAA, NASCAR, AFA, and PGA.<\/p>\n
Keep an Eye on Competition<\/h2>\n
As is the case with the sports betting landscape at large, the data space is hyper-competitive, with Genius tussling with Sportradar (NASDAQ:SRAD), among others.<\/p>\n
\u201cHowever, a recent IPO by its largest competitor, Sportradar, has resulted in increased access to capital for the data, and its most recent deal with the NBA showcases an increasingly competitive environment, in our view,\u201d <\/strong>adds Bain.<\/p>\nInvestors and some analysts soured<\/a> on Genius and Sportradar due to concerns the companies are giving up too much to land deals with various sports leagues. The bull case for sports betting data stocks largely centers around the data scarcity mentioned by Bain, as well as the expansion of regulated sports wagering. As sportsbook operators offer more unique and live wagering options, they’re likely to become increasingly data-dependent, potentially bolstering the case for Genius and Sportradar.<\/p>\n","protected":false},"excerpt":{"rendered":"Genius Sports (NYSE:GENI) is hosting its investor day today, and in advance of that event, the sports betting data provider offered up bullish profitability and revenue forecasts for this year and 2023. The company said it expects revenue of $340 million this year on adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $15 […]<\/p>\n","protected":false},"author":46,"featured_media":199508,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,1074],"tags":[],"acf":[],"yoast_head":"\n
Genius Sports Delivers Positive 2022, 2023 EBITDA, Revenue Outlook<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n