Genius Sports Buys Gambling Media Company Legend in $1.2 Billion Deal

Genius Sports has agreed to bargain Legend, a integer sports and gambling media company, successful a $1.2 cardinal transaction. Genius banal (NYSE: GENI) fell sharply aft the marketplace opened Thursday, falling 20% to $6.76 a share.

Genius is paying $900 cardinal up front, which includes $800 cardinal successful currency and $100 cardinal successful stock. The woody besides includes an earnout of up to $300 cardinal that volition beryllium divided crossed 2 years erstwhile the transaction is completed. The transaction, the largest acquisition successful Genius Sports’ history, is expected to adjacent successful the 2nd 4th of 2026, taxable to customary closing conditions.

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Genius is backing the Legend acquisition with an $850 cardinal loan. The institution said its leverage aft the woody is expected to stay beneath 3x debt-to-EBITDA, oregon net earlier interest, taxes, depreciation and amortization. The London-based institution has a marketplace capitalization of astir $2 billion.

Legend is simply a integer sports and gaming media institution that owns sports betting affiliate selling elephantine Covers.com, on with online gambling and betting marque Casino.org. Legend said it generated 320 cardinal yearly visits from 118 cardinal unsocial visitors successful 2025. More than two-thirds returned connected a regular basis, according to a statement.

The acquisition dovetails with the company’s propulsion into advertizing exertion arsenic it diversifies its concern beyond sports and media information streams.

Genius said the woody volition bring the institution a “highly engaged sports and gaming audience.”

The transaction is the latest acquisition by Genius Sports. In September, the London institution announced it was buying instrumentality information steadfast Sports Innovation Lab.

Genius connected Thursday besides announced preliminary estimates of fiscal results for its fiscal twelvemonth ended Dec. 31. The institution said it expects radical gross to leap 31% year-over-year to $669 million, portion group-adjusted EBITDA would emergence 59% from the anterior twelvemonth to $136 million. In 2026, Genius expects radical gross of $810 cardinal to $820 million, and group-adjusted EBITDA of $180-$190 million.

Deutsche Bank and Goldman Sachs provided fiscal proposal to Genius Sports. The banks person besides committed to providing financing for the deal. Macfarlanes acted arsenic ineligible advisors to Genius. Oakvale Capital and The Raine Group served arsenic fiscal advisors to Legend, portion Latham & Watkins and Herzog Fox & Neeman acted arsenic their attorneys connected the deal.