0001698991-25-000011 | 10-K | XBRL Viewer

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Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)						12 Months Ended
	Dec. 02, 2024	Nov. 01, 2024	Sep. 19, 2024	Jun. 26, 2024	Feb. 13, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Acquired Indefinite-Lived Intangible Assets [Line Items]
Goodwill						$ 116,252,000	$ 101,554,000	$ 100,707,000
Tax exempt portion of goodwill						39,100,000
Amortization of Intangible Assets						2,400,000	$ 2,400,000	$ 1,400,000
Impairment						$ 0
Minimum
Acquired Indefinite-Lived Intangible Assets [Line Items]
Expected useful life (in years)						7 years
Maximum
Acquired Indefinite-Lived Intangible Assets [Line Items]
Expected useful life (in years)						20 years
Fairmont Holdings
Acquired Indefinite-Lived Intangible Assets [Line Items]
Goodwill	$ 11,971,000
Total consideration	$ 40,500,000
Toucan Gaming
Acquired Indefinite-Lived Intangible Assets [Line Items]
Goodwill		$ 2,130,000
Total consideration		$ 41,601,000
Lucky 7’s Beverages
Acquired Indefinite-Lived Intangible Assets [Line Items]
Goodwill			$ 100,000
Total consideration			800,000
24th Street Station Casino
Acquired Indefinite-Lived Intangible Assets [Line Items]
Goodwill			100,000
Total consideration			$ 800,000
Jorgenson's Lounge
Acquired Indefinite-Lived Intangible Assets [Line Items]
Goodwill				$ 300,000
Total consideration				$ 1,100,000
Rendezvous Casino and Burger Bar
Acquired Indefinite-Lived Intangible Assets [Line Items]
Goodwill					$ 800,000
Total consideration					$ 2,600,000

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


(in thousands,)	December 31,
	2024		2023		2022
Distributed gaming
Total net revenues (1)	$	1,229,577	$	1,170,420	$	969,797
Adjustments: (2)
Cost of revenue	852,226		809,524		666,126
Compensation related costs - operations (3)	77,902		67,523		59,174
Compensation related costs - general and administrative (3)	53,606		51,926		37,070
All other segment items (4)	56,899		60,002		45,035
Adjusted EBITDA for distributed gaming	$	188,944	$	181,445	$	162,392

Adjusted EBITDA for “all other” operating segment (5)	$	203	$	—	$	—

Less Adjustments for:
Depreciation and amortization of property and equipment	$	43,978	$	37,906	$	29,295
Amortization of intangible assets and route and customer acquisition costs	22,577		21,211		17,484
Interest expense, net	35,892		33,144		21,637
Emerging markets	165		(948)		2,598
Stock-based compensation	12,204		9,416		6,840
Loss (gain) on change in fair value of contingent earnout shares	1,276		8,539		(19,544)
Gain on expiration of warrants	(13)		—		—
Other expenses, net	19,339		6,453		9,320
Income before income tax expense	$	53,729	$	65,724	$	94,762
Income tax expense	18,438		20,121		20,660
Net income	$	35,291	$	45,603	$	74,102

(1)Total net revenues is further disaggregated by revenue stream as included on the consolidated statements of operations and comprehensive income.

(2)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(3)Compensation related costs represent payroll and other related costs that are included in General and administrative on the consolidated statements of operations and comprehensive income.

(4)All other segment items include other operating and general and administrative expenses (such as general and administrative expenses related to parts, advertising, information technology, etc.) which are included in general and administrative on the consolidated statements of operations and comprehensive income and cost of manufacturing good sold, as well as, adjustments for stock-based compensation expense and emerging markets.

(5)Given the timing of the acquisition for the casino and racing business in December of 2024 (see Note 10, Business and Asset Acquisitions, for information on the acquisition), all corporate expenses were allocated to the distributed gaming reportable segment as of December 31, 2024. The "all other" operating segment had total net revenues of $1.4 million; cost of revenues of $147 thousand; compensation related costs - operations of $581 thousand and all other segment items of $464 thousand.

Stockholders’ Equity (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Stock Reserved for Issuance

As of December 31, 2024 and 2023, the Company has reserved Class A-1 common stock for future issuance in relation to the following:


	2024	2023
Class A-1 common stock warrants issued and outstanding	—	5,144
Class A-1 common stock options, RSUs and PSUs issued and outstanding	4,222,125	3,559,104
Conversion of Class A-2 common stock	3,333,363	3,333,363
Total Class A-1 common stock reserved for issuance	7,555,488	6,897,611

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Investment in Convertible Notes	12 Months Ended
Investment in Convertible Notes	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Investment in Convertibles Notes	Investment in Convertible Notes In 2019, the Company purchased $30.0 million in convertible notes bearing interest at 3% per annum from Gold Rush Amusements, Inc. (“Gold Rush”), another terminal operator in Illinois. The convertible notes each included an option to convert the notes to common stock of Gold Rush prior to the maturity date upon written notice from the Company. On May 31, 2023, the Company and Gold Rush entered into a settlement agreement which resolved any and all lawsuits and all outstanding obligations under the convertible notes. As part of the settlement, the Company received $32.5 million from Gold Rush in June 2023, which included the repayment of the face value of the convertible notes plus accrued interest as well as a $0.4 million prepayment on future amounts due. In addition, the Company has recorded a receivable from Gold Rush of $1.5 million as of December 31, 2024, which represents the present value of the remaining $1.5 million due from Gold Rush by May 2025, and is presented within other assets in the consolidated balance sheets. The Company also recorded a gain of $1.7 million in the second quarter of 2023, which is included in other expenses, net on the consolidated statements of operations and comprehensive income for the year ended December 31, 2023.

CONSOLIDATED STATEMENTS OF OPERATIONS and COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Total net revenues	$ 1,230,972	$ 1,170,420	$ 969,797
Operating expenses:
Cost of revenue (exclusive of depreciation and amortization expense shown below)	852,373	809,524	666,126
Cost of manufacturing goods sold (exclusive of depreciation and amortization expense shown below)	7,100	7,671	4,775
General and administrative	194,721	180,248	145,942
Depreciation and amortization of property and equipment	43,978	37,906	29,295
Amortization of intangible assets and route and customer acquisition costs	22,577	21,211	17,484
Other expenses, net	19,339	6,453	9,320
Total operating expenses	1,140,088	1,063,013	872,942
Operating income	90,884	107,407	96,855
Interest expense, net	35,892	33,144	21,637
Loss (gain) on change in fair value of contingent earnout shares	1,276	8,539	(19,544)
Gain on expiration of warrants	(13)	0	0
Income before income tax expense	53,729	65,724	94,762
Income tax expense	18,438	20,121	20,660
Net income	35,291	45,603	74,102
Net income attributable to noncontrolling interest	39	0	0
Net income attributable to Accel Entertainment, Inc.	$ 35,252	$ 45,603	$ 74,102
Earnings per common share:
Basic (in usd per share)	$ 0.42	$ 0.53	$ 0.82
Diluted (in usd per share)	$ 0.41	$ 0.53	$ 0.81
Weighted average number of shares outstanding:
Basic (in shares)	83,747	85,949	90,629
Diluted (in shares)	84,977	86,803	91,229
Comprehensive income
Net income attributable to noncontrolling interest	$ 35,291	$ 45,603	$ 74,102
Unrealized (loss) gain on interest rate caplets (net of income taxes of $(1,428), $(1,618), and $4,693 respectively	(3,791)	(4,304)	12,240
Comprehensive income	31,500	41,299	86,342
Less: Comprehensive Income attributed to redeemable noncontrolling interests	39	0	0
Comprehensive Income attributable to Accel Entertainment, Inc.	31,461	41,299	86,342
Net gaming
Total net revenues	1,172,777	1,113,573	925,009
Amusement
Total net revenues	22,244	23,973	21,106
Manufacturing
Total net revenues	12,235	13,353	7,621
ATM fees and other
Total net revenues	$ 23,716	$ 19,521	$ 16,061

CONSOLIDATED STATEMENTS OF TEMPORARY EQUITY AND STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands

Total

Common Stock

Additional Paid-In Capital

Treasury Stock

Accumulated Other Comprehensive Income

Accumulated Earnings (Deficit)

Beginning balance at Dec. 31, 2021

$ 0

Increase (Decrease) in Temporary Equity [Roll Forward]

Net income attributable to noncontrolling interest

Ending balance at Dec. 31, 2022

Beginning balance (in shares) at Dec. 31, 2021

93,410,563

Beginning balance at Dec. 31, 2021

158,461

$ 9

$ 187,656

$ (8,983)

$ 0

$ (20,221)

Beginning balance (in shares) at Dec. 31, 2021

(701,305)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Repurchase of common stock (in shares)

(7,643,978)

Repurchase of common stock

(79,003)

$ (79,003)

Reissuance of treasury stock (in shares)

515,622

Reissuance of treasury stock in business combination

5,584

(705)

$ 6,289

Stock-based compensation

$ 6,840

6,840

Exercise of stock-based awards, net of shares withheld (in shares)

136,998,000

392,183

Exercise of stock-based awards, net of shares withheld

$ 366

366

Unrealized loss on interest rate caplets, net of taxes

12,240

Net income

74,102

Ending balance (in shares) at Dec. 31, 2022

86,674,390

Ending balance at Dec. 31, 2022

178,590

$ 9

194,157

$ (81,697)

12,240

53,881

Ending balance (in shares) at Dec. 31, 2022

(7,829,661)

Increase (Decrease) in Temporary Equity [Roll Forward]

Net income attributable to noncontrolling interest

Ending balance at Dec. 31, 2023

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Repurchase of common stock (in shares)

(3,063,914)

Repurchase of common stock

(30,374)

$ (1)

$ (30,373)

Stock-based compensation

$ 9,416

9,416

Exercise of stock-based awards, net of shares withheld (in shares)

80,315,000

512,909

Exercise of stock-based awards, net of shares withheld

$ (527)

(527)

Unrealized loss on interest rate caplets, net of taxes

(4,304)

Net income

45,603

Ending balance (in shares) at Dec. 31, 2023

84,123,385

Ending balance at Dec. 31, 2023

198,404

$ 8

203,046

$ (112,070)

7,936

99,484

Ending balance (in shares) at Dec. 31, 2023

(10,893,575)

Increase (Decrease) in Temporary Equity [Roll Forward]

Acquired redeemable noncontrolling interest

^[1]

4,239

Net income attributable to noncontrolling interest

Ending balance at Dec. 31, 2024

4,278

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Repurchase of common stock (in shares)

(2,446,700)

Repurchase of common stock

(25,749)

$ (25,749)

Reissuance of treasury stock (in shares)

3,145,504

Reissuance of treasury stock in business combination

36,425

4,091

$ 32,334

Issuance of stock in business combination (in shares)

349,500

Issuance of common stock in business combination

4,047

Stock-based compensation

$ 12,204

12,204

Exercise of stock-based awards, net of shares withheld (in shares)

55,173,000

498,566

Exercise of stock-based awards, net of shares withheld

$ (1,763)

(1,763)

Unrealized loss on interest rate caplets, net of taxes

(3,791)

Net income

35,252

Ending balance (in shares) at Dec. 31, 2024

85,670,255

Ending balance at Dec. 31, 2024

$ 255,029

$ 8

$ 221,625

$ (105,485)

$ 4,145

$ 134,736

Ending balance (in shares) at Dec. 31, 2024

(10,194,771)

[1]	Refer to Footnote 2

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 35,252	$ 45,603	$ 74,102

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Debt - Schedule of Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Carrying value
Debt Instrument [Line Items]
Debt	$ 598,451	$ 547,434
Estimated fair value
Debt Instrument [Line Items]
Debt	$ 594,955	$ 543,724

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+ Details

Contingent Earnout Share Liability	12 Months Ended
Contingent Earnout Share Liability	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Contingent Earnout Share Liability	Contingent Earnout Share Liability Pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation, the Company authorized and has available for issuance 10,000,000 shares of Class A-2 common stock. The holders of the Class A-2 common stock do not have voting rights and are not entitled to receive or participate in any dividends or distributions when and if declared from time to time. The Company concluded that the Class A-2 common stock should be reflected as a contingent earnout share liability due to the fact that such shares are not entitled to dividends, voting rights, or a stake in the Company in the case of liquidation. The contingent earnout share liability is recorded at fair value. For more information on how the fair value is determined, see Note 12. In 2019, 5,000,000 shares of Class A-2 common stock were issued, subject to the conditions set forth in a restricted stock agreement (the “Restricted Stock Agreement”), which sets forth the terms upon which the Class A-2 common stock will be exchanged for an equal number of validly issued, fully paid and non-assessable Class A-1 common stock. The exchange of Class A-2 common stock for Class A-1 common stock will be subject to the terms and conditions set forth in the Restricted Stock Agreement, with such exchanges occurring in three separate tranches upon the satisfaction of the specified triggers, based on the closing sale price of Class A-1 common stock exceeding certain prices over certain trading periods. In 2020, the market condition for the settlement of Tranche I was satisfied. As a result, 1,666,636 shares of the 1,666,666 shares of Class A-2 common stock were converted into Class A-1 common stock. The market conditions for the remaining two tranches are as follows: •Tranche II, equal to 1,666,667 shares of Class A-2 common stock, will be exchanged for Class A-1 common stock if the closing sale price of Class A-1 common stock on the New York Stock Exchange (“NYSE”) equals or exceeds $14.00 for at least twenty trading days in any consecutive thirty trading day period; and •Tranche III, equal to 1,666,667 shares of Class A-2 common stock, will be exchanged for Class A-1 common stock if the closing sale price of Class A-1 common stock on the NYSE equals or exceeds $16.00 for at least twenty trading days in any consecutive thirty trading day period.

