- Genius Sports announces the company is offering more shares.
- Sportradar fails in SPAC deal with Todd Boehly after months of negotiations.
- Sportradar’s goal is to go with a traditional IPO.
NEW YORK – There have been a few moves being made in the sports betting world. Popular sports technology company Genius Sports, which went public recently, has officially announced they are offering more shares of their company.
Sportradar, another big name in the sports betting technology world, recently was moving towards a SPAC deal involving Los Angeles Dodgers owner Todd Boehly. This deal, unfortunately, fell through, so Sportradar is aiming to go public via the more traditional IPO route.
The legal sports betting and the investment world have continued to collide as sports betting becomes more popular. Sportradar and Genius Sports are just an example of this.
Genius Sports Offers Shares
Starting with Genius Sports, the popular sports technology company has commenced an underwritten public offering of 20 million ordinary shares, bringing 12 million shares offered by Genius Sports itself and 8 million offered by shareholders.
The official press release explains that Genius Sports is expanding its offering with the purpose of using the net proceeds for general corporate purposes.
Genius Sports became the first sports betting technology company to go public, a move that pushed it as a leader in the market. Additionally, Genius Sports became the official data supplier for the NFL, a position that was initially Sportradar’s.
Genius Sports going public and partnering with the NFL could be a good reason why Sportradar is working towards its own public offering to keep up with its competitor.
Sportradar IPO Plans
Initially, Sportradar was working on a deal with the Todd Boehly led SPAC Horizon Acquisition Corp. II that would have had the company valued at an estimated $10 billion when it went public.
This deal fell through after negotiations were ongoing since March, dropping Horizon Acquisition Corp. II’s value on the New York Stock Exchange (NYSE). Instead, now with the failed negotiations, Sportradar is working on its own IPO.
In a move to recover from losing its deal with the NFL to Genius Sports, Sportradar has conducted partnerships with individual NFL teams, helping with marketing efforts. Sportradar will use its data and analysts’ processes to work with teams to create unique ad campaigns that would personalize the experience for fans.
There is no current deadline set for when Sportradar will move for its own IPO, but the company would likely aim for by the NFL season start as NFL betting will be a huge money mover for sports betting entities.
Those investing in sports betting operations would be wise to pay close attention to the moves of Genius Sports and Sportradar.
Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.