Why Genius Sports Stock Just Crashed Today
Shares of leading sports betting data provider Genius Sports (NYSE: GENI) have plummeted 23% as of noon ET on Thursday. The company announced it was acquiring Legend, a digital sports and gaming media network, for up to $1.2 billion. Genius Sports will pay $800 million in cash (from a debt offering), $100 million in stock, and potentially $300 million more in earn-outs. With a market cap of just $1.5 billion, the sheer size of this deal seems to worry the market, especially given that the company is yet to reach profitability.
That said -- and setting the finances of the deal aside, for a second -- the combination of the two businesses makes a lot of sense. Legend is home to an array of media brands like Covers, Casino.org, and Sportsbook Review, and has premium content partnerships with Yahoo! Sports and Sports Illustrated. Legend had 118 million unique visitors in 2025 -- two-thirds of whom returned regularly -- making its network a premium asset for Genius as it looks to further monetize its sports betting data, technology, and partnerships.
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Source Fool.com
