The new strategic partnership of GiG and Betgenius will offer licensed sports betting operators a fully integrated sportsbook and platform solution employing GiG’s platform and Betgenius’ end-to-end live data, trading and risk management services.
The partnership’s division of labor will see GiG responsible for supplying the platform, technical architecture and front-end development, while Betgenius will handle day-to-day sportsbook management operations, including customizable pricing for both pre-match and in-play wagering.
The partners say their new relationship will be “fully operational” by the end of this month. The partners claim to have already reached a tentative platform and sportsbook software agreement with “a major LatAm operator,” who will reportedly sign on the dotted line this month for a three-year revenue-sharing deal.
(The official release didn’t specify the identity of this LatAm operator but GiG’s most recent earnings report did mention a head of terms agreement with Argentina’s Grupo Slots for the City of Buenos Aires’ online gaming market, including an online sportsbook.)
Naturally, the new strategic partners are speaking of each other in the kind of enthusiastic glow that only newlyweds can muster. GiG CEO Richard Brown expressed “delight” at hooking up with Betgenius, a “market leader” with a “first class” risk and trading team.
Similarly, Genius Sports Group chief commercial officer Jack Davison hailed the partnership as “highly complementary” because their respective technologies “dovetail perfectly to create a complete sportsbook platform solution,” while their respective company values reflect “highly compliant businesses who operate in a responsible way.”
GiG’s Q2 financial report card showed revenue of €16.7m in the three months ending June 30, up 47% year-on-year, while earnings nearly doubled to €2.8m. However, the company booked a net loss of €6m for the quarter, only €100k less than it lost in Q2 2019.
The quarter was the first for GiG as a purely B2B company after selling its customer-facing operations in April to Nordic gaming operator Betsson (which signed on as a long-term platform services client). GiG also celebrated the successful launch of Kiwi casino operator SkyCity Entertainment’s online casino, which turned a profit in its first year of operation.