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LAS VEGAS - Sports streaming and betting technology firm PANDA Interactive has expanded its legal battle against Genius Sports and Sportradar by filing amended antitrust complaints. The company alleges that these two sports data giants have engaged in market manipulation and anti-competitive practices that limit industry competition.
The amended complaints, added to an ongoing patent infringement lawsuit initiated in October 2023, accuse Genius Sports (NYSE: GENI) and Sportradar (NASDAQ: SRAD) of coercing sportsbooks into using their betting technology as a condition for accessing official sports data. Genius Sports, with a market capitalization of $2 billion and impressive revenue growth of 18% over the last twelve months, maintains a strong financial position with more cash than debt on its balance sheet, according to InvestingPro data. PANDA claims this data is exclusively controlled by the defendants through agreements with major sports leagues, including the NBA, NFL, NHL, MLB, and NCAA.
PANDA Interactive’s Chairman, Donald Schupak, criticized the defendants for their tactics, alleging they have unlawfully bundled their technology with exclusive access to sports data, stifling competition and harming PANDA’s business.
The lawsuit seeks to prevent Genius Sports and Sportradar from continuing such practices and to recover damages for the harm caused by the alleged anti-competitive conduct. PANDA Interactive’s CEO, Kevin April, emphasized the need for a market driven by innovation and competition rather than dominance and control. Despite the legal challenges, Genius Sports has shown resilience in the market, with its stock up over 21% in the past six months, though InvestingPro analysis indicates the stock is currently trading near its Fair Value. InvestingPro subscribers have access to 7 additional key insights about Genius Sports, along with comprehensive financial analysis in the Pro Research Report.
The antitrust action points to a broader industry concern over the strong-arm tactics of Genius Sports and Sportradar, which PANDA Interactive argues have led to an unfair system favoring only those who control the essential data.
Andrew Schupak, PANDA Interactive’s Chief Strategy Officer, stressed the importance of a fair and open market for the benefit of sportsbooks, media companies, and consumers. The company, represented by King & Spalding LLP, is advocating for a level playing field in the sports betting and streaming technology market.
PANDA Interactive, known for its PANDA Studio and PANDA CUB products, focuses on enhancing sports media content with real-time betting odds and interactive social features. For investors interested in deeper analysis of companies in the sports betting technology sector, InvestingPro offers extensive financial metrics, including detailed profitability analysis and growth forecasts for over 1,400 US stocks.
This report is based on a press release statement from PANDA Interactive.
In other recent news, Genius Sports Limited has reaffirmed its financial guidance for 2024, maintaining its projections for revenue and adjusted EBITDA at approximately $511 million and $86 million, respectively. Additionally, the company reported an estimated cash position of around $135 million as of December 31, 2024, marking an increase from previous quarters. Furthermore, Genius Sports announced the pricing of a public offering of 17,647,059 ordinary shares at $8.50 each, with expected net proceeds of about $144 million. These funds are intended for general corporate purposes, including potential acquisitions, although no specific deals are currently in place.
JMP Securities has reiterated a Market Outperform rating for Genius Sports, maintaining a price target of $11.00 following a recent equity raise. The firm expressed confidence in the company’s strategic decision to strengthen its balance sheet, despite mixed investor reactions to the equity raise. The analyst from JMP Securities noted favorable outcomes in the NFL, which could positively impact the first quarter of 2025 results. Genius Sports is expected to accumulate cash throughout 2025, potentially reaching $320 million by the end of the year. This financial positioning may enable the company to pursue larger deals earlier in the year, particularly in sectors like personalized marketing content technology and AI tracking/analytics.
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