Genius Sports is eyeing live betting as a way to take its sports betting portfolios to the next level, according to SCCG Management.
Key Takeaways
- Genius Sports charges sportsbooks three times as much for its live data than pre-match information.
- U.K. bettors were around twice as likely to place live wagers as American bettors.
- Genius’ BetVision helped create a more conducive environment for live bettors.
Genius Sports operates in more than 150 countries worldwide, including those in North America, Asia, Australia, and Europe. That global experience gives it a broader basis for judgments about its underwhelming U.S. performance.
Speaking at the Goldman Sachs Communacopia + Technology Conference on Monday in New York, Genius CEO Mark Locke said 60%-80% of wagers in the U.K. are placed during a game or event. However, only 30%-35% of Genius' wagers in America came via live betting, and Locke believes this difference provides a long-term opportunity for growth.
Live betting is especially lucrative for Genius, which provides data, insights, and broadcasting to different entities within the sports industry. Locke revealed that his company charges operators three times more for live data and statistics than it does pre-match information.
That difference causes sportsbooks to implement higher vigs in live betting, creating more high-hold markets that generate more profit on a per-dollar basis.
BetVision drives live betting growth
One of Genius Sports’ primary assets is BetVision, a streaming platform that integrates live broadcasts, statistics, and betting.
Different overlays allow customers to receive updates on pertinent data and view their bet slips and available betting markets while staying on the same screen as their game of choice. Locke said the central integration resulted in BetVision customers placing 72% of their wagers live, compared to less than half of that otherwise.
BetVision - which provides streaming for tens of thousands of events - is available on a variety of sportsbooks, including FanDuel, DraftKings, and Fanatics, among others.
Canadian sportsbook Bet99 also announced last week that it had reached a deal to unveil the feature to its customers.
Expanding into marketing
Locke said Genius Sports is also expanding into media advertising by working with companies such as Coca-Cola and Gatorade. They are using live sports information to connect fans with campaigns tailored to their interests.
Locke also noted Genius is working on “Dragon,” a data collection process that links iPhones to automated tracking data. It hopes to create more financial freedom by eliminating the need for statisticians.
