Genius Sports Ltd. (GENI): Secular Growth Winner for Sports Ecosystem with Unique Data and Technology Platform: Reinstate at Buy (PT of $9.50)

Research evidence excerpt

Genius Sports Ltd. (GENI): Secular Growth Winner for Sports Ecosystem with Unique Data and Technology Platform: Reinstate at Buy (PT of $9.50)

risk factors. The rise in popularity of prediction

markets, specifically used for sports-related events, represents an opportunity for

Genius across several angles: a) expanding the total addressable market for Genius

(available in non-OSB legal jurisdictions & increasing customer adoption in legal

jurisdictions); b) increasing competition amongst OSB and prediction markets platforms

(driving greater negotiating leverage for Genius as it relates to data rights) & c) potential

to increase demand for additional value-added services (trading & market-making

services, customer acquisition/marketing spend, etc.). That said, we also see some

potential challenges associated with this theme related to a) the potential to slow the

rising mix shift toward in-game and parlay bets (with a higher % of prediction markets

events contracts being purchased as pre-match/“moneyline”-equivalent wagers); b) the

potential to cannibalize traditional OSB handle (should more consumer spend shift

toward purchasing prediction markets events, sports or non-sports related); c) potential

increased regulatory scrutiny on broader gaming behavior; & d) execution risk with

regard to Genius onboarding new prediction markets-focused platforms as customers.

We continue to monitor how prediction markets change the overall sports betting

landscape and how it may impact Genius’ addressable market opportunity in the coming

periods.

Media Content & Sports Technology Services Revenues:

Genius’ Media Content & Sports Technology Services segment reflects revenues

generated from:

n The provision of data-driven performance marketing solutions to sportsbooks,

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