The acquisition comprises an up-front cash payment of $900 million, consisting of cash of $800 million and stock of $100 million, paid at closing of the deal. An earnout of up to $300 million may be made on an installment basis over the next two years based on the company’s performance.
Data-Rich Audience Assets Fuel Expansion
Legend operates a portfolio of high-traffic digital properties that serve sports fans, bettors, and gamers worldwide. Included in this deal is Casino.org, one of the longest-running online iGaming publications, featuring industry news, analysis, and casino reviews.
In total, in 2025, Legend’s platforms generated approximately 320 million visits from 118 million unique users, with more than two-thirds returning regularly. These metrics signal deeply engaged audiences across sports, betting, and gaming topics.
Legend’s website, based on the traffic analysis, demonstrates the company’s excellence in SEO and content. It has a huge volume of visitors from Google, especially in sports and iGaming. Over the years, these kinds of websites have proved valuable, as they attract users searching with clear intent and can be monetized through targeted ads.
Strategic Rationale: Synergy of Data, Media, and Monetization
According to CEO Mark Locke, the deal is intended to weave Legend’s media reach into Genius Sports’ existing data and advertising ecosystem. Genius Sports already supplies official sports data and technology to major sports leagues and betting operators globally. By folding in Legend’s audience and marketing infrastructure, the combined entity would offer a more seamless path from fan engagement to monetization.
Locke told investors the deal would accelerate strategic goals, increase fan monetisation, and enhance free cash flow. Genius expects to reach approximately $1.1 Billion in group revenue and approximately $320 to $330 Million in Adjusted EBITDA on a pro forma basis in 2026, on top of increased media inventory and audience reach.
This was underscored by Legend’s Founder Nick Kisberg, who noted that the united company would be in a stronger position to scale globally and bring value to partners.
Financial Outlook and Market Impact
In addition to the immediate strategic advantages, the acquisition also improves the long-term financial projections of the company. The company reaffirmed its projection of a 20%+ year-over-year compound growth rate (CAGR) through 2028. The cited target value is about $1.6 billion by that year.
Such a transactional volume is not common in the iGaming Affiliate/Media Industry. Though there have been a number of portfolio consolidation deals in recent times, none have reached this scale, nor have they involved media reach and sports data infrastructure.
Strategic Impact and Market Outlook
This deal demonstrates how sports data and betting media companies compete in a bid for eyeballs and interest on the internet. The reality is that Genius Sports is buying traffic and a loyal following, not just adding more data or technology capabilities.
This also sets the bar for the company’s rivals even higher. To match this, the competitors would also require their own combination of content, data, and ad reach. That could result in further consolidation of the larger affiliate and media networks.
The real challenge would be execution. If Genius is able to successfully incorporate these assets while continuing to grow the audience in a more competitive market, this acquisition would be a success.
