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  "documentTitle": "Genius Sports Limited (GENI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-08-05 00:00:00",
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  "pageNumber": 32,
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  "notes": "The slide uses a direct quote from a Sportradar Strategy Director to validate the thesis that the deal was overpriced.",
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      "text": "We just couldn't see economically away of that working.",
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      "text": "While Genius has recently promoted its relationship with the NFL as a “strategic partnership”, Spruce Point views it as solely a rights deal where Genius purchased the rights to the NFL’s betting data. It is rumored Genius paid over $120 million in a combination of cash and equity to the NFL.(1,2) According to ESPN, Sportradar was paying the NFL $20 million annually. This means Genius’ $120 million fee is 6x the previous deal. Based on information presented in a Tegus interview by a Strategy Director at Sportradar, they did not feel the price the NFL was asking for its rights was “economically viable.”",
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      "kind": "quote",
      "text": "And obviously, the NFL situation over the course of the last couple of weeks is partly a function of that... We didn't think it was commercially viable. We didn't think there's sufficient value... We just couldn't see economically away of that working.",
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      "text": "We didn't think it was commercially viable. We didn't think there's sufficient value just because of the nature of the NFL game that the incremental revenue upside didn't justify the additional investment it would have required us to get that official data stages. — Strategy Director, Sportradar",
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      "text": "(1) ESPN (2) BettingUSA.com Source: Tegus",
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      "kind": "title",
      "text": "We Believe Genius Overpaid For The NFL Deal",
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