Commitments and Contingencies (Details) $ in Millions				5 Months Ended	12 Months Ended
Commitments and Contingencies (Details) $ in Millions	Jul. 18, 2024 USD ($)	Jul. 06, 2023 USD ($)	Dec. 18, 2020 USD ($)	Sep. 30, 2017 claim	Dec. 31, 2024 USD ($) establishment	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Number of licensed establishments \| establishment					10
New lawsuits \| claim				2
Loss contingency, loss in period					$ 0.5	$ 1.4
Rowell's Claim
Loss Contingencies [Line Items]
Settlement amount paid	$ 0.1
IGB Complaint
Loss Contingencies [Line Items]
Settlement amount paid		$ 1.1
Damages sought			$ 5.0
IGB Complaint \| Alleged Conduct
Loss Contingencies [Line Items]
Settlement amount paid		1.0
IGB Complaint \| Administrative and Investigative Costs
Loss Contingencies [Line Items]
Settlement amount paid		$ 0.1

Summary of Significant Accounting Policies - Location contracts acquired (Details)	Dec. 31, 2024
Location Contracts
Change in Accounting Estimate [Line Items]
Expected useful life (in years)	15 years

Segment Reporting - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Assets	$ 1,048,398	$ 912,893
Reportable Segment
Segment Reporting Information [Line Items]
Assets	990,100
Other Operating Segment
Segment Reporting Information [Line Items]
Assets	$ 58,300

- Definition

Amount of asset recognized for present right to economic benefit.

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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Fair Value Measurements - Schedule of Fair Value Measurements, Contingent Considerations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Recurring Basis Unobservable Input Reconciliation Liability Gain Loss Statement Of Income Extensible List Not Disclosed Flag	Other expenses, net	Other expenses, net
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of year balance	$ 5,484	$ 9,543
Issuance of contingent consideration in connection with acquisitions	2,449	262
Payment of contingent consideration	(1,347)	(4,828)
Fair value adjustments	7,342	507
Ending balance	$ 13,928	$ 5,484

Earnings Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Basic EPS is computed based on the weighted average number of shares of Class A-1 common stock outstanding during the period. Diluted EPS is computed based on the weighted average number of shares plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options, unvested RSUs, contingent earnout shares, and warrants.

Since the shares issuable under the contingent earnout are contingently issuable shares that depend on future earnings or future market prices of the common stock or a change in control, the shares are excluded when computing diluted EPS unless the shares would be issuable if the reporting date was the end of the contingency period. Upon settlement, these shares are included in Class A-1 common stock in the Company’s basic EPS share count.

The components of basic and diluted EPS were as follows (in thousands, except per share amounts):


	2024		2023		2022
Net income attributable to Accel Entertainment, Inc.	$	35,252	$	45,603	$	74,102



Basic weighted average outstanding shares of common stock	83,747		85,949		90,629
Dilutive effect of stock-based awards for common stock	1,230		854		600



Diluted weighted average outstanding shares of common stock	84,977		86,803		91,229

Earnings per common share:
Basic	$	0.42	$	0.53	$	0.82
Diluted	$	0.41	$	0.53	$	0.81

Anti-dilutive stock-based awards, contingent earnout shares and warrants excluded from the calculations of diluted EPS were 4.3 million, 4.4 million, and 5.0 million shares for the years ended December 31, 2024, 2023 and 2022, respectively.

Contingent Earnout Share Liability (Details)	12 Months Ended
Contingent Earnout Share Liability (Details)	Dec. 31, 2024 day $ / shares shares	Dec. 31, 2023 shares	Dec. 31, 2020 shares	Dec. 31, 2019 tranche shares	Nov. 20, 2019 shares
Business Acquisition, Contingent Consideration [Line Items]
Common stock reserved for issuance (in shares)	7,555,488,000	6,897,611,000
Tranche III - LTM EBITDA or 20 trading days in consecutive 30 day trading period
Business Acquisition, Contingent Consideration [Line Items]
Maximum stock price of common stock before conversion (in usd per share) \| $ / shares	$ 16.00
Tranche II - LTM EBITDA or 20 trading days in consecutive 30 day trading period
Business Acquisition, Contingent Consideration [Line Items]
Maximum stock price of common stock before conversion (in usd per share) \| $ / shares	$ 14.00
Class A-2 Common Stock
Business Acquisition, Contingent Consideration [Line Items]
Common stock reserved for issuance (in shares)	3,333,363,000	3,333,363,000			10,000,000
Class A-2 Common Stock \| Tranche III - LTM EBITDA or 20 trading days in consecutive 30 day trading period
Business Acquisition, Contingent Consideration [Line Items]
Number of shares converted (in shares)	1,666,667		1,666,636
Threshold trading days \| day	20
Threshold consecutive trading days \| day	30
Class A-2 Common Stock \| Tranche I - EBITDA for last 12 months or 20 trading days in consecutive 30 day trading period
Business Acquisition, Contingent Consideration [Line Items]
Number of shares converted (in shares)			1,666,666
Class A-2 Common Stock \| Tranche II - LTM EBITDA or 20 trading days in consecutive 30 day trading period
Business Acquisition, Contingent Consideration [Line Items]
Number of shares converted (in shares)	1,666,667
Threshold trading days \| day	20
Threshold consecutive trading days \| day	30
Class A-2 Common Stock \| Common Stock
Business Acquisition, Contingent Consideration [Line Items]
Shares issued (in shares)				5,000,000
Number of tranches upon satisfaction \| tranche				3

Stock-based Compensation - Schedule of Nonvested RSUs and PSUs Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock Units (RSUs)
Shares
Nonvested, beginning balance (in shares)	1,553,666,000	1,418,709,000	1,593,729,000
Granted (in shares)	918,103,000	937,738,000	569,600,000
Vested (in shares)	(765,463,000)	(652,767,000)	(383,088,000)
Forfeited (in shares)	(155,269,000)	(150,014,000)	(361,532,000)
Nonvested, ending balance (in shares)	1,551,037,000	1,553,666,000	1,418,709,000
Weighted Average Grant Date Fair Value
Nonvested, beginning balance (in USD per share)	$ 10.65	$ 10.81	$ 11.94	$ 11.55
Granted (in USD per share)	10.67	9.36	12.16
Vested (in USD per share)	11.12	11.11	11.51
Forfeited (in USD per share)	10.10	11.07	11.03
Nonvested, ending balance (in USD per share)	$ 10.65	$ 10.81	$ 11.94
Vested and not issued (in shares)	522,270,000	379,719	273,358
Phantom Share Units (PSUs)
Shares
Nonvested, beginning balance (in shares)	466,342,000	0
Granted (in shares)	149,381,000	702,741,000
Adjustments for Performance Measures (in shares)	466,342,000	(236,399,000)
Vested (in shares)	0	0
Forfeited (in shares)	0	0
Nonvested, ending balance (in shares)	1,082,065,000	466,342,000	0
Weighted Average Grant Date Fair Value
Nonvested, beginning balance (in USD per share)	$ 9,090.00	$ 8,620	$ 0
Granted (in USD per share)	11,340	8,620
Adjustments for Performance Measures (in USD per share)	9,330	8,680
Vested (in USD per share)	0	0
Forfeited (in USD per share)	0	0
Nonvested, ending balance (in USD per share)	$ 9,090.00	$ 8,620	$ 0

Business and Asset Acquisitions - Schedule of Consideration Transferred (Details) - USD ($) $ in Thousands				12 Months Ended
	Dec. 02, 2024	Nov. 01, 2024	Jun. 01, 2022	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Temporary equity - Redeemable noncontrolling interest				$ 0	$ (4,278)	$ 0	$ 0
Goodwill				101,554	$ 116,252	$ 100,707
Fairmont Holdings
Business Acquisition [Line Items]
Fair value of treasury stock issued & Consideration payable	$ 40,472
Total consideration	40,500
Cash and cash equivalents	858
Accounts receivable, net	1,477
Inventory	60
Prepaid expenses	575
Property and equipment, net	11,788
Location contracts acquired, net	17,600
Other intangible assets, net	8,600
Other assets	356
Accounts payable and other accrued expenses	(3,267)
Other long-term liabilities	(340)
Deferred income tax liability	(9,206)
Net assets acquired	28,501
Goodwill	$ 11,971
Toucan Gaming
Business Acquisition [Line Items]
Fair value of treasury stock issued & Consideration payable		$ 3,300
Total consideration		41,601
Cash and cash equivalents		1,816
Accounts receivable, net		618
Inventory		38
Other current assets		29
Property and equipment, net		11,625
Location contracts acquired, net		9,200
Other intangible assets, net		22,300
Deferred income tax asset		767
Other assets		1,194
Accounts payable and other accrued expenses		(3,122)
Other long-term liabilities		(175)
Current maturities of debt		(60)
Debt, net of current maturities		(520)
Temporary equity - Redeemable noncontrolling interest		(4,239)
Net assets acquired		39,471
Goodwill		2,130
Cash paid		$ 38,253		$ 4,600
Century
Business Acquisition [Line Items]
Fair value of treasury stock issued & Consideration payable			$ 5,584
Total consideration			164,265
Cash and cash equivalents			33,229
Accounts receivable, net			4,394
Inventory			6,441
Prepaid expenses			1,563
Income taxes receivable			189
Other current assets			475
Property and equipment, net			29,302
Location contracts acquired, net			40,400
Other intangible assets, net			24,400
Accounts payable and other accrued expenses			(10,766)
Other long-term liabilities			(446)
Accrued compensation and related expenses			(1,626)
Deferred income tax liability			(16,646)
Net assets acquired			110,909
Goodwill			53,356
Cash paid			$ 158,681

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested RSUs and PSUs Activity

The following table sets forth the activities of the Company’s RSUs for the years ended December 31, 2024, 2023 and 2022.


Non-vested RSUs	Shares	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2022	1,593,729	$	11.55
Granted	569,600	$	12.16
Vested (1)	(383,088)	$	11.51
Forfeited	(361,532)	$	11.03
Nonvested at December 31, 2022	1,418,709	$	11.94
Granted	937,738	$	9.36
Vested (2)	(652,767)	$	11.11
Forfeited	(150,014)	$	11.07
Nonvested at December 31, 2023	1,553,666	$	10.81
Granted	918,103	$	10.67
Vested (3)	(765,463)	$	11.12
Forfeited	(155,269)	$	10.10
Nonvested at December 31, 2024	1,551,037	$	10.65

(1) Includes 273,358 RSUs that are vested and not issued.

(2) Includes 379,719 RSUs that are vested and not issued.

(3) Includes 522,270 RSUs that are vested and not issued.

The following table sets forth the activities of the Company’s PSUs for the years ended December 31, 2024 and 2023.


Non-vested PSUs	Shares	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2023	—	$	—
Granted	702,741	$	8.62
Adjustments for Performance Measures	(236,399)	$	8.68
Vested	—	$	—
Forfeited	—	$	—
Nonvested at December 31, 2023	466,342	$	8.62
Granted	149,381	$	11.34
Adjustments for Performance Measures	466,342	$	9.33
Vested	—	$	—
Forfeited	—	$	—
Nonvested at December 31, 2024	1,082,065	$	9.09

Schedule of Assumptions for Options Granted

The following assumptions were used in the option valuation model for options granted during the year ended December 31 as follows:


									2022
Expected approximate volatility									60%
Expected dividends									None
Expected term (in years)									7
Risk-free rate									2.12% - 4.04%

Schedule of Options Granted and Range in Vesting Periods

A summary of the options granted and the range in vesting periods based on specific provisions within the option agreements during the year ended December 31, are as follows:


									2022
Options granted									315,881
Vesting period (in years)									4

Schedule of Vested Stock Options

The following table sets forth the activities of the Company’s outstanding stock options for the years ended December 31, 2024, 2023, and 2022.


