Caesars entertainment, listed in NASDAQ as CZR and Genius Sports listed in NYSE as GENI, have entered a multi-million partnership for data provider’s suite of official sports data content. The agreement, which is close to $1 billion, runs for six years.
The released press statement read, “Genius Sports data feeds will support the Caesars trading and sportsbook platform by providing access to official NFL products, including official live sports data feeds.”
There were not many details regarding the agreement’s financial agreement terms, though, from the look of things, Genius looks like Caesar’s advertisement partner. It will offer relevant technology and information required for marketing. Caesars aims at expediting the NFL data provided to enhance customer retention and acquisition throughout its widespread sportsbooks and online casinos.
Caesars and Genius Prior Ties Bears More Results
A released statement further added, “In April 2021, Caesars Entertainment was selected as one of the NFL’s official sports betting partners. As an extension of that partnership, Caesars and Genius Sports now have entered into a deal to further Caesars’ official NFL-backed sportsbook offerings by leveraging NFL official data, Next Gen Stats, and other offerings.”
Both Genius sports and Caesars entertainment expressed interest in working together in the past. NFL equity at Genius Sports, for instance, can be valued at more than $450 million. The company had, however, won betting provider right earlier in April. NFL aims at developing a comprehensive feed preferable to sportsbooks and media companies.
The NFL stated in April, “In addition, Genius will represent the NFL’s legalized sports betting advertising inventory across the NFL’s owned and operated digital platforms in the US and international markets. These assets will equip Genius with the necessary tools to drive key sports wagering metrics of turnover and player acquisition over the lifetime of the deal.”
Football is an ever-growing industry. NFL stats indicate the sport is most wagered-on in the US. By the close of 2021, betting analysts estimates at least $20 billion will be pumped into the industry, driving betting revenues at around $1.5 billion for popular US gaming companies.
Analyst Dustin Goucher of PlayUSA backed the findings and said, “The U.S. market has grown significantly since the beginning of the 2020 football season.”
The Genius Caesars partnership goes beyond NFL. Before the NFL deal, Genius Sports was working on more sports collaborations with NCAA and PGA Tour. Besides these, other non-exclusive collaborations are with Major League Baseball and the NBA.
More Attractive Revenue Streams
Genius Sports said, “Alongside NFL content exclusive to Genius Sports, Caesars Entertainment will gain access to official data-powered in-play content for other top-tier US and global sports, including NASCAR, English Premier League, Argentinian and Colombian soccer, as well as Liga MX.”
The head of sports at Caesars Entertainment, Kenneth Fuchs, said, “True to the Caesars experience, it’s our goal to treat our sports bettors like royalty…we know how exciting NFL betting is for our players and through our partnership with Genius, we can now provide bettors with the live NFL data they need to make wagers like a true Caesar. We look forward to improving our NFL sportsbook offerings through this partnership by giving customers a more engaging and exciting way to play.”
Football and basketball have been the main revenue streams for sportsbooks; however, the operators are looking to introduce new revenue stream possibilities. Focusing on the adored NASCAR, which sanctions at least 1500 races at over 100 tracks spread across Europe, Mexico, Canada, and at least 48 US States, adds more wagering options.
In the future, the primary source of growth for gaming operators lies in soccer and auto racing through in-game and live betting.