| Intangible Assets |
Intangible Assets Intangible Assets As of September 30, 2024, intangible assets, net consists of the following: | | | | | | | | | | | | | | | | | | | | | | | | | Weighted-Average Remaining Amortization Period | | Gross Carrying Amount | | Accumulated Amortization | | Net | | Amortized intangible assets: | | | | | | | | | Developed technology | 4.2 years | | $ | 513,064 | | | $ | (237,936) | | | $ | 275,128 | | | Internally developed software | 2.3 years | | 306,271 | | | (149,359) | | | 156,912 | | | Gaming licenses | 8.5 years | | 221,317 | | | (63,376) | | | 157,941 | | | Customer relationships | 6.1 years | | 442,528 | | | (176,502) | | | 266,026 | | | Trademarks, tradenames and other | 6.1 years | | 46,223 | | | (13,204) | | | 33,019 | | | | | $ | 1,529,403 | | | $ | (640,377) | | | $ | 889,026 | | | Indefinite-lived intangible assets: | | | | | | | | | Digital assets, net of impairment | Indefinite-lived | | 2,884 | | | N/A | | 2,884 | | | Total | | | $ | 1,532,287 | | | $ | (640,377) | | | $ | 891,910 | |
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 | | | Total | | | $ | 1,188,590 | | | $ | (497,970) | | | $ | 690,620 | |
Amortization expense was $84.6 million and $188.2 million for the three and nine months ended September 30, 2024, respectively, and $45.1 million and $131.2 million for the three and nine months ended September 30, 2023, respectively. The table below reflects expected amortization expense for the next five years of intangible assets recorded as of September 30, 2024: | | | | | | | Year ending December 31, | Estimated Amortization | | October 1, 2024 to December 31, 2024 | $ | 65,662 | | | 2025 | 217,796 | | | 2026 | 180,233 | | | 2027 | 151,030 | | | 2028 | 92,068 | |
Goodwill The changes in the carrying amount of goodwill for the nine months ended September 30, 2024 are: | | | | | | | Total | | Balance as of December 31, 2023 | $ | 886,373 | | | Goodwill resulting from acquisitions | 569,636 | | | Balance as of September 30, 2024 | $ | 1,456,009 | |
No impairment of goodwill was recorded in the three or nine months ended September 30, 2024. As of September 30, 2024, the Company had no accumulated goodwill impairment losses.
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