Outstanding options	Shares	Weighted Average Grant Date Fair Value		Weighted Average Exercise Price




Outstanding at January 1, 2022	1,556,486	$	4.51	$	10.47
Granted	315,881	$	7.30	$	12.09
Exercised	(136,998)	$	2.20	$	5.93
Forfeited/expired	(436,960)	$	4.79	$	10.97
Outstanding at December 31, 2022	1,298,409	$	7.25	$	11.18
Granted	—	$	—	$	—
Exercised	(80,315)	$	1.65	$	4.67
Forfeited/expired	(58,717)	$	5.25	$	12.10
Outstanding at December 31, 2023	1,159,377	$	5.60	$	11.58
Granted	—	$	—	$	—
Exercised	(55,173)	$	1.84	$	5.24
Forfeited/expired	(37,451)	$	6.04	$	12.06
Outstanding at December 31, 2024	1,066,753	$	5.60	$	11.58

Schedule of Nonvested Stock Options

A summary of the status of the activities of the Company’s nonvested stock options for the years ended December 31, 2024, 2023 and 2022 is as follows:


Nonvested options	Shares	Weighted Average Grant Date Fair Value




Nonvested at January 1, 2022	1,411,331	$	4.77
Granted	315,881	$	7.30
Vested	(314,462)	$	4.17
Forfeited	(321,682)	$	4.86
Nonvested at December 31, 2022	1,091,068	$	5.65
Granted	—	$	—
Vested	(393,550)	$	5.54
Forfeited	(54,717)	$	5.27
Nonvested at December 31, 2023	642,801	$	5.75
Granted	—	$	—
Vested	(330,292)	$	5.69
Forfeited	—	$	—
Nonvested at December 31, 2024	312,509	$	5.76

Goodwill and Other Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Oct. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Net Carrying Amount	$ 202,618		$ 176,311
Century
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	61,049		27,210
Accumulated Amortization	(7,109)		(3,858)
Net Carrying Amount	53,940		23,352
Century \| Operating licenses
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 34,749		2,810
Customer Relationships \| Louisiana
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization		$ (800)
Customer Relationships \| Century
Finite-Lived Intangible Assets [Line Items]
Amortization Period	7 years
Gross Carrying Amount	$ 6,800		6,800
Accumulated Amortization	(3,325)		(1,538)
Net Carrying Amount	$ 3,475		5,262
Software Applications \| Century
Finite-Lived Intangible Assets [Line Items]
Amortization Period	8 years
Gross Carrying Amount	$ 7,800		7,800
Accumulated Amortization	(2,519)		(1,544)
Net Carrying Amount	$ 5,281		6,256
Trade Names \| Century
Finite-Lived Intangible Assets [Line Items]
Amortization Period	20 years
Gross Carrying Amount	$ 11,700		9,800
Accumulated Amortization	(1,265)		(776)
Net Carrying Amount	$ 10,435		$ 9,024

Route and Customer Acquisition Costs - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Gross payments due	$ 11,200	$ 7,400
Net present value of payments due	9,400	6,500
Current portion of payments due	2,197	1,505
Customer acquisition cost asset	22,300	20,000
Capitalized contract cost, subject to claw back	1,200	1,000
Amortization expense on route and customer acquisition costs	$ 2,300	$ 1,600	$ 1,300

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 18,438,000	$ 20,121,000	$ 20,660,000
Tax credit carryforward	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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-Topic 270
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total net revenues	$ 1,230,972	$ 1,170,420	$ 969,797
Illinois
Disaggregation of Revenue [Line Items]
Total net revenues	906,572	867,200	808,652
Montana
Disaggregation of Revenue [Line Items]
Total net revenues	161,698	154,402	79,639
Nevada
Disaggregation of Revenue [Line Items]
Total net revenues	114,551	117,074	66,989
Nebraska
Disaggregation of Revenue [Line Items]
Total net revenues	25,384	19,043	5,217
Louisiana
Disaggregation of Revenue [Line Items]
Total net revenues	5,445	0	0
All other
Disaggregation of Revenue [Line Items]
Total net revenues	$ 17,322	$ 12,701	$ 9,300

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Investment in Convertible Notes (Details) - Convertible Promissory Notes - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Investment purchase				$ 30.0
Investment interest rate				3.00%
Settlements received on investments owned	$ 32.5
Investments, prepayment in future amounts due	$ 0.4	$ 0.4
Accrued investment income receivable			$ 1.5
Investments, amount due from other parties			$ 1.5
Realized investment gain		$ 1.7

- Definition

Rate of interest on investment.

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Cost of the investment.

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of presentation and preparation: The consolidated financial statements and accompanying notes were prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts of the Company and of its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation.

In November 2024, the Company acquired 85% of the ownership interests in both Toucan Gaming, LLC and LSM Gaming, LLC (herein referred to as “Toucan Gaming”), two Louisiana-based operators and owners of multiple licensed video poker establishments. Concurrent with the acquisition, the Company entered into a redemption agreement with the noncontrolling interest holder in the form of put and call options that would allow the Company to eventually own 100% of Toucan Gaming. The noncontrolling interest holder may exercise its put option after seven years, or the occurrence of a change in control event at the Company. The Company may exercise its call option after ten years or upon termination of key employees of Toucan Gaming for cause. The redemption provisions are not currently considered probable. As these redemption features are not solely within the Company’s control, they cause the noncontrolling interests to be redeemable. As a result, the Company recorded the redeemable noncontrolling interest at its acquisition date fair value to temporary equity based on the proportionate share in net assets of Toucan Gaming, which is reported in the mezzanine section between total liabilities and shareholders’ equity in the consolidated balance sheets. These redeemable noncontrolling interests are subsequently recorded at carrying value, which is adjusted for the noncontrolling interests’ share of net income or loss. If the redemption criteria become probable, the redeemable noncontrolling interests are recorded at the greater of carrying value, which is adjusted for the noncontrolling interests’ share of net income or loss, or estimated redemption value at each reporting period. If the carrying value, after the income or loss attribution, is below the estimated redemption value at each reporting period, the Company remeasures the redeemable noncontrolling interests to its redemption value at which point any measurement period adjustments are recorded to equity and a corresponding adjustment to earnings per share.

Use of estimates: The preparation of consolidated financial statements requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the consolidated financial statements and (iii) the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates used by the Company include, among other things, the useful lives for depreciable and amortizable assets, income tax provisions, the evaluation of the future realization of deferred tax assets, projected cash flows in assessing the initial valuation of intangible assets in conjunction with business and asset acquisitions, the selection of useful lives for depreciable and amortizable assets in conjunction with business and asset acquisitions, the valuation of level 3 investments, the valuation of contingent earnout shares and warrants, the valuation of interest rate caplets, contingencies, and the expected term of share-based compensation awards and stock price volatility when computing share-based compensation expense. Actual results may differ from those estimates.

Cash and cash equivalents: Cash and cash equivalents include bank deposit accounts; term bank deposit accounts; cash in the Company’s gaming terminals, ATMs, redemption terminals, and Company vaults.

The Company’s policy is to limit the amount of credit exposure to any one financial institution. The Company maintains its cash in accounts which may at times exceed Federal Deposit Insurance Corporation insured limits. The Company has not experienced any losses in such accounts.

Accounts receivable, net: Accounts receivable, net represent amounts due from third-party locations serviced by the Company and amounts due for machines, software and equipment sold by the Company. The carrying amount of receivables is presented on a net basis as it is reduced by a valuation allowance that reflects management’s best estimate of the amounts that will not be collected. Management determines its allowance for doubtful accounts by regularly evaluating individual receivables from third-party locations and considers a customer’s financial condition, credit history and current economic conditions. The Company's allowance for doubtful accounts was $0.7 million and $0.1 million for the years ended December 31, 2024 and 2023, respectively. The Company generally does not charge interest on past due accounts receivable.

Inventories: Inventories consist of gaming machines for sale to third-parties, raw materials, and manufacturing supplies. Inventories are stated at the lower of cost and net realizable value. Cost is determined using the average cost method. Labor and overhead associated with the assembly of gaming machines for sales to third-parties are capitalized and allocated to inventory. Inventories of spare parts are included in other current assets when acquired and are expensed when used to repair equipment.

Derivative instruments: The Company may manage its exposure to certain financial risks through the use of derivative financial instruments (“derivatives”). The Company does not use derivatives for speculative purposes. For a derivative that is designated as a cash flow hedge, changes in the fair value of the derivative are recognized in accumulated other comprehensive income to the extent the derivative is effective at offsetting the changes in the cash flows being hedged until the hedged item affects earnings.

Investment in convertible notes: At acquisition, an entity shall classify debt securities as trading, available-for-sale, or held-to-maturity. The Company classified its investment in convertible notes as available for sale due to the conversion feature.

Property and equipment: Property and equipment are stated at cost or fair value at the date of acquisition. Maintenance and repairs are charged to expense as incurred. Major additions, replacements and improvements are capitalized. Depreciation has been computed using the straight-line method over the following estimated useful lives:


			Years
Gaming terminals, software and equipment			3-13
Amusement, ATM and other equipment			7-10
Office equipment and furniture			7
Computer software and equipment			3-5
Leasehold improvements *			5
Vehicles			5
Buildings and improvements			15-29

* Leasehold improvements are amortized over the shorter of the useful life or the lease.

Development costs directly associated with the acquisition, development and construction of a project are capitalized as a cost of the project during the periods in which activities necessary to prepare the property for its intended use are in progress. Interest costs associated with major construction projects are capitalized as part of the cost of the constructed assets. When no debt is incurred specifically for a project, interest is capitalized on amounts expended for the project using the weighted-average cost of borrowing. Capitalization of interest ceases when the project (or discernible portions of the project) is substantially complete. If

substantially all of the construction activities of a project are suspended, capitalization of interest will cease until such activities are resumed.

Equity method investments: In the normal course of business, the Company makes investments within companies that will allow it to expand the Company’s core business and enter new markets. In certain instances, such investments with less than 100% ownership may be considered a variable interest entity (“VIE”). The Company’s management assesses whether it has the power to direct activities that most significantly impact the economic performance of the entity and has an obligation to absorb losses or the right to receive benefits from the entity. The activities that the Company believes most significantly impact the economic performance of its VIE include the unilateral ability to approve the annual budget, to terminate key management and to approve entering into agreements with providers, among others. If the Company determines it has an investment in a VIE, the next step is to determine whether the Company is the primary beneficiary of the VIE, which would require the Company to consolidate the investment. Among the factors the Company’s management assesses whether it has a controlling financial interest is the Company’s risk of loss, its investment percentage and its ability to control the operations of the investment. If the Company determines it is not the primary beneficiary, it will account for the investment under the equity method of accounting.

The Company accounts for its investments in unconsolidated affiliates, which do not meet the controlling financial interest consolidation criteria of the authoritative accounting guidance for VIEs, under the equity method of accounting. Under the equity method of accounting, the Company records its share of net income or loss from equity method investments within (income) loss from unconsolidated affiliates in the consolidated statements of operations and comprehensive income based on the most recently available financials after a lag of one quarter. The Company also adjusts the carrying value of its investments in unconsolidated affiliates based on its share of net income or loss from equity method investments.

On June 17, 2024, the Company invested $5.0 million in HBC Gaming LLC (“HBC”), in exchange for a 5% equity interest. HBC is a local entertainment company based in Hampton, New Hampshire that specializes in providing a variety of gaming services to its customers. The Company assessed its investment and determined it is an investment in a VIE, but determined it is not the primary beneficiary and does not consolidate HBC. The Company’s maximum risk of loss is equal to its initial $5.0 million investment. As such, the Company’s 5% investment in HBC qualifies for equity method accounting. The Company recorded its initial investment of $5.0 million within other assets on the consolidated balance sheets. The Company also has obligations to fund additional equity investments in the event certain construction and development milestones are met in an amount up to 10% ownership of HBC, on an undiluted basis, at an additional cost of up to $6.5 million.

The Company recorded a loss from unconsolidated affiliates of less than $0.1 million for the year ended December 31, 2024.

Concentration of credit risk: The Company’s operations are centralized primarily in Illinois, Montana and Nevada. Should there be favorable or unfavorable changes to the gaming regulations in these states there may be an impact on the Company’s results of operations. The Company has high concentrations of locations within certain municipalities in Illinois which could also impact the Company if these municipalities change their gaming laws.

Fair value of financial instruments: The Company’s financial instruments consist principally of cash, convertibles notes, accounts payable, route and customer acquisition costs payable, contingent consideration, contingent earnout shares liability, interest rate caplets, and bank indebtedness. The carrying amount of cash, accounts payable and short-term borrowings approximates fair value because of the short-term maturity of these instruments.

The Company estimated the fair value of its investment in convertible notes, interest rate caplets, debt, contingent consideration, contingent earnout shares liability and warrant liability using various methods that are described in Note 12.

Revenue recognition: The Company generates revenues from the following types of services: gaming terminals, amusements and ATMs. The Company also generates manufacturing revenue from the sales of gaming terminals and associated software. Revenue is disaggregated by type of revenue and is presented on the face of the consolidated statements of operations and comprehensive income.

Net gaming revenue is the net cash from gaming activities, which is the difference between gaming wins and losses. Net gaming revenue includes the amounts earned by the gaming locations and is recognized at the time of gaming play. Additionally, taxes and administrative expenses due to the states in which the Company operates are recorded as net gaming revenue. Amounts earned by the gaming locations and taxes and administrative expenses are also included in cost of revenue.

Amusement revenue represents amounts collected from machines (e.g. dart boards, digital jukeboxes, pool tables, etc.) operated at various locations and is recognized at the time the machine is used.

