v3.25.0.1
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities:      
Net loss attributable to common stockholders $ (507,285) $ (802,142) $ (1,377,987)
Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities:      
Depreciation and amortization 270,854 201,920 169,252
Non-cash interest (income) expense, net (15) 386 870
Stock-based compensation 381,367 398,463 578,799
Loss (gain) on remeasurement of warrant liabilities 4,945 57,543 (29,396)
Loss from equity method investment 468 719 2,895
Loss (gain) on marketable equity securities and other financial assets, net 12,940 75 (10,999)
Loss on sale of Vegas Sports Information Network, LLC 5,865 0 0
Deferred income taxes (92,733) 5,849 (73,407)
Other expenses (income), net 6,280 554 (7,268)
Change in operating assets and liabilities, net of effect of acquisitions:      
Receivables reserved for users 248,320 (141,687) (105,320)
Accounts receivable (10,116) 3,558 2,506
Prepaid expenses and other current assets (26,266) 2,451 (26,217)
Deposits and other non-current assets 1,701 (19,355) (4,921)
Operating leases, net 130 6,558 1,304
Accounts payable and accrued expenses (18,200) 103,593 95,269
Liabilities to users 110,678 165,725 152,985
Long-term income tax liability 3,565 2,952 (9,267)
Other long-term liabilities 25,269 11,087 15,383
Net cash flows provided by (used in) operating activities 417,767 (1,751) (625,519)
Cash Flows from Investing Activities:      
Purchases of property and equipment (10,176) (20,902) (32,402)
Cash paid for internally developed software costs (95,698) (80,378) (64,030)
Acquisition of gaming licenses (14,983) (12,105) (7,213)
Proceeds from marketable equity securities and other financial assets 0 24,425 0
Cash paid for acquisitions, net of cash acquired (441,487) 0 (96,507)
Other investing activities, net (4,257) (1,400) (8,614)
Net cash flows used in investing activities (566,601) (90,360) (208,766)
Cash Flow from Financing Activities:      
Proceeds from exercise of warrants 0 288 44
Purchase of treasury stock for RSU withholding (102,897) (80,049) (25,519)
Purchase of treasury stock under Stock Repurchase Program (48,067) 0 0
Proceeds from exercise of stock options 9,165 16,540 8,743
Other financing activities (2,667) 0 0
Net cash flows used in financing activities (144,466) (63,221) (16,732)
Net decrease in cash and cash equivalents, restricted cash, and cash reserved for users (293,300) (155,332) (851,017)
Cash and cash equivalents, restricted cash, and cash reserved for users at the beginning of period 1,623,493 1,778,825 2,629,842
Cash and cash equivalents, restricted cash, and cash reserved for users at the end of period 1,330,193 1,623,493 1,778,825
Disclosure of cash and cash equivalents, restricted cash, and cash reserved for users      
Cash and cash equivalents 788,287 1,270,503 1,309,172
Restricted cash 16,499 11,700 0
Cash reserved for users 525,407 341,290 469,653
Cash and cash equivalents, restricted cash, and cash reserved for users at the end of period 1,330,193 1,623,493 1,778,825
Supplemental Disclosure of Noncash Investing and Financing Activities:      
Investing activities included in accounts payable and accrued expenses 3,462 569 9,155
Equity consideration issued in connection with acquisitions 376,702 0 460,128
Fair value of contingent consideration in connection with acquisitions 77,965 0 0
Decrease of warrant liabilities from cashless exercise of warrants 46,484 4,654 0
Supplemental Disclosure of Cash Activities:      
Increase (decrease) in cash reserved for users 184,117 (128,363) (7,297)
Cash paid for income taxes $ 5,268 $ 8,341 $ 10,366