v3.26.1
INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2025
Disclosure of detailed information about intangible assets [abstract]  
INTANGIBLE ASSETS
8. INTANGIBLE ASSETS
DOMAIN
NAMES
MOBILE
APPS
AND
RELATED
WEBSITES		ACQUIRED TECHNOLOGY AND SOFTWAREGOODWILLCUSTOMER
CONTRACTS AND CUSTOMER BASES		CONTENT
ASSETS		INTERNALLY DEVELOPED INTANGIBLESTOTAL
Net book amount as of January 1, 2025108,486 414 10,800 6,573 — 4,538 130,811 
Additions — — — — — 3,976 3,976 
Business combinations (Note 5)9,750 26,100 62,201 26,100 — — 124,151 
Impairment loss(14,006)— — — — — (14,006)
Amortization charge (Note 20)(847)(3,416)— (6,298)— (2,031)(12,592)
Translation differences12,505 45 19 159 — 613 13,341 
Net book amount as of December 31, 2025115,888 23,143 73,020 26,534 — 7,096 245,681 
Cost124,186 26,600 73,020 38,877 3,863 12,132 278,678 
Accumulated amortization(8,298)(3,457)— (12,343)(3,863)(5,036)(32,997)
Net book amount as of December 31, 2025115,888 23,143 73,020 26,534 — 7,096 245,681 
Net book amount as of January 1, 202478,071 — 10,800 4,964 — 4,165 98,000 
Additions including adjustments
arising as a result of a change in
estimate		35,626 471 — 4,638 271 1,914 42,920 
Amortization charge (Note 20)(55)(31)— (2,944)(271)(1,278)(4,579)
Translation differences(5,156)(26)— (85)— (263)(5,530)
Net book amount as of December 31, 2024108,486 414 10,800 6,573 — 4,538 130,811 
Cost115,091 444 10,800 11,936 3,788 7,142 149,201 
Accumulated amortization(6,605)(30)— (5,363)(3,788)(2,604)(18,390)
Net book amount as of December 31, 2024108,486 414 10,800 6,573 — 4,538 130,811 
Additions during the year ended December 31, 2025 include the assets from the OddsJam Acquisition and the Spotlight.Vegas Acquisition. The acquired intangible assets from the OddsJam Acquisition are categorized among domain names and related websites, customer contracts and customer bases, goodwill, and acquired technology. The acquired intangible assets from the Spotlight.Vegas Acquisition are categorized among domain names and related websites, goodwill, and acquired technology (additional information regarding the acquisition of intangible assets is disclosed in Note 5).
Additions during the year ended December 31, 2024 include the following:
a.On April 1, 2024, the Group acquired the Freebets.com Assets. The intangible assets were acquired for a total cost of $40,535 and are categorized between domain names and related websites, customer contracts and customer bases, and content assets. Total cash paid in relation to the acquisition of the Freebets.com Assets as of December 31, 2024 amounted to $30,603 (additional information regarding the acquisition of intangible assets is disclosed in Note 16).
b.Adjustments arising as a result of a change in estimates relate to the acquisition of the Freebets.com Assets. An amount of $3,164 is included in additions for the year ended December 31, 2024 (see Note 16).
As of December 31, 2025, domain names, mobile apps and related websites balance included a fully amortized mobile app with book value $7,298 (December 31, 2024: $6,470).
For the years ended December 31, 2025, 2024 and 2023, cash paid for intangible assets, other than those acquired in business combinations, and capitalized software developments was $4,568, $32,960 and $8,792, respectively.
The following table distinguishes finite and indefinite intangible assets as of December 31, 2025 and 2024:
As of December 31,
20252024
Net book value of assets with finite useful lives
Customer contracts and customer bases26,534 6,573 
Acquired technology and software23,143 414 
Domain names, mobile apps and related websites7,380 — 
Internally developed intangibles7,096 4,538 
Total net book value of assets with finite useful lives64,153 11,525 
Net book value of assets with indefinite useful lives
Domain names and related websites108,508 108,486 
Goodwill73,020 10,800 
Total net book value of assets with indefinite useful lives181,528 119,286 
Total net book value of intangible assets 245,681 130,811 
Remaining useful lives of significant assets with finite useful lives
As at December 31, 2025 and 2024, the remaining useful lives of significant assets with finite useful lives are as follows:
Net book valueRemaining useful life (in years)
2025202420252024
OddsJam - customer bases22,110 — 
4 to 7 years
— 
Rotowire - customer bases4,050 4,388 
12 years
13 years
OddsJam - acquired technology and software20,301 — 
4 to 7 years
— 
Spotlight.Vegas - acquired technology2,476 — 
6 years
— 
OddsJam - domain names and related websites7,380 — 
9 years
— 
Internally developed intangibles7,096 4,538 
5 years
5 years
Total significant intangible assets63,413 8,926 

