- Legal States
Martina Tsvetkova April 7, 2021 3 min read
Genius Sports Group Changes Name Ahead of NYSE Debut
Genius Sports Group has changed its name to Genius Sports in a bid to take on a unified approach with the aim of strengthening its value proposition and serving its partners’ needs.
Genius Sports Consolidates All Subsidiaries Under One Umbrella
Sports data and technology services provider for betting operators, Genius Sports Group, has unveiled it is changing its name to Genius Sports. The transition to a single brand is a result of the rapid consolidation of Genius Sports’ as a leader in providing sports technology, live data, video, and betting products to fans.
As a part of the conversion process, the company will no longer operate multiple brands, which means it is discontinuing its subsidiaries Betgenius and Genius Sports Media. Instead, all parts of the business will be consolidated under the Genius Sports umbrella. It will consist of four pillars, which are Sportstech, Video, Sportsbook, and Media & Engagement.
Rebranding Comes Right Before NYSE Listing
Apart from a new logo and design, the transformation will include changes across the company’s website, social media, and overall branding. Mark Locke, Chief Executive Officer of Genius Sports, said:
“As we enter a new era as a public company on the NYSE, the time is right to consolidate our offering under the single Genius Sports brand. This unified approach will help strengthen our value proposition, serve our partners’ needs and articulate our vision of creating personalized fan experiences via the convergence of sports, betting, advertising and streaming.”
In November 2020, Genius Sports announced its plans to go public after agreeing to merge with the New York Stock Exchange (NYSE)-listed special purpose acquisition vehicle dMY Technology Group II. The combined company is estimated to have about $150 million of growth capital and a substantially debt-free balance sheet, which will boost its expansion across the U.S. and globally.
Locke added that the new brand reflects connectivity, innovation, and the company’s wide knowledge of the industry. He also said that its simplicity will communicate the company’s full breadth of capabilities to a wider audience.
Last month, Genius Sports entered into a multi-year partnership with The National Football League (NFL) to provide data for NFL games, which will include the distribution of real-time play-by-play stats, the league’s “Next Gen Stats” and sports betting data feeds.
The sports betting data agreement affirms NFL’s acceptance of legalized sports betting after decades of harsh opposition. There are more than a dozen states where players can legally bet on NFL football games currently, while the second biggest market for betting on the NFL is New Jersey and it will likely surpass Nevada in the near future.