Genius Sports has completed its acquisition of Legend, a digital sports and gaming media network, in a deal valued at up to $1.2bn that positions the data and technology company as the first to operate across official sports data and media advertising at scale.
Deal Structure and Transaction Terms
The acquisition was first announced in February 2026. The final structure comprises an upfront payment of $900m with an earnout of up to $300m. Genius Sports described Legend as a scaled media platform with marketing technology deployed across a range of online properties, including Covers, Casino.org, and Casino Guru.
Legend generated 320 million annual visits from 118 million unique visitors in 2025. Genius Sports noted that two in three of those visitors were returning users, a retention metric the company cited as central to the media network’s commercial value.
The deal follows a period of significant M&A activity across the sector. Bally’s and Intralot completed their €2.7bn acquisition in October 2025, and Allwyn took a majority stake in PrizePicks for $2.5bn the previous month, signalling continued consolidation appetite at the top of the industry.
Financial Targets for 2026
Genius Sports said the acquisition is expected to improve group adjusted EBITDA margins and free cash flow conversion immediately. The company set a 2026 group revenue target of $1.1bn and group adjusted EBITDA guidance of $320-330m.
Those figures represent a meaningful step up from Genius Sports’ existing business and reflect the projected revenue contribution of Legend from the point of completion.
An earnings call is scheduled for May 7, 2026, at which Genius Sports said it would provide additional financial updates.
Strategic Rationale
Genius Sports framed the acquisition as a structural repositioning rather than a bolt-on. The company said it will now be the first business to operate two complementary verticals across official sports data and media and advertising simultaneously. The stated aim is to capture the full value chain from sports data to the moment a fan acts on that data, whether through betting or iGaming.
CEO Mark Locke commented on the transaction:
Genius Sports has spent years building the data infrastructure behind modern sport. With Legend, we now extend that into the moment where fans choose to participate and act.
The completion comes roughly one month after Genius Sports appointed Tony Marlow as chief marketing officer. Marlow brings background in high-growth marketing across media, technology, and advertising, a profile directly aligned with the Legend integration and the wider commercial strategy the company is now pursuing.
Further detail on integration timelines, segment reporting, and updated guidance is expected when Genius Sports reports on May 7.
Source: Genius Sports
