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%)