“Money begets money” is a truth in most business models, sports betting included. When it comes to Genius Sports, the purchase of the NFL’s exclusive official data provider title was not cheap.
But Genius Sports can rely on the title to bring in revenue, lessen the burden on the company and bring it closer to turning a profit. Genius has also partnered with Snap, the company behind Snapchat social media platform.
Using the data to bet on gambling on NFL games has helped. Among the primary utilization of that data is gambling on NFL events. That alone has gone a long way to help Genius recoup the cost, according to PlayUSA.
Genius became the NFL’s official data provider in 2021 and extended that contract through the end of the 2027-28 season. While there has been no confirmation of the cost for Genius, estimates pegged the initial annual cost at around $20 million per year.
Services provide data to sportsbooks to settle bets with. Furthermore, the annual cost includes livestreaming access for select NFL games. Some of Genius’ sportsbook clients have already availed themselves of that option.
According to a Genius Sports press release, the alliance with Snap will “power immersive augmented reality fan experiences via Snapchat Lenses.” The access to the Lens is exclusively for Verizon customers, however.
The debut of the Lens occurred September 17, at SoFi Stadium. It features:
- 3D interactive map of SoFi Stadium;
- Real-time statistics from the game; and
- Virtual dressing room for NFL accessories and apparel.
Online sports betting remains illegal in California and that’s unlikely to change any time soon. Tribal casino leaders in the state don’t expect 2024 to feature any ballot measures to alter the status quo.
Therefore, the gaming application for this Lens will be restricted to perhaps daily fantasy sports contests upon its debut. Should the Lens become available in other NFL stadiums that lie within jurisdictions with legal sports betting, that utility could improve.
But let’s get real. Verizon customers with live bets on NFL games and are in attendance so they can take advantage of a Snapchat Lens to track the stats associated with their wagers won’t be plentiful. In certain circumstances, though, that could soon be an option.
