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Achieved 31% revenue growth in 2025, the strongest annual increase since 2021, driven by balanced performance across betting and media segments.
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Realized a record 20% adjusted EBITDA margin, reflecting improved operating leverage and the scaling of high-margin technology products.
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Betting revenue growth of 33% outpaced the global sports betting GGR growth of 24%, validated by the expansion of the BetVision in-play wagering suite.
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Media segment revenue increased 37% to $144 million, supported by a doubling of revenue in the second half of the year through new partner launches.
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Management attributes the Legend acquisition to a shift from selling ‘audience access’ to ‘audience intent,’ capturing proprietary behavioral data that AI cannot commoditize.
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The acquisition is framed as a technology play rather than a traditional affiliate business, characterized by 95% organic/direct traffic and high-value lifetime revenue share contracts.
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Geographic diversification remains a key driver, with the Americas growing 41% and established European markets accelerating to 20% growth.
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Reaffirmed 2026 organic revenue guidance of $810 million to $820 million and adjusted EBITDA of $180 million to $190 million.
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Expects the Legend acquisition to be immediately accretive upon closing in Q2 2025, accelerating the company’s long-term financial targets by two years.
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Pro forma 2026 targets include $1.1 billion in revenue and $320 million to $330 million in adjusted EBITDA, representing a 30% margin profile.
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Anticipates free cash flow conversion to reach approximately 50% on a pro forma basis, driven by the high-margin nature of Legend’s technology platform.
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Guidance assumes a transition in Media revenue recognition from gross to net reporting for certain contracts, which will moderate top-line growth but improve margin profiles.
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Reporting structure will change in 2026 to two primary product groups: Betting and Media, with legacy Sports Technology revenue reallocated accordingly.
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2025 free cash flow was impacted by approximately $30 million in non-recurring exceptional legal and litigation-related expenses.
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Management explicitly addressed the risk of AI disruption, arguing that proprietary intent signals from owned environments become more valuable as search-based information is commoditized.
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Rights costs are expected to increase in the first half of 2026 due to the onboarding of Serie A, EPFL, and the new term for English Premier League rights.