Manufacturing revenue represents the sale of gaming terminals and associated software and is recognized at the time the goods are delivered to the customer.

ATM fees and other revenue represents fees charged for the withdrawal of funds from the Company’s redemption terminals and stand-alone ATM machines and is recognized at the time of the transaction.

The Company determined that in a gaming environment, whenever a customer’s money has been accepted by a machine, the Company has an obligation (an implied contract) to provide the customer access to the game and honor the outcome of the game (in the case of gaming terminals). The Company determined that when the implied contract is entered into between the Company and the customer, it satisfies the requirements of a contract under the revenue standard, as (i) the contract is a legally enforceable contract with the customer, (ii) the arrangement identifies the rights of the parties, (iii) the contract has commercial substance, and (iv) the cash is received upfront from the customer, so its collectability is probable. The gaming service is a single performance obligation in each implied contract with the customer. The Company applies the portfolio approach of all wins and losses by gaming terminals daily to determine the total transaction price of the portfolio of implied contracts. The Company recognizes revenue when the single performance obligation is satisfied, which is at the completion of each game.

Total net revenues for the years ended December 31, is disaggregated in the following table by the primary states in which the Company operates given the geographic economic factors that affect the revenues in the states.


(in thousands)	2024		2023		2022
Total net revenues by state:
Illinois	$	906,572	$	867,200	$	808,652
Montana	161,698		154,402		79,639
Nevada	114,551		117,074		66,989
Nebraska	25,384		19,043		5,217
Louisiana (1)	5,445		—		—
All other	17,322		12,701		9,300
Total net revenues	$	1,230,972	$	1,170,420	$	969,797

(1) Revenues for Louisiana only represents two months of operations.

Route and customer acquisition costs: The Company’s route and customer acquisition costs consist of fees paid, typically an upfront payment and future installment payment over the life of the contract, entered into with third parties and location partners. These contracts are non-cancelable and allow the Company to install and operate gaming terminals in the locations it serves. The route and customer acquisition costs are accounted for as intangible assets and route and customer acquisition costs payable are recorded at the net present value of the future payments using a discount rate equal to the Company’s incremental borrowing rate associated with its long-term debt. Route and customer acquisition costs are amortized on a straight-line basis over 18 years beginning on the date the location goes live and amortized over the life of the contract, which includes expected renewals. The Company records the accretion of interest on route and customer acquisitions costs payable in the consolidated statements of operations and comprehensive income as a component of interest expense. For locations that close prior to the end of the contractual term, the Company writes-off the net book value of the route and customer acquisition cost and route and customer

acquisition cost payable and records a gain or loss in the consolidated statements of operations and comprehensive income as a component of other expenses, net. Additionally, most of the route acquisition contracts allow the Company to clawback some upfront and installment payments over the initial years of a contract if the location is unable to secure the appropriate licensing or it goes out of business prior to the end of the contract term. In the instances where a claw-back or recovery is triggered and the Company assesses it as probable of being recovered, a receivable will be recorded. Upfront payments with a claw-back prior to a location going live are capitalized and will not begin amortization until the respective location commences operations. The Company’s route and customer acquisition costs also consists of prepaid commission costs to the Company's internal sales employees. The commissions paid to internal sales employees are subsequently expensed once the respective gaming location goes live and the commission is earned by the employee.

Business acquisitions: The Company evaluates the inputs, processes and outputs of each business acquisition to determine if the transaction is a business combination or asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statements of operations and comprehensive income. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and amortized over the useful life of the acquired assets. The Company accounts for acquisitions that meet the definition of a business combination using the acquisition method of accounting. Acquired tangible personal property such as gaming equipment and buildings are generally measured at fair value using a cost approach which measures the fair value based on the cost to reproduce or replace the asset, while land is valued using a market approach which looks at the values of similar properties. Location contract intangibles, which primarily represent the acquisition-date fair value of the preexisting relationships between the acquired company, gaming locations, and other third parties, are generally measured at fair value using an income approach which measures the fair value based on the estimated future cash flows using certain projected financial information such as revenue projections, cost of revenue margins and other assumptions such as discount rates. Operating licenses that the acquired company holds to operate in its applicable gaming jurisdiction, are valued using an income approach which measures the fair value based on the estimated future cash flows using certain projected financial information such as revenue projections, cost of revenue margins and other assumptions, such as discount rates. Any contingent consideration is measured at its fair value on the acquisition date, recorded as a liability, and accreted over its payment term in the Company’s consolidated statements of operations and comprehensive income as other expenses, net.

Location contracts acquired: Location contracts acquired are accounted for as intangible assets and consist of expected cash flows to be generated from location contracts acquired through business and asset acquisitions. Location contracts acquired are amortized on a straight-line basis over the expected useful life of primarily 15 years. Location contracts are tested for impairment when triggering events occur. If a triggering event were to occur, the Company compares the carrying amount of the location contracts to future undiscounted cash flows. If the value of future undiscounted cash flows is less than the carrying amount of an asset group, an impairment loss is recorded based on the excess of the carrying amount over the fair value of the asset group.

Goodwill: Goodwill represents the difference between the purchase price and the fair value of the identifiable tangible and intangible net assets acquired when accounted for using the acquisition method of accounting. Goodwill is reviewed for impairment annually, as of October 1st, and whenever events or changes in circumstances indicate that the carrying value of the goodwill may not be recoverable. When performing the annual goodwill impairment test, the Company conducts a qualitative assessment to determine whether it is more likely than not that the goodwill is impaired. Under the qualitative assessment, the Company considers both positive and negative factors, including macroeconomic conditions, industry events, financial performance, and makes a determination of whether it is more likely than not that the fair value of the goodwill is less than its carrying amount. If, after assessing the qualitative factors, the Company determines it is more likely than not the goodwill is impaired, it then performs a quantitative test. When performing the quantitative test, the Company compares the fair value of the reporting unit to its carrying value. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, the Company would record an impairment loss equal to the difference.

Consideration payable: Consideration payable consists of amounts payable related to certain business acquisitions as well as contingent consideration for future location performance related to certain business acquisitions (see Note 10). Consideration payable, exclusive of contingent consideration, is discounted using the Company’s incremental borrowing rate associated with its outstanding debt. The contingent consideration is measured at fair value on a recurring basis. The changes in the fair value of contingent consideration are recognized within the Company’s consolidated statements of operations and comprehensive income as other expenses, net. The Company presents on its consolidated statement of cash flows, payments for consideration payable within 90-days in investing activities, payments after 90-days and up to the acquisition date fair value in financing activities, and payments in excess of the acquisition date fair value in operating activities.

Impairment of long-lived assets: Long-lived assets, which includes property and equipment, net and other assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset or asset group may not be recoverable. Impairment of the assets is measured by a comparison of the carrying amount of the asset to future undiscounted cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount of which the carrying amount of the asset exceeds the fair value of the asset.

Contingent earnout shares liability: The Company's Class A-2 common stock is classified as a contingent earnout share liability due to the fact that the conversion of the Company's Class A-2 common stock would be accelerated on a change of control regardless of the transaction value. The liability is stated at fair value and any change in the fair value is recognized as a gain or loss in the Company’s consolidated statements of operations and comprehensive income.

Leases: The Company determines if an arrangement is a lease at inception and categorizes it as either an operating or finance lease. An arrangement contains a lease when the arrangement conveys the right to control the use of an identified asset over the lease term. Lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. As most of the Company's leases do not provide an implicit interest rate, the Company utilizes its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a fully collateralized basis over a similar term in an amount equal to the total lease payments in a similar economic environment. Right-of-use (“ROU”) assets are recognized at the lease commencement date of the lease based on the amount of the initial measurement of the lease liability, adjusted for any lease payments made prior to commencement and exclude lease incentives and initial direct costs incurred, if applicable. The lease terms include all non-cancelable periods and may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Lease expense for finance leases is recognized within depreciation and amortization expense for the reduction of the ROU asset and interest expense on the accretion of the lease liability. We do not recognize a ROU asset and lease liability for leases with a duration of less than 12 months. The Company separates lease and non-lease components for our lease contracts.

ROU assets are included in other assets on the consolidated balance sheets. Short-term lease liabilities are included in accounts payable and other accrued expenses while long-term lease liabilities are included in other long-term liabilities.

Stock-based compensation: The Company grants restricted stock units (“RSUs”), performance-based stocked units (“PSUs”) and common stock options to certain employees and officers. Stock-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized in general and administrative expense over the requisite service period. All stock-based awards are classified as equity awards.

Income taxes: The Company is organized as a C-corporation and files income tax returns at the federal and state level. Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and net operating loss and tax credit carryforwards, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the book basis of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion, or all of

the deferred tax asset, will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in the tax laws and rates as of the date of enactment.

The consolidated financial statements may reflect expected future tax consequences of uncertain tax positions presuming the taxing authorities’ full knowledge of the position and all relevant facts. When and if applicable, potential interest and penalty costs are accrued as incurred and recognized in general and administrative expenses in the consolidated statements of operations and comprehensive income.

Earnings per common share: The Company computes basic earnings per common share (“EPS”) by dividing net income by the weighted average number of common shares outstanding for the applicable period. Diluted EPS is computed based on the weighted average number of common shares plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method, unless the effect of such increase would be anti-dilutive. Under the treasury stock method, the amount the employee must pay for exercising stock options and the amount of compensation cost for future service that the Company has not yet recognized are assumed to be used to repurchase shares. Dilutive potential common shares include outstanding stock options, unvested RSUs, unvested PSUs, contingent earnout shares, and warrants.

Debt issuance costs: Debt issuance costs are capitalized and amortized over the contractual terms of the related loans. Debt issuance costs are presented as an offset to the related debt on the consolidated balance sheets.

Advertising costs: Advertising costs are primarily comprised of marketing expenses, which are recorded within general and administrative expense within the accompanying consolidated statements of operations and comprehensive income. Advertising costs were $6.3 million, $6.1 million, and $5.3 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Adopted accounting pronouncements: In November, 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses regularly provided to the CODM. The amendments in this ASU enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities must adopt the changes to the segment reporting guidance on a retrospective basis. See Note 15, Segment Reporting, for the Company’s disclosures on its reportable segment which incorporates the disclosure requirements of this ASU.

Recent accounting pronouncements:

In November, 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public entities to disclose information about certain costs and expenses. The amendments in this ASU improve financial reporting by requiring additional the disclosure of information and specific expense categories in the notes to the financial statements at interim and annual periods. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Entities must adopt the changes either (1) prospectively to financial statements issued for reporting periods after the effective date of this Update or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the potential effect that this ASU will have on its financial statement disclosures.

In November, 2024, the FASB issued ASU 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversion of Convertible Debt Instruments, which requires public entities that settle convertible debt instruments for which the conversion privileges were changed to induce conversion and enhances current guidance on induced conversions applies only to conversions that include the issuance of all equity securities issuable pursuant to the conversion privileges provided in the terms of the debt at issuance. The ASU is effective for fiscal years beginning after December 15, 2025, and interim periods within annual reporting periods. Entities must adopt the changes either (1) prospectively to financial statements issued for reporting

periods after the effective date of this Update or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the potential effect that this ASU will have on its financial statement disclosures.

On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid disaggregated by jurisdiction. The new requirements will be effective for annual periods beginning after December 15, 2024 and will be applied on a prospective basis with the option to apply the standard retrospectively. The Company is currently evaluating the potential effect that this ASU will have on its financial statement disclosures.

Other recently issued accounting standards or pronouncements have been excluded because they are either not relevant to the Company, or are not expected to have, or did not have, a material effect on its consolidated financial statements.

Route and Customer Acquisition Costs - Schedule of Customer Contract Acquired (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Cost	$ 39,204	$ 33,855
Accumulated amortization	(15,946)	(14,667)
Route and customer acquisition costs, net	$ 23,258	$ 19,188

Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

ASC Topic 820, Fair Value Measurements and Disclosures, establishes a framework for measuring fair value and the corresponding disclosure requirements around fair value measurements. This topic applies to all financial instruments that are being measured and reported on a fair value basis.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, various methods, including market, income and cost approaches, are used. Based on these approaches, certain assumptions are utilized that the market participants would use in pricing the asset or liability, including assumptions about risk and/or the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable inputs. Valuation techniques are utilized that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the observability of the inputs used in the valuation techniques, it is required to provide information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories:

Level 1: Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Level 1 also includes U.S. Treasury and federal agency securities and federal agency mortgage-backed securities, which are traded by dealers or brokers in active markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.

Level 2: Valuations for assets and liabilities traded in less active dealer or broker markets or for similar assets or liabilities in active markets.

Level 3: Valuations for assets and liabilities that are derived from other valuation methodologies, including option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities.

