| Intangible Assets and Goodwill |
Intangible Assets and Goodwill Intangible Assets As of December 31, 2023, intangible assets, net consists of the following:
| | | | | | | | | | | | | | | | | | | | | | | | | Weighted-
Average
Remaining
Amortization
Period | | Gross
Carrying
Amount | | Accumulated
Amortization | | Net | | Amortized intangible assets: | | | | | | | | | Developed technology | 4.4 years | | $ | 422,900 | | | $ | (193,247) | | | $ | 229,653 | | | Internally developed software | 2.3 years | | 236,644 | | | (108,169) | | | 128,475 | | | Gaming licenses | 10.6 years | | 218,760 | | | (47,941) | | | 170,819 | | | Customer relationships | 4.1 years | | 269,728 | | | (127,862) | | | 141,866 | | | Trademarks, tradenames and other | 3.3 years | | 37,674 | | | (20,751) | | | 16,923 | | | | | 1,185,706 | | | (497,970) | | | 687,736 | | | | | | | | | | | Indefinite-lived intangible assets: | | | | | | | | | Digital assets, net of impairment | Indefinite-lived | | 2,884 | | | N/A | | 2,884 | | | Intangible assets, net | | | $ | 1,188,590 | | | $ | (497,970) | | | $ | 690,620 | |
As of December 31, 2022, intangible assets, net consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | Weighted-
Average
Remaining
Amortization
Period | | Gross
Carrying
Amount | | Accumulated
Amortization | | Net | | Developed technology | 5.4 years | | $ | 422,900 | | | $ | (140,200) | | | $ | 282,700 | | | Internally developed software | 2.4 years | | 168,277 | | | (70,575) | | | 97,702 | | | Gaming licenses | 11.0 years | | 206,655 | | | (29,487) | | | 177,168 | | | Customer relationships | 4.6 years | | 269,728 | | | (75,791) | | | 193,937 | | | Trademarks and tradenames | 3.8 years | | 36,193 | | | (13,463) | | | 22,730 | | | | | 1,103,753 | | | (329,516) | | | 774,237 | | | Indefinite-lived intangible assets: | | | | | | | | | Digital assets, net of impairment | Indefinite-lived | | 2,697 | | | — | | | 2,697 | | | Intangible assets, net | | | $ | 1,106,450 | | | $ | (329,516) | | | $ | 776,934 | |
During the years ended December 31, 2023, 2022, and 2021 the Company recorded amortization expense on intangible assets of $180.9 million, $150.6 million, and $107.3 million, respectively. Future cash flows associated with the Company’s intangible assets are not expected to be materially affected by its ability to renew or extend its arrangements. The table below shows expected amortization expense for the next five years of intangible assets recorded as of December 31, 2023: | | | | | | | | | | Year ending December 31, | | Estimated Amortization | | 2024 | | $ | 186,620 | | | 2025 | | 144,810 | | | 2026 | | 107,560 | | | 2027 | | 84,078 | | | 2028 | | 47,058 | |
Goodwill There were no changes in the carrying amount of goodwill for the year ended December 31, 2023. As of December 31, 2023, the Company had no accumulated goodwill impairment losses.
| | | | | | | | | | | | Total | | Balance as of December 31, 2021 | | $ | 615,655 | | | Goodwill resulting from acquisitions | | 270,718 | | | Balance as of December 31, 2022 | | $ | 886,373 | | | Changes in Goodwill | | — | | | Balance as of December 31, 2023 | | $ | 886,373 | |
No impairment of goodwill was recorded in the years ended December 31, 2023, 2022 and 2021. As of December 31, 2023, the Company had no accumulated goodwill impairment losses.
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