Posted on: August 25, 2022, 07:35h.
Last updated on: August 25, 2022, 10:13h.
The sports betting industry in Canada is continuing to grow. The latest addition to the market is a new product from Genius Sports that targets Canadian Football League (CFL) fans.
Genius introduced CFL Blitz Picks in collaboration with online sportsbook and casino operator BetRegal. The goal of the game is to increase fan engagement in the CFL and offer the league’s fans new forms of entertainment.
The CFL is the second-largest football league in the world, following the NFL. Genius, which offers data and technology solutions for the sports and sports betting ecosystems, partnered with the league last October.
More Reasons to Enjoy Football
CFL Blitz Picks is a free game available through the CFL GameZone hub. It offers additional fan-engagement products like Preseason Futures, Pick’Em, and Fantasy. It will be available starting today and run through November 20. That’s when the CFL will hold its Grey Cup, the league’s equivalent of the NFL Super Bowl.
Through CFL Blitz Picks, players can hedge their picks on different items, such as player and leaguewide statistics each week. In this sense, it’s similar to prop betting, but is free to play.
Users will accumulate points throughout the season for the most correct responses. Leaderboards gauging weekly, monthly, and season-long activity will also be available. When the action ends, the winner will receive four season tickets for next year and four jerseys from the team of their choice.
CFL Blitz Picks and CFL GameZone are the tip of the iceberg as we continue to provide fan experiences that are richer, more interactive, and more engaging,” said Genius Sports Managing Director of Media and Engagement Josh Linforth.
Through last year’s partnership, Genius acquired a minority stake in CFL Ventures, the CFL’s new business arm. It also powers the league’s entire digital infrastructure. This also benefits the NFL, which has a 7.7% stake in Genius and which previously backed the CFL financially.
Genius Gaining Traction
Genius has survived a roller-coaster year. The company trades on NASDAQ under the ticker GENI, where it has seen its stock take wild swings as revenue fluctuated.
Recently, it’s seen nothing but positive movement. In a recent financial health report covering its second fiscal quarter, Genius saw revenue of $71.1 million. This was 27% better than a year ago.
At the same time, it reported a net loss of $4.8 million. During the same period last year, Genius posted a $464 million loss. That 99% improvement came as the company reduced its stock-based compensation in the quarter.
The media technology and content segment was responsible for revenue of $15 million, an 88% improvement. In addition, sports technology and services added 57%, reaching $11.3 million. The closing cash balance for Genius at the end of the quarter was $175 million.
All of this is reflected in the company’s stock movement. It’s still not where it was last September, when it was trading at $22.38. But things could be headed in the right direction. After reaching an all-time low of $2.47 on July 26, the stock rebounded to $4.85 on August 17. It closed Wednesday at $4.