As Genius Sports announced the $1.2 billion acquisition of Legend, Mark Locke, the CEO of Genius, defended the company’s decision in order to calm investors after the deal led to a drop in share prices. The investment community was skeptical about the new debt and strategic fit, especially after shares in the sports data provider
As Genius Sports announced the $1.2 billion acquisition of Legend, Mark Locke, the CEO of Genius, defended the company’s decision in order to calm investors after the deal led to a drop in share prices.
The investment community was skeptical about the new debt and strategic fit, especially after shares in the sports data provider went down nearly 40%. As a result, Locke issued an open letter on February 18, 2026, in which he addressed the criticism that Genius had overpaid for an affiliate business.
Locke wrote:
“Some people think we bought a simple affiliate business. Our view is different. We bought a participation layer built on two decades of technological investment that sits between official data infrastructure and the moment of transaction. Much of the criticism has relied on a reductive use of the word ‘affiliate’. The term has been applied as shorthand, without distinguishing between low-quality traffic brokers and technology platforms built on owned audiences and behavioural intelligence.”
The letter stated that Legend’s Covers.com, Casino.org, and Casino Guru brands generated 320 million visits from 118 million unique users in 2025.
He added:
“We are paying just over six times pre-earnout EBITDA for a business with global scale, strong cash flow, and its own proprietary ad-tech stack and audience data built on over 20 years and a $300 million investment in technology and advanced data modelling purpose-built for sports and gaming. If you believe the world will keep watching, betting, streaming, sharing, and engaging with sport, then Genius is the company that you want to invest in.”
The letter has only made slight improvements for Genius, as the share price rose 5% after it was published.