Assets measured at fair value

The following tables summarize the Company’s assets that are measured at fair value on a recurring basis (in thousands):

Fair Value Measurement at Reporting Date Using

December 31, 2024

Quoted Prices in Active Markets for Identical Assets
(Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Assets:

Interest rate caplets

6,821

—

6,821

—


		Fair Value Measurement at Reporting Date Using
	December 31, 2023	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Assets:

Interest rate caplets	13,011	—	13,011	$	—

Interest rate caplets

The Company determines the fair value of the interest rate caplets using quotes that are based on models whose inputs are observable LIBOR/SOFR forward interest rate curves. The valuation of the interest rate caplets is considered to be a Level 2 fair value measurement as the significant inputs are observable. Unrealized changes in the fair value of interest rate caplets are classified within other comprehensive income on the accompanying consolidated statements of operations and comprehensive income. Realized gains on the interest rate caplets are recorded to interest expense, net on the accompanying consolidated statements of operations and comprehensive income and included within cash payments for interest, net on the consolidated statements of cash flow.

Investment in convertible notes

As described in Note 4, after the IGB Administrator’s denial of the transfer of the equity interest in Gold Rush on December 2, 2021, the Company concluded that the fair value of the convertible notes should be calculated as principal plus interest accrued as of December 31, 2022. The Company had considered interest as an input to the accounting fair value as of December 31, 2022. This valuation of the Company's investment in convertible notes is considered to be a Level 3 fair value measurement as the significant inputs are unobservable. The Company reached a settlement with Gold Rush in the second quarter of 2023, which provided for the full repayment of the outstanding principal and interest accrued on the convertible notes.

The following table provides a roll-forward of the fair value of recurring Level 3 fair value measurements for assets for the year ended December 31 (in thousands):


	2023
Assets:
Investment in convertible notes:
Beginning of year balance	$	32,065


Proceeds from settlement on convertible notes	(32,065)
Ending balance	$	—

Liabilities measured at fair value

The following tables summarizes the Company’s liabilities that are measured at fair value on a recurring basis (in thousands):


			Fair Value Measurement at Reporting Date Using
	December 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Liabilities:
Contingent consideration	$	13,928	$	—	$	—	$	13,928
Contingent earnout shares	33,103		—		33,103		—

Total	$	47,031	$	—	$	33,103	$	13,928


			Fair Value Measurement at Reporting Date Using
	December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Liabilities:
Contingent consideration	$	5,484	$	—	$	—	$	5,484
Contingent earnout shares	31,827		—		31,827		—
Warrants	13		—		13		—
Total	$	37,324	$	—	$	31,840	$	5,484

Contingent consideration

The Company uses a discounted cash flow analysis to determine the value of contingent consideration upon acquisition and updates this estimate on a recurring basis. The significant assumptions in the Company's cash flow analysis includes the probability adjusted projected revenues after state taxes, a discount rate as applicable to each acquisition, and the estimated number of locations that “go live” with the Company during the contingent consideration period. The valuation of the Company's contingent consideration is considered to be a Level 3 fair value measurement as the significant inputs are unobservable and require significant judgment or estimation. Changes in the fair value of contingent consideration liabilities are classified within other expenses, net on the accompanying consolidated statements of operations and comprehensive income.

Contingent earnout shares

The Company determined the fair value of the contingent earnout shares based on the market price of the Company's A-1 common stock. The liability, by tranche, is then stated at present value based on i) an interest rate derived from the Company's borrowing rate and the applicable risk-free rate and ii) an estimate on when it expects the contingent earnout shares to convert to A-1 common stock. The valuation of the Company's contingent consideration is considered to be a Level 2 fair value measurement. Changes in the fair value of contingent earnout shares are included within loss (gain) on change in fair value of contingent earnout shares on the accompanying consolidated statements of operations and comprehensive income.

Warrants

The Company’s 5,144 warrants expired in November 2024. The liability for warrants was included in other long-term liabilities on the consolidated balance sheets and was considered to be a Level 2 fair value measurement. Upon expiration of the warrants, the Company reduced the fair value of the warrants to zero and recognized a gain on the expiration of warrants of less than $0.1 million on the consolidated statements of operations and comprehensive income

The following table provides a roll-forward of the fair value of recurring Level 3 fair value measurements for liabilities for the years ended December 31, (in thousands):


	2024		2023
Liabilities:
Contingent consideration:
Beginning of year balance	$	5,484	$	9,543
Issuance of contingent consideration in connection with acquisitions	2,449		262
Payment of contingent consideration	(1,347)		(4,828)


Fair value adjustments	7,342		507
Ending balance	$	13,928	$	5,484

There were no transfers in or out of Level 3 assets or liabilities for the periods presented.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Preferred stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	1,000,000	1,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.0001
Class A-1 Common Stock
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	95,865,026	95,016,960
Common stock, shares outstanding (in shares)	85,670,255	84,123,385

Fair Value Measurements - Schedule of Fair Value Measurements, Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Interest rate caplets	$ 6,342	$ 8,140
Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Interest rate caplets	6,821	13,011
Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Interest rate caplets	0	0
Fair Value, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Interest rate caplets	6,821	13,011
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Interest rate caplets	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Cost Associated with Gaming Terminals	12 Months Ended
Cost Associated with Gaming Terminals	Dec. 31, 2024
Gaming Terminal Fees [Abstract]
Cost Associated with Gaming Terminals	Cost Associated with Gaming Terminals Included in cost of revenue are costs associated with the operation of gaming terminals. In each jurisdiction that the Company operates, it is subject to state, municipal and/or administrative fees associated with the operation of its gaming terminals. The taxes and administrative fees are included in cost of revenue in the accompanying consolidated statements of operations and comprehensive income. These costs associated with the operation of gaming terminals totaled $333.7 million, $312.2 million and $281.6 million for the years ended December 31, 2024, 2023 and 2022, respectively. The remaining net terminal income after deducting the taxes and administrative fees described above is split between the Company and the gaming location according to local gaming laws or are prenegotiated. The gaming location's share of net terminal income totaled $487.2 million, $466.4 million and $359.4 million for the years ended December 31, 2024, 2023 and 2022, respectively.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 281,305	$ 261,611
Accounts receivable, net	10,550	13,467
Prepaid expenses	8,950	6,287
Inventories	8,122	7,681
Interest rate caplets	6,342	8,140
Other current assets	10,883	15,408
Total current assets	326,152	312,594
Property and equipment, net	307,997	260,813
Noncurrent assets:
Route and customer acquisition costs, net	23,258	19,188
Location contracts acquired, net	202,618	176,311
Goodwill	116,252	101,554
Other intangible assets, net	53,940	23,352
Interest rate caplets, net of current	479	4,871
Other assets	17,702	14,210
Total noncurrent assets	414,249	339,486
Total assets	1,048,398	912,893
Current liabilities:
Current maturities of debt	34,443	28,483
Current portion of route and customer acquisition costs payable	2,197	1,505
Accrued location gaming expense	4,734	9,350
Accrued state gaming expense	19,802	18,364
Accounts payable and other accrued expenses	41,944	36,012
Accrued compensation and related expenses	12,117	12,648
Current portion of consideration payable	3,116	3,288
Total current liabilities	118,353	109,650
Long-term liabilities:
Debt, net of current maturities	560,936	514,091
Route and customer acquisition costs payable, less current portion	7,160	4,955
Consideration payable, less current portion	14,596	4,201
Contingent earnout share liability	33,103	31,827
Other long-term liabilities	7,571	7,015
Deferred income tax liability, net	47,372	42,750
Total long-term liabilities	670,738	604,839
Temporary equity - Redeemable noncontrolling interest	4,278	0
Stockholders’ equity:
Preferred Stock, par value of $0.0001; 1,000,000 shares authorized; 0 shares issued and outstanding at December 31, 2024 and December 31, 2023	0	0
Additional paid-in capital	221,625	203,046
Treasury stock, at cost	(105,485)	(112,070)
Accumulated other comprehensive income	4,145	7,936
Accumulated earnings	134,736	99,484
Total stockholders' equity	255,029	198,404
Total liabilities, temporary equity, and stockholders' equity	1,048,398	912,893
Class A-1 Common Stock
Stockholders’ equity:
Class A-1 Common Stock, par value $0.0001; 250,000,000 shares authorized; 95,865,026 shares issued and 85,670,255 shares outstanding at December 31, 2024; 95,016,960 shares issued and 84,123,385 shares outstanding at December 31, 2023	$ 8	$ 8

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

The Company had goodwill of $116.3 million as of December 31, 2024, of which $39.1 million is deductible for tax purposes.

The following are the Company’s acquisitions for the years ended December 31, 2024 and 2023, that resulted in the recording of goodwill. See Note 10, Business and Asset Acquisitions, for more information on how the amount of goodwill for the respective acquisitions was calculated.

On December 2, 2024, the Company acquired Fairmount Holdings, Inc. (“Fairmount”), a racing track in Collinsville, Illinois, for a total stock consideration of $40.5 million, of which $12.0 million was recorded as goodwill.

On On November 1, 2024, the Company completed its acquisition of Toucan Gaming, a distributed gaming operator in the state of Louisiana, for total cash consideration of $41.6 million, of which $2.1 million was recorded as goodwill.

On September 19, 2024, the Company completed its acquisition of Lucky 7’s Beverages, LLC (“Lucky 7s”), a hospitality location in Billings, Montana, for a total purchase price of $0.8 million, of which $0.1 million was recorded as goodwill.

On September 19, 2024, the Company completed its acquisition of 24th Street Station Casino (“24th Street Station”), a hospitality location in Billings, Montana, for a total purchase price of $0.8 million, of which $0.1 million was recorded as goodwill.

On June 26, 2024, the Company acquired BRM Services, Inc. (“Jorgenson’s Lounge”), a hospitality location in Helena, Montana, for a total purchase price of $1.1 million, of which $0.3 million was recorded as goodwill.

On February 13, 2023, the Company acquired Rendezvous Casino and Burger Bar (“Rendezvous”), a hospitality operation in Billings, Montana, for a total purchase price of $2.6 million, of which $0.8 million was recorded as goodwill.

The following is a roll forward of the Company's goodwill (in thousands):




Goodwill balance as of January 1, 2023	$	100,707
Addition to goodwill for acquisition of Rendezvous	847
Goodwill balance as of December 31, 2023	$	101,554
Addition to goodwill for acquisition of Jorgenson's Lounge	306
Addition to goodwill for acquisition of Lucky 7s	145
Addition to goodwill for acquisition of 24th Street Station	146
Addition to goodwill for acquisition of Toucan Gaming	2,130
Addition to goodwill for acquisition of Fairmount	11,971
Goodwill balance as of December 31, 2024	$	116,252

The Company conducted its annual goodwill impairment test on October 1, 2024. The Company conducted a qualitative assessment to determine whether it is more likely than not that the goodwill was impaired. Under the qualitative assessment, the Company considered both positive and negative factors, including macroeconomic conditions, industry events, and financial performance, to make a determination of whether it is more likely than not that the fair value of the goodwill is less than its carrying amount. In performing this assessment, the Company considered such factors as its historical performance, its growth opportunities in existing markets; new markets and new products in determining whether the goodwill was impaired. The Company also referenced its forecasts of revenue, operating income, and capital expenditures and concluded it is more likely than not, that the carrying value of its goodwill was not impaired as of October 1, 2024.

Other intangible assets

Other intangible assets, net consist of definite-lived trade names, customer relationships, software applications and indefinite-lived operating licenses. The Company determines the fair value of trade name assets acquired in acquisitions using a relief from royalty valuation method which requires assumptions such as projected revenue and a royalty rate. Customer relationships, software applications and trade names are amortized over their estimated 7 to 20-year useful lives. Operating licenses were assigned an indefinite useful life based on the Company's expected use of the licenses and determined that no legal, regulatory, contractual, competitive, economic, or other factors limit the useful life of the these operating licenses.

Other intangible assets, net consist of the following as of December 31 (in thousands):


		2024						2023
	Amortization Period	Gross Carrying Amount		Accumulated Amortization (1)		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

Customer Relationships	7 years	$	6,800	$	(3,325)	$	3,475	$	6,800	$	(1,538)	$	5,262
Software Applications	8 years	7,800		(2,519)		5,281		7,800		(1,544)		6,256
Trade Names	20 years	11,700		(1,265)		10,435		9,800		(776)		9,024
Operating licenses	Indefinite	34,749		N/A		34,749		2,810		N/A		2,810
		$	61,049	$	(7,109)	$	53,940	$	27,210	$	(3,858)	$	23,352

(1)Included in accumulated amortization is an impairment change of $0.8 million on the customer relationships intangible related to the surrender of the Company’s manufacturing license in Louisiana on October 31, 2024 due to the acquisition of Toucan Gaming. The impairment charge is recorded within Other expenses, net on consolidated statement of operations and comprehensive income.

Amortization expense of other intangible assets, net was $2.4 million, $2.4 million and $1.4 million for the years ended December 31, 2024, 2023 and 2022 respectively. The Company’s estimated annual amortization expense relating to other intangible assets over the next five years is $2.4 million.

Indefinite-lived intangibles are tested for impairment annually or when triggering events occur. There were no indicators of impairment of indefinite-lived intangibles as of December 31, 2024.

