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Intangible Assets and Goodwill | 12 Months Ended
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Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible Assets As of December 31, 2025, intangible assets, net consists of the following:
| Weighted- Average Remaining Amortization Period |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Amortized intangible assets: |  |  |  |  |  |  |
Developed technology | 3.4 years |  | $ | 586,409 |  |  | $ | (338,358) |  |  | $ | 248,051 |
Internally developed software | 2.3 years |  | 475,814 |  |  | (254,285) |  |  | 221,529 |
Gaming market access and licenses | 6.7 years |  | 287,524 |  |  | (91,575) |  |  | 195,949 |
Customer relationships | 5.5 years |  | 344,000 |  |  | (144,326) |  |  | 199,674 |
Trademarks, tradenames and other | 5.1 years |  | 43,120 |  |  | (19,122) |  |  | 23,998 |
Intangible assets, net |  |  | $ | 1,736,867 |  |  | $ | (847,666) |  |  | $ | 889,201 |
As of December 31, 2024, intangible assets, net consisted of the following:
| Weighted- Average Remaining Amortization Period |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Amortized intangible assets: |  |  |  |  |  |  |
Developed technology | 4.4 years |  | $ | 590,231 |  |  | $ | (260,786) |  |  | $ | 329,445 |
Internally developed software | 2.3 years |  | 333,437 |  |  | (166,456) |  |  | 166,981 |
Gaming market access and licenses | 8.4 years |  | 221,479 |  |  | (68,402) |  |  | 153,077 |
Customer relationships | 6.1 years |  | 442,528 |  |  | (192,055) |  |  | 250,473 |
Trademarks and tradenames | 5.9 years |  | 46,253 |  |  | (14,895) |  |  | 31,358 |
|  |  | 1,633,928 |  |  | (702,594) |  |  | 931,334 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |
Digital assets, net of impairment | Indefinite-lived |  | 1,787 |  |  | N/A |  | 1,787 |
Intangible assets, net |  |  | $ | 1,635,715 |  |  | $ | (702,594) |  |  | $ | 933,121 |
During the years ended December 31, 2025, 2024 and 2023 the Company recorded amortization expense on intangible assets of $256.3 million, $249.9 million and $180.9 million, respectively. Future cash flows associated with the Company’s intangible assets are not expected to be materially affected by its ability to renew or extend its arrangements. The table below shows expected amortization expense for the next five years of intangible assets recorded as of December 31, 2025:
Year Ending December 31, |  | Estimated Amortization
2026 |  | $ | 267,953 |
2027 |  | 239,721 |
2028 |  | 159,612 |
2029 |  | 80,237 |
2030 |  | 53,244 |
Goodwill The changes in the carrying value of goodwill were as follows:
| Total
Balance at December 31, 2023 | $ | 886,373 |
Goodwill resulting from acquisitions | 668,743 |
Balance at December 31, 2024 | $ | 1,555,116 |
Goodwill resulting from acquisitions | 40,197 |
Goodwill change from measurement period adjustment | 2,334 |
Balance at December 31, 2025 | $ | 1,597,647 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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