Genius Sports and Sportradar Predicted as Winners with Florida Sports Betting Live
Sports wagering data providers Genius Sports and Sportradar are expected to benefit from the launch of regulated sports betting in Florida. According to a report by Craig-Hallum analyst Ryan Sigdahl, both companies are seen as winners in the Florida online sports betting (OSB) scenario. The Seminole Tribe relaunched the Hard Rock Bet mobile wagering application, albeit in limited form, surprising analysts and industry observers.
The app is currently only available to existing users, with new clients being placed on a waitlist. However, residents of Florida can also place wagers at the brick-and-mortar sportsbooks at Hard Rock casinos in the state.
Sigdahl rates both Genius and Sportradar as “buy” with a price target of $11 for the former and $18 for the latter. This implies significant upside for both companies from Tuesday’s closing prices.
If the Seminole Tribe is able to expand the scope of Hard Rock Bet in the future, they will likely control a sports wagering monopoly in the state. This means that other major sportsbook operators like DraftKings and FanDuel may be excluded, allowing Genius and Sportradar to benefit from their data, services, and technology to feature a wide range of sports bets.
Genius Sports has an impressive client portfolio that includes the English Premier League, NFL, PGA Tour, MLB, NCAA, and Euroleague Basketball. Both companies provide data to sportsbook operators, making them essential players in the expanding US sports betting industry.
With Florida likely committed to a single-operator sports wagering model for the foreseeable future, Genius Sports and Sportradar are seen as the best and only avenues for investors to benefit from the growth of sports betting in the state. The Sunshine State, home to 7% of the US adult population and nine teams across the four major North American professional sports leagues, is highly desired by online sportsbook operators. The Seminoles’ exclusivity pact with the state further solidifies Genius and Sportradar as the only publicly traded beneficiaries of sports betting going live in Florida.