Summary of Significant Accounting Policies - Advertising costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Advertising costs	$ 6.3	$ 6.1	$ 5.3

Route and Customer Acquisition Costs - Schedule Of Amortization Expense, Route And Customer Acquisition Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Location contracts acquired, net	$ 202,618	$ 176,311
Route and Customer Acquisition Costs
Finite-Lived Intangible Assets [Line Items]
2025	2,541
2026	2,472
2027	2,383
2028	2,258
2029	1,885
Thereafter	11,719
Location contracts acquired, net	$ 23,258

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets Measured on Recurring Basis

The following tables summarize the Company’s assets that are measured at fair value on a recurring basis (in thousands):

Fair Value Measurement at Reporting Date Using

December 31, 2024

Quoted Prices in Active Markets for Identical Assets
(Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Assets:

Interest rate caplets

6,821

—

6,821

—


		Fair Value Measurement at Reporting Date Using
	December 31, 2023	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Assets:

Interest rate caplets	13,011	—	13,011	$	—

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a roll-forward of the fair value of recurring Level 3 fair value measurements for assets for the year ended December 31 (in thousands):


	2023
Assets:
Investment in convertible notes:
Beginning of year balance	$	32,065


Proceeds from settlement on convertible notes	(32,065)
Ending balance	$	—

Schedule of Liabilities Measured on a Recurring Basis

The following tables summarizes the Company’s liabilities that are measured at fair value on a recurring basis (in thousands):


			Fair Value Measurement at Reporting Date Using
	December 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Liabilities:
Contingent consideration	$	13,928	$	—	$	—	$	13,928
Contingent earnout shares	33,103		—		33,103		—

Total	$	47,031	$	—	$	33,103	$	13,928


			Fair Value Measurement at Reporting Date Using
	December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Liabilities:
Contingent consideration	$	5,484	$	—	$	—	$	5,484
Contingent earnout shares	31,827		—		31,827		—
Warrants	13		—		13		—
Total	$	37,324	$	—	$	31,840	$	5,484

Schedule of Changes in Level 3 Instruments

The following table provides a roll-forward of the fair value of recurring Level 3 fair value measurements for liabilities for the years ended December 31, (in thousands):


	2024		2023
Liabilities:
Contingent consideration:
Beginning of year balance	$	5,484	$	9,543
Issuance of contingent consideration in connection with acquisitions	2,449		262
Payment of contingent consideration	(1,347)		(4,828)


Fair value adjustments	7,342		507
Ending balance	$	13,928	$	5,484

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Contribution Plan Disclosure [Line Items]
Required period of service to be eligible to participate	3 months
Employer matching contribution, percentage	50.00%
Employer matching contribution, percent of employee's pay	5.00%
Annual vesting percentage	20.00%
401(k) benefit plan expense	$ 1.6	$ 1.5	$ 1.3
Contribution amount	0.1
Incentive compensation expense	14.7	14.8	$ 12.5
Accrued incentive compensation	$ 5.7	$ 5.6
20 percent vested
Defined Contribution Plan Disclosure [Line Items]
Vesting period (in years)	2 years
Fully vested
Defined Contribution Plan Disclosure [Line Items]
Vesting period (in years)	6 years

Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting [Abstract]
Number of operating segments \| segment	2
Segment Reporting Information [Line Items]
Total net revenues	$ 1,230,972	$ 1,170,420	$ 969,797
Less Adjustments for:
Depreciation and amortization of property and equipment	43,978	37,906	29,295
Amortization of intangible assets and route and customer acquisition costs	22,577	21,211	17,484
Interest expense, net	35,892	33,144	21,637
Stock-based compensation	12,200	9,400	6,800
Loss (gain) on change in fair value of contingent earnout shares	(1,276)	(8,539)	19,544
Gain on expiration of warrants	(13)	0	0
Other expenses, net	19,339	6,453	9,320
Income before income tax expense	53,729	65,724	94,762
Income tax expense	18,438	20,121	20,660
Net income	35,291	45,603	74,102
Reportable Segment
Segment Reporting Information [Line Items]
Total net revenues	1,229,577	1,170,420	969,797
Adjustments
Cost of revenue	852,226	809,524	666,126
Compensation related costs - operations	77,902	67,523	59,174
Compensation related costs - general and administrative	53,606	51,926	37,070
All other segment items	56,899	60,002	45,035
Adjusted EBITDA for distributed gaming	188,944	181,445	162,392
Less Adjustments for:
Depreciation and amortization of property and equipment	43,978	37,906	29,295
Amortization of intangible assets and route and customer acquisition costs	22,577	21,211	17,484
Interest expense, net	35,892	33,144	21,637
Emerging markets	165	(948)	2,598
Stock-based compensation	12,204	9,416	6,840
Loss (gain) on change in fair value of contingent earnout shares	1,276	8,539	(19,544)
Gain on expiration of warrants	(13)	0	0
Other expenses, net	19,339	6,453	9,320
Income before income tax expense	53,729	65,724	94,762
Income tax expense	18,438	20,121	20,660
Net income	35,291	45,603	74,102
Other Operating Segment
Segment Reporting Information [Line Items]
Total net revenues	1,400
Adjustments
Cost of revenue	147
Compensation related costs - operations	581
All other segment items	464
Adjusted EBITDA for distributed gaming	$ 203	$ 0	$ 0

Location Contracts Acquired - Schedule of Finite-Lived Intangible Assets Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Location contracts acquired, net	$ 202,618	$ 176,311
Location contract
Finite-Lived Intangible Assets [Line Items]
2025	20,256
2026	20,111
2027	20,008
2028	19,962
2029	19,916
Thereafter	102,365
Location contracts acquired, net	$ 202,618

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Components of Lease Expense and Schedule of Supplemental Cash Flow Information Related to Leases

Lease expense for the years ended December 31 included within general and administrative expenses in the consolidated statements of operations and comprehensive income is follows (in thousands):



	2024		2023		2022
Operating lease costs
Short-term lease expense	$	667	$	789	$	600
Operating lease expense	3,284		2,875		1,586
Variable lease expense	150		316		368
Total operating lease expense	$	4,101	$	3,980	$	2,554

Supplemental cash flow information related to leases for the years ended December 31 is as follows (in thousands):



	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	3,034	$	2,659	$	1,525
Operating cash flows for finance leases	95		9		—
Financing cash flows for finance leases	221		17		—
Total cash paid for lease liabilities	$	3,350	$	2,685	$	1,525

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	3,383		5,508		5,602
Finance leases	N/A		1,411		N/A

Balance Sheet Classification of Lease Assets and Liabilities and Weighted Average Lease Liabilities

Amounts recognized in the consolidated balance sheets related to the Company's lease portfolio as of December 31 are as follows (in thousands):



Lease component	Classification	2024		2023
Operating lease ROU asset	Other assets	$	8,526	$	7,862
Finance lease ROU asset	Other assets	1,115		1,388
Current operating lease liability	Accounts payable and other accrued expenses	2,721		2,269
Current finance lease liability	Accounts payable and other accrued expenses	245		221
Long-term operating lease liability	Other long-term liabilities	6,125		5,826
Long-term finance lease liability	Other long-term liabilities	927		1,172

The weighted average remaining lease term and discount rate used in computing the lease liabilities as of December 31 were as follows:



	2024		2023		2022
Weighted average remaining lease term (in years)
Operating leases	4.4		4.2		3.4
Finance leases	4.1		5.1		N/A
Weighted average discount rate
Operating leases	6.46	%	5.85	%	3.28	%
Finance leases	7.71	%	7.71	%	N/A

Schedule of Operating Lease Liability Maturity

As of December 31, 2024, the future undiscounted cash flows associated with the Company's lease liabilities were as follows (in thousands):


	Operating leases		Finance leases
2025	$	3,306	$	322
2026	2,437		329
2027	1,494		335
2028	1,082		342
2029	1,082		29
Thereafter	997		—
Total	$	10,398	$	1,357
Less: present value discount	(1,552)		(185)
Total lease liability	$	8,846	$	1,172

Schedule of Financing Lease Liability Maturity

As of December 31, 2024, the future undiscounted cash flows associated with the Company's lease liabilities were as follows (in thousands):


	Operating leases		Finance leases
2025	$	3,306	$	322
2026	2,437		329
2027	1,494		335
2028	1,082		342
2029	1,082		29
Thereafter	997		—
Total	$	10,398	$	1,357
Less: present value discount	(1,552)		(185)
Total lease liability	$	8,846	$	1,172

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2024	Feb. 25, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-38136
Entity Registrant Name	Accel Entertainment, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1350261
Entity Address, Address Line One	140 Tower Drive
Entity Address, City or Town	Burr Ridge
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60527
City Area Code	630
Local Phone Number	972-2235
Title of 12(b) Security	Class A-1 Common Stock, par value $.0001 per share
Trading Symbol	ACEL
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 527.0
Entity Common Stock, Shares Outstanding		85,561,073
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement for its 2025 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant's fiscal year ended December 31, 2024.
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001698991

Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

The Company assesses its reportable segments on an annual basis or as changes in its business occur. As part of its assessment, the Company has determined its chief operating decision maker (“CODM”) to be its Chief Executive Officer, Andrew Rubenstein, who is ultimately responsible for the operating performance of the Company and the allocation of resources. The CODM assesses financial performance and allocates resources based on Adjusted EBITDA. Adjusted EBITDA is used by the CODM to understand the Company’s underlying drivers of profitability, trends in its business, and to facilitate company-to-company and period-to-period comparisons. Segment asset information is provided to the CODM but is not used to allocate resources.

The Company defines Adjusted EBITDA as net income plus:

•Amortization of intangible assets and route and customer acquisition costs

•Stock-based compensation expense

•Loss from unconsolidated affiliates

•Loss (gain) on change in fair value of contingent earnout shares

•Gain on expiration of warrants

•Other expenses, net

•Depreciation and amortization of property and equipment

•Interest expense, net

•Emerging markets, which reflects the results, on an Adjusted EBITDA basis, for non-core jurisdictions where the Company’s operations are developing

•Income tax expense

The Company’s distributed gaming reportable segment consists of the installation, maintenance, and operation of gaming terminals, redemption devices that disburse winnings and contain ATM functionality, and other amusement devises in authorized non-casino locations such as restaurants, bars, convenience stores, liquor stores, truck stops, and grocery stores. The Company’s operations and services are consistent in the Company’s markets.

The Company has determined that with the acquisition of the FanDuel Sportsbook & Horse Racing in Collinsville, Illinois, that as of December 31, 2024, it has two operating segments, distributed gaming and casino and racing. However, due to the fact

the construction of the casino is in its early stages and the limited operations of racing in the winter months, the casino and racing operating segment does not reach the criteria of being a reportable segment. As such, the Company will continue to report as a single reportable segment.

Significant segment expenses, including disaggregated significant expenses that are presented within general and administrative expenses, are presented in the Company’s consolidated statement of operations and comprehensive income and are included in the table below.

The following table presents financial information with respect to the Company’s single reportable segment, distributed gaming, for the years ended December 31, 2024, 2023, 2022. Additionally, the Company has included an "all other" operating segment which is its casino and racing business that is neither individually reportable nor able to be aggregated or combined with another operating segment.


(in thousands,)	December 31,
	2024		2023		2022
Distributed gaming
Total net revenues (1)	$	1,229,577	$	1,170,420	$	969,797
Adjustments: (2)
Cost of revenue	852,226		809,524		666,126
Compensation related costs - operations (3)	77,902		67,523		59,174
Compensation related costs - general and administrative (3)	53,606		51,926		37,070
All other segment items (4)	56,899		60,002		45,035
Adjusted EBITDA for distributed gaming	$	188,944	$	181,445	$	162,392

Adjusted EBITDA for “all other” operating segment (5)	$	203	$	—	$	—

Less Adjustments for:
Depreciation and amortization of property and equipment	$	43,978	$	37,906	$	29,295
Amortization of intangible assets and route and customer acquisition costs	22,577		21,211		17,484
Interest expense, net	35,892		33,144		21,637
Emerging markets	165		(948)		2,598
Stock-based compensation	12,204		9,416		6,840
Loss (gain) on change in fair value of contingent earnout shares	1,276		8,539		(19,544)
Gain on expiration of warrants	(13)		—		—
Other expenses, net	19,339		6,453		9,320
Income before income tax expense	$	53,729	$	65,724	$	94,762
Income tax expense	18,438		20,121		20,660
Net income	$	35,291	$	45,603	$	74,102

(1)Total net revenues is further disaggregated by revenue stream as included on the consolidated statements of operations and comprehensive income.

(2)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(3)Compensation related costs represent payroll and other related costs that are included in General and administrative on the consolidated statements of operations and comprehensive income.

As of December 31, 2024 the consolidated assets associated with the distributed gaming segment are $990.1 million and the assets for the "all other" operating segment are $58.3 million.