Impairment
As of December 31, 2025, the Group tested its digital marketing, fantasy data, sports data and ticketing indefinite-life intangible assets for impairment. For the purposes of impairment testing, goodwill was allocated as follows: $10,808 to the Digital Marketing CGU, $57,464 to the Sports Data CGU and $4,748 to the Ticketing CGU.
The carrying amount of intangible assets (excluding goodwill) with indefinite useful lives have been allocated to the Group’s CGUs as follows:
As at December 31,
20252024
Digital marketing - domain names and related websites97,562 100,386 
Fantasy data - domain names and related websites8,100 8,100 
Ticketing - domain names and related websites1,550 — 
Sports data - domain names and related websites1,296 — 
108,508 108,486 
The recoverable amount of the Digital Marketing CGU was determined with value in use calculations, and was based on projected cash flows for 2026-2028. Cash flows beyond the three-year period are extrapolated using revenue growth rates. For the period 2029-2032 revenue growth rates ranging between 4% and 5% were applied. From 2033 onwards, revenue growth was assumed to stabilize at a long-term sustainable rate of 3%, which is also consistent with the growth rate applied in determining the terminal value. The projected cash flows were discounted using a discount rate of 14.5%. The effective tax rate was estimated at 12.5%.
The recoverable amount of the fantasy data CGU was determined with value in use calculations, and was based on projected cash flows for 2026-2028. Cash flows beyond the three-year period are extrapolated using revenue growth rates. For the period 2029-2032 revenue growth rates ranging between 4% and 10% were applied. From 2033 onwards, revenue growth was assumed to stabilize at a long-term sustainable growth rate of 3%, which is also consistent with the growth rate applied in determining the terminal value. The projected cash flows were discounted using a discount rate of 14%. The effective tax rate was estimated at 24%.
The recoverable amount of the sports data CGU was determined with value in use calculations, and was based on projected cash flows for 2026-2028. Cash flows beyond the three-year period are extrapolated using revenue growth rates. For the period 2029-2032 revenue growth rates ranging between 4% and 8% were applied. From 2033 onwards, revenue growth was assumed to stabilize at a long-term sustainable growth rate of 3%, which is also consistent with the growth rate applied in determining the terminal value. The projected cash flows were discounted using a discount rate of 18%. The effective tax rate was estimated at 24%. As of December 31, 2025 the carrying value of scores.com domain of $1,296 was included within the Sports data cash-generating-unit, whereas as of December 31, 2024 it was included within the Digital Marketing CGU. Following the OddsJam Acquisition, the scores.com domain has been redesigned into a revenue-generating website powered by Optic Odds Data and Technology, which is the underlying reason for the reclassification of the asset to the Sports data CGU.
The recoverable amount of the ticketing CGU was determined with value in use calculations, and was based on projected cash flows for 2026-2028. Cash flows beyond the three-year period are extrapolated using revenue growth rates. For the period 2029-2035 revenue growth rates ranging between 4% and 9.5% were applied. From 2036 onwards, revenue growth was assumed to stabilize at a long-term sustainable growth rate of 3%, which is also consistent with the growth rate applied in determining the terminal value. The projected cash flows were discounted using a discount rate of 20%. The effective tax rate was estimated at 24%.
The methods for determining the significant inputs and assumptions are based on experience and expectations regarding market performance. The Group concluded that the recoverable amount is significantly in excess of the assets’ carrying amount for Digital Marketing CGU and Fantasy Data CGU, and accordingly a sensitivity analysis in this regard is not disclosed. For Sports Data CGU and Ticketing CGU, the management identified that the headroom between the carrying amount and the recoverable amount at the reporting date is lower than that observed for other CGUs. Therefore, a sensitivity analysis was performed to evaluate the robustness of the impairment assessment to reasonable possible changes in key assumptions. The Group concluded no impairment charges were necessary at the CGU level.

Sports Data CGU Sensitivity Analysis

As of December 31, 2025, the recoverable amount of the Sports Data CGU is estimated to exceed the carrying amount by $9,799 and was determined with value in use calculation. The value in use calculation is most sensitive to long-term EBITDA margin embedded in forecast cash flows, and the discount rate used. Long-term EBITDA margin is applied in the value in use calculation from 2033 onwards when growth is assumed to stabilize. The recoverable amount of this CGU would be equal to its carrying amount if the key assumptions were to change as follows:
2025
fromto
Long-term EBITDA margin46 %41 %
Discount rate18 %19 %

Ticketing CGU Sensitivity Analysis

As of December 31, 2025, the recoverable amount of the Ticketing CGU is estimated to exceed the carrying amount by $2,041 and was determined with value in use calculation. The value in use calculation is most
sensitive to revenue growth embedded in forecast cash flows, and the discount rate used. Expected revenue growth is assumed to stabilize from 2036 onwards and is most sensitive in the forecast period between 2027 and 2028. The recoverable amount of this CGU would be equal to its carrying amount if the key assumptions were to change as follows:

2025
fromto
Revenue growth1
37 %23 %
Discount rate20 %23 %
1 Represents average annual growth rate for 2027 and 2028.

The annual impairment testing of indefinite-life intangibles is discussed in Notes 2 and 4.
As of December 31, 2025, the Group identified asset-specific indicators of impairment for three domains targeting the Finnish market that form part of the Digital Marketing CGU.
On December 16, 2025, the Finnish parliament approved the new Finnish Gambling Act which introduces a competitive licensing regime beginning July 2027 and restricts licensed operators from using affiliates in any manner. As a result of the adverse regulatory outlook in Finland, management has resolved not to allocate additional resources to the three domains targeting the Finnish market. As a result, management concluded that the assets are no longer expected to contribute meaningful future cash inflows to the Digital Marketing CGU and therefore they were assessed separately for impairment at the individual asset level. Both value in use and fair value less costs to sell were determined to be nil for the three domains. Accordingly, an impairment loss of $14,006 was recognized and presented within the Consolidated Statements of Comprehensive (Loss) Income, reducing the carrying amount of these domains to nil.