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Intangible Assets and Goodwill

12 Months Ended

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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- References

No definition available.

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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

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