See the consolidated financial statements for other financial information (such as cash used for capital expenditures, etc.) regarding the Company’s reportable segment.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Location Contracts Acquired (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Location Contracts Acquired

Location contracts acquired in business acquisitions consist of the following as of December 31 (in thousands):


	2024		2023
Cost	$	330,903	$	286,728
Accumulated amortization	(128,285)		(110,417)
Location contracts acquired, net	$	202,618	$	176,311

Other intangible assets, net consist of the following as of December 31 (in thousands):


		2024						2023
	Amortization Period	Gross Carrying Amount		Accumulated Amortization (1)		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

Customer Relationships	7 years	$	6,800	$	(3,325)	$	3,475	$	6,800	$	(1,538)	$	5,262
Software Applications	8 years	7,800		(2,519)		5,281		7,800		(1,544)		6,256
Trade Names	20 years	11,700		(1,265)		10,435		9,800		(776)		9,024
Operating licenses	Indefinite	34,749		N/A		34,749		2,810		N/A		2,810
		$	61,049	$	(7,109)	$	53,940	$	27,210	$	(3,858)	$	23,352

Schedule of Future Amortization Expense

Estimated amortization expense related to route and customer acquisition costs for the next five years and thereafter is as follows (in thousands):


Year ending December 31:
2025	$	2,541
2026	2,472
2027	2,383
2028	2,258
2029	1,885
Thereafter	11,719
Total	$	23,258

Estimated amortization expense related to location contracts acquired for the next five years and thereafter is as follows (in thousands):


Year ending December 31:
2025	$	20,256
2026	20,111
2027	20,008
2028	19,962
2029	19,916
Thereafter	102,365
Total	$	202,618

Inventories (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials and manufacturing supplies	$ 6,113,000	$ 5,693,000
Finished products	2,009,000	1,988,000
Total inventories	8,122,000	7,681,000
Inventory valuation reserves	$ 0	$ 0

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Components of Basic and Diluted EPS

The components of basic and diluted EPS were as follows (in thousands, except per share amounts):


	2024		2023		2022
Net income attributable to Accel Entertainment, Inc.	$	35,252	$	45,603	$	74,102



Basic weighted average outstanding shares of common stock	83,747		85,949		90,629
Dilutive effect of stock-based awards for common stock	1,230		854		600



Diluted weighted average outstanding shares of common stock	84,977		86,803		91,229

Earnings per common share:
Basic	$	0.42	$	0.53	$	0.82
Diluted	$	0.41	$	0.53	$	0.81

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company has certain earnouts in periods for future location performance related to certain business acquisitions (see discussion in Note 10). The Company has certain employment agreements that call for salaries and potential severance upon termination. Lawsuits and claims are filed against the Company from time to time in the ordinary course of business, including related to employee matters, employment of professionals and non-compete clauses and agreements. Other than settled matters explained as follows, these actions are in various stages, and no judgments or decisions have been rendered. Management, after reviewing matters with legal counsel, believes that the outcome of such matters will not have a material adverse effect on the Company’s financial position or results of operations. The Company has been involved in a series of related litigated matters stemming from claims that it wrongly contracted with 10 different licensed establishments (the “Defendant Establishments”) in 2012 in violation of the contractual rights held by J&J Ventures Gaming, LLC (“J&J”), as further described below. On August 21, 2012, one of the Company’s operating subsidiaries entered into certain agreements with Jason Rowell (“Rowell”), a member of Action Gaming LLC (“Action Gaming”), which was an unlicensed terminal operator that had exclusive rights to place and operate gaming terminals within a number of establishments, including the Defendant Establishments. Under agreements with Rowell, the Company agreed to pay him for each licensed establishment which decided to enter into an exclusive location agreement with Accel. In late August and early September 2012, each of the Defendant Establishments signed a separate location agreement with the Company, purporting to grant the Company the exclusive right to operate gaming terminals in those establishments. Separately, on August 24, 2012, Action Gaming sold and assigned its rights to all its location agreements to J&J, including its exclusive rights with the Defendant Establishments (the “J&J Assigned Agreements”). At the time of the assignment of such rights to J&J, the Defendant Establishments were not yet licensed by the IGB. Action Gaming, J&J, and other parties, collectively, the Plaintiffs, filed a complaint against the Company, Rowell, and other parties in the Circuit Court of Cook County, Illinois (the “Circuit Court”), on August 31, 2012, as amended on November 1, 2012, December 19, 2012, and October 3, 2013, alleging, among other things, that Accel aided and abetted Rowell in breaches of his fiduciary duties and contractual obligations with Action Gaming and tortiously interfered with Action Gaming’s contracts with Rowell and agreements assigned to J&J. The complaint seeks damages and injunctive and equitable relief. On January 24, 2018, the Company filed a motion to dismiss for lack of subject matter jurisdiction, as further described below. On May 14, 2018, the Circuit Court denied the Company’s motion to dismiss and granted a stay to the case, pending a ruling from the IGB on the validity of the J&J Assigned Agreements. From 2013 to 2015, the Plaintiffs filed additional claims, including J&J Ventures Gaming, LLC et al. v. Wild, Inc. (“Wild”), in various circuit courts seeking declaratory judgments with a number of establishments, including each of the Defendant Establishments, requesting declarations that, among other things, J&J held the exclusive right to operate gaming terminals at each of the Defendant Establishments as a result of the J&J Assigned Agreements. The Company was granted leave to intervene in all of the declaratory judgments. The circuit courts found that the J&J Assigned Agreements were valid because each of the underlying location agreements were between an unlicensed establishment and an unlicensed terminal operator, and therefore did not constitute use agreements that were otherwise precluded from assignment under the IGB’s regulations. Upon the Company’s appeal, the Illinois Appellate Court, Fifth District (the “District Court”), vacated the circuit courts’ judgments and dismissed the appeals, holding that the IGB had exclusive jurisdiction over the matter that formed the basis of the parties’ claims, and declined to consider the merits of the parties’ disputes. On September 22, 2016, and after the IGB intervened, the Supreme Court of Illinois issued a judgment in Wild, affirming the District Court’s decision vacating the circuit courts’ judgments for lack of subject matter jurisdiction and dismissing the appeals, determining that the IGB has exclusive jurisdiction to decide the validity and enforceability of gaming terminal use agreements. Between May 2017 and September 2017, both the Company and J&J filed petitions with the IGB seeking adjudication of the rights of the parties and the validity of the use agreements. Those petitions were recently adjudicated by the IGB, largely in the Company’s favor, and J&J has filed two new lawsuits to challenge the IGB’s rulings. J&J lost at both the trial court and appellate court level and recently filed a petition with the Illinois Supreme Court seeking permission for a further appeal. The second case is awaiting a ruling at the trial court level. The Company does not have a present estimate regarding the potential damages, if any, that could potentially be awarded in this litigation and, accordingly, has established no reserves relating to such matters. On October 7, 2019, the Company filed a lawsuit in the Circuit Court of Cook County, Illinois against Rowell and other parties related to Rowell’s breaches of his non-compete agreement with Accel. The Company alleged that Rowell and a competitor were working together to interfere with the Company’s customer relationships. On November 7, 2019, Rowell filed a lawsuit in the Circuit Court of Cook County, Illinois against the Company alleging that he had not received certain equity interests in the Company to which he was allegedly entitled under his agreement. On July 18, 2024, the Company and Rowell entered into a settlement agreement pursuant to which the Company paid Rowell $0.1 million in exchange for a mutual release of the Company's claims against Rowell and Rowell's claims against the Company. The litigation involving Action Gaming, J&J, and the other parties, as described above, remains pending. On July 2, 2019, Illinois Gaming Investors, LLC filed a lawsuit against the Company. The lawsuit alleges that a current employee violated his non-competition agreement with Illinois Gaming Investors, LLC, and together with the Company, wrongfully solicited prohibited licensed video gaming locations. The parties settled this dispute in April 2022. On December 18, 2020, the Company received a disciplinary complaint from the IGB alleging violations of the Video Gaming Act and the IGB’s Adopted Rules for Video Gaming. The disciplinary complaint sought to fine the Company in the amount of $5 million. On July 6, 2023, the IGB and the Company entered into a settlement agreement for $1.1 million of which $1.0 million is the fine for the alleged conduct and $0.1 million is for reimbursement of administrative and investigative costs. The amount was paid in the third quarter of 2023. As a result of the settlement agreement, the Company has agreed to review similar initiatives with the IGB before implementing a new program or making any public announcements, require additional annual training of its employees, and provide additional compliance disclosures to the IGB. On March 9, 2022, the Company filed a lawsuit in the Circuit Court of Cook County, Illinois against Gold Rush relating to the Gold Rush convertible notes. The complaint sought damages for breach of contract and the implied covenant of good faith and fair dealing as well as unjust enrichment. On June 22, 2022, Gold Rush filed a lawsuit in the Circuit Court of Cook County, Illinois against the Company. The lawsuit alleged that the Company tortiously interfered with Gold Rush’s business activities and engaged in misconduct with respect to the Gold Rush convertible notes. On April 22, 2022, the Company filed a petition in the Circuit Court of Cook County, Illinois to judicially review the IGB's decision to deny the requested transfer of Gold Rush common stock in respect of the Company’s conversion of the convertible notes. Discovery ensued on these lawsuits but both suits were dismissed with prejudice as a result of the previously mentioned settlement between the Company and Gold Rush on the convertible notes. The Company also withdrew its petition to judicially review the IGB's decision. For more information, see Note 4. On March 25, 2022, Midwest Electronics Gaming LLC (“Midwest”) filed an administrative review action against the Illinois Gaming Board, the Company and J&J in the Circuit Court of Cook County, Illinois seeking administrative review of decisions of the IGB ruling in favor of the Company and J&J and against Midwest regarding the validity of certain use agreements covering locations currently serviced by Midwest. No monetary damages are sought against the Company. The Company filed a motion to dismiss Midwest’s amended complaint, which was granted in part and denied in part. The Company moved for summary judgment, and the trial court heard argument in January 2025. A ruling is expected in March 2025. In July 2022, an enforcement action was brought against the Company by an Illinois municipality related to an alleged violation of an ordinance requiring the collection of an additional tax, the enforceability of which is currently being contested by the Illinois Gaming Machine Operators Association. Rather than litigate the alleged violation, the Company pled no contest and paid an initial penalty to the municipality in October 2022 and for the remaining months of 2022. The Company continued to negotiate with and voluntarily make the appropriate payments to the municipality during 2023 and 2024. In February 2023, an Illinois municipality issued an order against the Company for the alleged failure to pay a terminal operator tax (“TO Tax”) for the privilege of operating gaming terminals within the municipality. The TO Tax was adopted by the municipality on June 8, 2021, but there was no enforcement of this tax until the Company was issued a notice of hearing in February 2023. In April 2023, the Company, along with numerous other terminal operators, filed a complaint in the Circuit Court of Cook County, Illinois contesting the validity and enforceability of the TO Tax and won a temporary restraining order to stay the order. Currently, the matter remains pending as a result of a motion to consolidate and to finalize the assignment of the judge. The results for the years ended December 31, 2024 and 2023 included losses of $0.5 million and $1.4 million, respectively, related to these matters, which is included within general and administrative expenses in the consolidated statements of operations and other comprehensive income.

Stock-based Compensation - Summary of Options Granted and Range in Vesting Periods (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	0	0	315,881,000
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			4 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Stockholders’ Equity - Schedule of Stock Reserved for Issuance (Details) - shares	Dec. 31, 2024	Dec. 31, 2023	Nov. 20, 2019
Class of Stock [Line Items]
Common stock reserved for issuance (in shares)	7,555,488,000	6,897,611,000
Class A-1 common stock options, RSUs and PSUs issued and outstanding
Class of Stock [Line Items]
Common stock reserved for issuance (in shares)	4,222,125,000	3,559,104,000
Conversion of Class A-2 common stock
Class of Stock [Line Items]
Common stock reserved for issuance (in shares)	3,333,363,000	3,333,363,000	10,000,000
Class A-1 common stock warrants issued and outstanding
Class of Stock [Line Items]
Common stock reserved for issuance (in shares)	0	5,144,000

- Definition

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-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Property and Equipment Useful Lives

Depreciation has been computed using the straight-line method over the following estimated useful lives:


			Years
Gaming terminals, software and equipment			3-13
Amusement, ATM and other equipment			7-10
Office equipment and furniture			7
Computer software and equipment			3-5
Leasehold improvements *			5
Vehicles			5
Buildings and improvements			15-29

* Leasehold improvements are amortized over the shorter of the useful life or the lease.

Property and equipment, net consists of the following as of December 31 (in thousands):


	2024		2023
Gaming terminals, software and equipment	$	415,003	$	361,662
Amusement, ATM and other equipment	29,174		27,182
Office equipment and furniture	4,281		3,385
Computer software and equipment	23,136		20,592
Leasehold improvements	10,151		8,281
Vehicles	22,974		19,862
Buildings and improvements	30,105		14,047
Land	7,718		2,469
Construction in progress	4,453		5,480
Total property and equipment	546,995		462,960
Less accumulated depreciation and amortization	(238,998)		(202,147)
Total property and equipment, net	$	307,997	$	260,813

Disaggregation of Revenue


(in thousands)	2024		2023		2022
Total net revenues by state:
Illinois	$	906,572	$	867,200	$	808,652
Montana	161,698		154,402		79,639
Nevada	114,551		117,074		66,989
Nebraska	25,384		19,043		5,217
Louisiana (1)	5,445		—		—
All other	17,322		12,701		9,300
Total net revenues	$	1,230,972	$	1,170,420	$	969,797

(1) Revenues for Louisiana only represents two months of operations.

