Why Genius Sports Shares Are Surging Today

Genius Sports Ltd GENI inked a multi-year extension of their existing strategic deal with The National Football League (NFL).

As per the extended deal, Genius Sports will remain the exclusive distributor of NFL's official live game data and Next Gen Stats (NGS) feeds to global media and betting markets.

The deal will run through the end of the 2027-28 season and includes the GENI's exclusive right to internationally distribute NFL Watch & Bet low latency live game video feeds to sportsbooks. 

Beginning with the 2023-24 season, Genius Sports and the NFL penned a multi-year partnership to distribute Watch & Bet in the U.S. and Canada.

"We are thrilled to extend our partnership with the NFL for five further seasons from today, through Super Bowl LXII. In just two years, the NFL and Genius Sports have set a new standard for data-driven fan engagement, and we look forward to powering immersive experiences for NFL fans, broadcasters, teams, sportsbooks, brands and more. Also, 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," said Mark Locke, CEO.

Last month, GENI bagged a significant new expansion and extension deal with Football DataCo, the data rights holder of UK football.

In May, GENI reported first-quarter FY23 sales growth of 13.2% year-on-year to $97.23 million, beating the consensus of $92.28 million and EPS loss of $(0.12), missing the analyst consensus of $(0.09).

Price Action: GENI shares are trading higher by 12.7% at $6.55 premarket on the last check Thursday.