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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2025
Fair Value Disclosures [Abstract] |
Summary of Assets and Liabilities Measured at Fair Value | The following tables set forth the fair value of the Company’s financial assets and liabilities measured at fair value as of December 31, 2025 and 2024 based on the three-tier fair value hierarchy:
| December 31, 2025
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 184,212 |  |  | $ | — |  |  | $ | — |  |  | $ | 184,212 |
Other non-current assets: |  |  |  |  |  |  |
Derivative instruments | $ | — |  |  | $ | — |  |  | $ | 7,059 |  | (2) | $ | 7,059 |
Equity securities | — |  |  | 9,127 |  | (1) | — |  |  | 9,127 |
Total | $ | 184,212 |  |  | $ | 9,127 |  |  | $ | 7,059 |  |  | $ | 200,398 |
Liabilities |  |  |  |  |  |  |
Other current liabilities | $ | — |  |  | $ | — |  |  | $ | 14,900 |  | (4) | $ | 14,900 |
Warrant liabilities | — |  |  | — |  |  | — |  |  | — |
Other long-term liabilities | — |  |  | — |  |  | 59,534 |  | (4) | 59,534 |
Total | $ | — |  |  | $ | — |  |  | $ | 74,434 |  |  | $ | 74,434 |
| December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Other non-current assets: |  |  |  |  |  |  |
Derivative instruments | — |  |  | — |  |  | 7,059 |  | (2) | 7,059 |
Equity securities | — |  |  | 13,533 |  | (1) | — |  |  | 13,533 |
Total | $ | — |  |  | $ | 13,533 |  |  | $ | 7,059 |  |  | $ | 20,592 |
Liabilities |  |  |  |  |  |  |
Other current liabilities |  |  |  |  | 3,300 | (4) | 3,300
Warrant liabilities | $ | — |  |  | $ | 22,033 |  | (3) | $ | — |  |  | $ | 22,033 |
Other long-term liabilities | — |  |  |  |  | 74,665 |  | (4) | 74,665 |
Total | $ | — |  |  | $ | 22,033 |  |  | $ | 77,965 |  |  | $ | 99,998 |
(1)Represents the Company’s non-marketable equity securities, which are classified as Level 2 because the Company measures these assets to fair value using observable inputs for similar investments of the same issuer. The Company has elected the remeasurement alternative for these assets. (2)Represents the Company’s derivative instruments held in other public and privately held entities. The Company measures these derivative instruments to fair value using option pricing models and, accordingly, classifies these assets as Level 3. There were no new Level 3 derivative instruments purchased by or issued to the Company for the years ended December 31, 2025 and 2024. The key inputs to the valuations are underlying stock price, volatility and risk free rate. A change in these significant unobservable inputs might result in a significantly higher or lower fair value measurement at the reporting date. Changes to fair value of these instruments are recorded in Other gain (loss), net on the consolidated statements of operations and (Gain) loss on marketable equity securities and other financial assets, net in the consolidated statement of cash flows. (3)The Company measures its Private Warrants and the GNOG Private Warrants to fair value using a binomial lattice model or a Black-Scholes model, where appropriate, with the significant assumptions being observable inputs and, accordingly, classifies these liabilities as Level 2. Key assumptions used in the valuation of the Private Warrants and GNOG Private Warrants include term, risk free rate and volatility. See “Note 7 – Current and Long-term Liabilities” and “Note 14 – Earnings (Loss) Per Share” for further information on the Company’s warrant liabilities. (4)Represents the contingent consideration issuable to former SIQ, Dijon, Simplebet and Railbird securityholders in connection with the acquisitions of SIQ, acquisition of Dijon, Simplebet Transaction and Railbird Transaction, respectively, upon the achievement of certain performance targets. The fair value of contingent consideration was generally calculated using customary valuation models based on probability-weighted outcomes of meeting certain future performance targets and forecasted results. The Company classified the contingent consideration liabilities as a Level 3 fair value measurement due to the lack of observable inputs used in the model. The key inputs to the valuations are the projections of future financial results in relation to the business, revenue risk premium, revenue volatility, and operational leverage ratio as well as management judgment regarding the probability of achieving a future performance target. The table below includes a range and an average weighted by relative fair value of the significant unobservable inputs used to measure contingent consideration at fair value. A change in these significant unobservable inputs might result in a significantly higher or lower fair value measurement at the reporting date. Changes to fair value of these instruments are recorded in Other gain (loss), net on the consolidated statements of operations.
| December 31, 2025 | December 31, 2024
Significant Unobservable Input of Level 3 Investments | Range (Weighted Average) | Range (Weighted Average)
Revenue volatility | 10.6% - 17.3% (15.3%) | 17.3% - 17.7% (17.6%)
Equity volatility | 45.0% - 54.2% (51.0%) | 53.4% - 60.0% (55.3%)
Operational leverage ratio | 61.0% - 75.0% (65.4%) | 65.0% - 70.0% (66.4%)
Summary of Changes in Significant Unobservable Inputs |
| December 31, 2025 | December 31, 2024
Significant Unobservable Input of Level 3 Investments | Range (Weighted Average) | Range (Weighted Average)
Revenue volatility | 10.6% - 17.3% (15.3%) | 17.3% - 17.7% (17.6%)
Equity volatility | 45.0% - 54.2% (51.0%) | 53.4% - 60.0% (55.3%)
Operational leverage ratio | 61.0% - 75.0% (65.4%) | 65.0% - 70.0% (66.4%)
Summary of Changes in Fair Value of Contingent Consideration Liabilities Which Reflect Level 3 Inputs | The following table provides a roll forward of the recurring Level 3 fair value liability measurements:
Balance at December 31, 2023 | $ | — |
Contingent consideration issued for acquisitions | 77,965 |
Balance at December 31, 2024 | $ | 77,965 |
Contingent consideration issued for acquisitions | 37,818 |
Payment of contingent consideration liabilities | (3,300) |
Fair value adjustment to contingent consideration liabilities | (38,049) |
Balance at December 31, 2025 | $ | 74,434 |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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