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Short-term lease expense	$ 667	$ 789	$ 600
Operating lease expense	3,284	2,875	1,586
Variable lease expense	150	316	368
Total operating lease expense	$ 4,101	$ 3,980	$ 2,554

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 35,291	$ 45,603	$ 74,102
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment	43,978	37,906	29,295
Amortization of intangible assets and route and customer acquisition costs	22,577	21,211	17,484
Impairment of intangible assets	846	0	0
Amortization of debt issuance costs	1,788	1,808	2,110
Stock-based compensation	12,204	9,416	6,840
Loss (gain) on change in fair value of contingent earnout shares	1,276	8,539	(19,544)
Gain on disposal of property and equipment	606	(10)	(608)
Loss on write-off of route and customer acquisition costs and route and customer acquisition costs payable	1,148	935	757
Remeasurement of contingent consideration	6,486	(522)	(3,524)
Payments on consideration payable	(2,804)	(4,795)	(3,570)
Accretion of interest on route and customer acquisition costs payable, contingent consideration, and contingent stock consideration	1,640	1,480	2,460
Deferred income taxes	(2,388)	7,346	13,433
Changes in operating assets and liabilities, net of acquisition of businesses:
Prepaid expenses and other current assets	(788)	(987)	(1,610)
Accounts receivable, net	5,011	(2,301)	(1,651)
Inventories	(343)	(734)	(500)
Route and customer acquisition costs	(7,522)	(3,448)	(4,347)
Route and customer acquisition costs payable	2,451	(441)	358
Accounts payable and accrued expenses	(1,239)	15,466	1,791
Accrued compensation and related expenses	(531)	2,041	95
Other assets	1,507	(5,983)	(5,372)
Net cash provided by operating activities	121,194	132,530	107,999
Cash flows from investing activities:
Purchases of property and equipment	(66,542)	(81,744)	(47,379)
Proceeds from the sale of property and equipment	984	1,681	2,144
Investment in equity interest	(5,000)	0	0
Proceeds from the settlement of convertible notes	0	32,065	0
Advances against a portion of the purchase price on pending business acquisition	0	(4,600)	0
Business and asset acquisitions, net of cash acquired	(53,592)	(7,195)	(144,028)
Net cash used in investing activities	(124,151)	(59,793)	(189,263)
Cash flows from financing activities:
Proceeds from debt	175,000	169,000	240,000
Payments on debt	(123,000)	(169,000)	(44,625)
Payments for debt issuance costs	0	(300)	0
Payments for repurchase of common shares	(25,495)	(30,072)	(79,002)
Payments on interest rate caplets	(985)	(965)	(873)
Proceeds from exercise of stock-based awards	289	375	366
Payments on consideration payable	(588)	(3,178)	(9,197)
Payments on finance lease obligation	(221)	(17)	0
Tax withholding on stock-based payments	(2,349)	(1,082)	(78)
Net cash provided by (used in) financing activities	22,651	(35,239)	106,591
Net increase in cash and cash equivalents	19,694	37,498	25,327
Cash and cash equivalents:
Beginning of year	261,611	224,113	198,786
End of year	281,305	261,611	224,113
Cash payments for:
Interest, net	32,767	30,248	19,942
Income taxes	22,306	11,741	7,662
Supplemental schedules of noncash investing and financing activities:
Purchases of property and equipment in accounts payable and accrued liabilities	13,446	14,923	9,763
Deferred premium on interest rate caplets	1,076	2,059	3,025
Fair value of treasury stock issued in business combination	40,472	0	5,584
Acquisition of businesses and assets:
Total identifiable net assets acquired	110,472	7,195	185,415
Less cash acquired	(5,872)	0	(33,270)
Less contingent consideration	(5,935)	0	(2,533)
Less fair value of treasury stock issued	(40,472)	0	(5,584)
Less advances on purchase price paid in prior period	4,600	0	0
Cash purchase price	$ 53,592	$ 7,195	$ 144,028

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net income attributable to Accel Entertainment, Inc.	$ 35,252	$ 45,603	$ 74,102
Basic weighted average outstanding shares of common stock (in shares)	83,747,000	85,949,000	90,629,000
Dilutive effect of stock-based awards for common stock (in shares)	1,230,000	854,000	600,000
Diluted weighted average outstanding shares of common stock (in shares)	84,977,000	86,803,000	91,229,000
Earnings per common share:
Basic (in usd per share)	$ 0.42	$ 0.53	$ 0.82
Diluted (in usd per share)	$ 0.41	$ 0.53	$ 0.81
Anti-dilutive options excluded from calculation of diluted EPS (in shares)	4,300,000	4,400,000	5,000,000.0

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Warrants issued and outstanding (in shares)	5,144
Gain on expiration of warrants	$ 13	$ 0	$ 0

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

The Company’s debt as of December 31, consisted of the following (in thousands):


	2024		2023
Senior Secured Credit Facility (as amended):
Revolving credit facility	$	6,500	$	46,000
Term Loan	293,125		310,625
Delayed Draw Term Loan	297,750		188,750
Total borrowings	597,375		545,375
Add: Remaining premium on interest rate caplets financed as debt	1,076		2,059
Total debt	598,451		547,434
Less: Debt issuance costs	(3,072)		(4,860)
Total debt, net of debt issuance costs	595,379		542,574
Less: Current maturities	(34,443)		(28,483)
Total debt, net of current maturities	$	560,936	$	514,091

Senior Secured Credit Facility

On November 13, 2019, in order to refinance its prior credit facility, for working capital and other general purposes from time to time, the Company entered into a credit agreement (as amended, the “Credit Agreement”) as borrower, the Company and its wholly-owned domestic subsidiaries, as a guarantor, the banks, financial institutions and other lending institutions from time to time party thereto, as lenders, the other parties from time to time party thereto and Capital One, National Association, as administrative agent (in such capacity, the “Agent”), collateral agent, issuing bank and swingline lender providing for a:

•$100.0 million revolving credit facility, including a letter of credit facility with a $10.0 million sublimit and a swing line facility with a $10.0 million sublimit,

•$240.0 million initial term loan facility and

•$125.0 million additional term loan facility.

The additional term loan facility was available for borrowings until November 13, 2020. Each of the revolving loans and the term loans were scheduled to mature on November 13, 2024. The Company incurred $8.8 million of debt issuance costs related to the Senior Secured Credit Facility, which are being amortized over the life of the Facility.

In order to provide additional financial flexibility, the Company and the other parties thereto amended the Credit Agreement on August 4, 2020 ("Amendment No. 1") to provide a waiver of financial covenant breach for the periods ended September 30, 2020 through March 31, 2021 of the First Lien Net Leverage Ratio and Fixed Charge Coverage Ratio (each as defined under the Credit Agreement). Amendment No. 1 also raised the floor for the adjusted LIBOR rate to 0.50% and the floor for the Base Rate to 1.50%. The Company incurred costs of $0.4 million associated with Amendment No.1 of the Credit Agreement, of which $0.3 million was capitalized and is being amortized over the remaining life of the Credit Agreement. The waivers of financial covenant breach were never utilized as the Company remained in compliance with all debt covenants during these periods.

On October 22, 2021, in order to increase the borrowing capacity under the Credit Agreement, the Company and the other parties thereto entered into Amendment No. 2 to the Credit Agreement (“Amendment No. 2”). Amendment No. 2, among other things, provides for

•an increase in the amount of the revolving credit facility from $100.0 million to $150.0 million,

•$350.0 million initial term loan facility, the proceeds of which were applied to refinancing existing indebtedness and

•$400.0 million delayed draw term (“DDTL”) loan facility.

The maturity date of the Credit Agreement was extended to October 22, 2026. The interest rate and covenants remain unchanged. The Company incurred $4.3 million in debt issuance costs associated with Amendment No. 2. The debt issuance costs are presented as a non-cash item on the consolidated statements of cash flows (less the portion impacting net income which are presented within operating activities) as they were financed with borrowings under the term loan.

On June 7, 2023, in order to replace the referenced LIBOR interest rate in the Company’s Credit Agreement with SOFR, the Company and the other parties thereto entered into Amendment No. 3 to the Credit Agreement (“Amendment No. 3”). Under Amendment No. 3, borrowings under the Credit Agreement beginning on June 14, 2023 will bear interest, at the Company’s option, at a rate per annum equal to either (a) the Adjusted Term SOFR (which cannot be less than 0.5%) for interest periods of 1, 2, 3 or 6 months (or if consented to by (i) each applicable lender, 12 months or any period shorter than 1 month or (ii) the administrative agent, a shorter period necessary to ensure that the end of the relevant interest period would coincide with any required amortization payment) plus the applicable SOFR margin or (b) the alternative base rate (“ABR”) plus the applicable ABR margin. ABR is a fluctuating rate per annum equal to the highest of (i) the Federal Funds Effective Rate plus 1/2 of 1.0%, (ii) the prime rate announced from time to time by Capital One, National Association or (iii) SOFR for a 1-month interest period on such day plus 1.0%. As of December 31, 2024, the weighted-average interest rate was approximately 7.4%.

On August 23, 2023, in order to extend the termination date to draw on the DDTL under the Credit Agreement to October 22, 2024, the Company and the other parties thereto entered into Amendment No. 4 to the Credit Agreement (“Amendment No. 4”). The other terms of the Credit Agreement remained unchanged. The Company incurred $0.3 million in debt issuance costs related to Amendment No. 4, which are being amortized over the remaining life of the credit facility.

During October 2024, the Company borrowed an additional $119.0 million on the DDTL under the Credit Agreement of which $77.5 million was used to pay down the revolving credit facility, $35.0 million was used for a business acquisition and the remaining $6.5 million was used for general business operations. The Company’s ability to borrow on the DDTL ended on October 22, 2024.

The obligations under the Credit Agreement are guaranteed by the Company and its wholly-owned domestic subsidiaries (collectively, the “Guarantors”), subject to certain exceptions. The obligations under the Credit Agreement are secured by substantially all of the assets of the Guarantors, subject to certain exceptions. Certain future-formed or acquired wholly-owned domestic subsidiaries of the Company will also be required to guarantee the Credit Agreement and grant a security interest in substantially all of their assets, subject to certain exceptions, to secure the obligations under the Credit Agreement.

Interest is payable quarterly in arrears for ABR loans, at the end of the applicable interest period for SOFR loans (but not less frequently than quarterly) and upon the prepayment or maturity of the underlying loans. The Company is required to pay a commitment fee quarterly in arrears in respect of unused commitments under the revolving credit facility and the additional term loan facility.

The applicable SOFR and ABR margins and the commitment fee rate are calculated based upon the first lien net leverage ratio of the Company and its restricted subsidiaries on a consolidated basis, as defined in the Credit Agreement. The revolving loans and term loans bear interest at either (a) ABR (150 bps floor) plus a margin up to 1.75% or (b) SOFR (50 bps floor) plus a margin up to 2.75%, at the option of the Company.

The term loans and, once drawn, the additional term loans will amortize at an annual rate equal to 5.00% per annum. Upon the consummation of certain non-ordinary course asset sales, the Company may be required to apply the net cash proceeds thereof

to prepay outstanding term loans and additional term loans. The loans under the Credit Agreement may be prepaid without premium or penalty, subject to customary SOFR “breakage” costs.

The Credit Agreement contains certain customary affirmative and negative covenants and events of default and requires the Company and certain of its affiliates obligated under the Credit Agreement to make customary representations and warranties in connection with credit extensions thereunder.

In addition, the Credit Agreement requires the Company to maintain (a) a ratio of consolidated first lien net debt to consolidated EBITDA no greater than 4.50 to 1.00 and (b) a ratio of consolidated EBITDA to consolidated fixed charges no less than 1.20 to 1.00, in each case, tested as of the last day of each full fiscal quarter ending after the Closing Date and determined on the basis of the four most recently ended fiscal quarters of the Company for which financial statements have been delivered pursuant to the Credit Agreement, subject to customary “equity cure” rights.

If an event of default (as such term is defined in the Credit Agreement) occurs, the lenders would be entitled to take various actions, including the acceleration of amounts due under the Credit Agreement, termination of the lenders’ commitments thereunder, foreclosure on collateral, and all other remedial actions available to a secured creditor. The failure to pay certain amounts owing under the Credit Agreement may result in an increase in the interest rate applicable thereto.

The principal maturities of total debt are as follows (in thousands):


Year ending December 31:
2025	$	34,443
2026	$	564,008




Total Debt	$	598,451

As previously mentioned in Note 2, the Company recorded temporary equity associated with a redeemable noncontrolling interest at its carrying value. If certain criteria are met, the non-controlling interest would be revalued to its estimated redemption value. The Company has excluded any amounts associate with this noncontrolling interest from the table above as the Company is uncertain as to the timing and the ultimate amount of the potential payment it may be required to make.

The fair value of the Company’s debt as of December 31, 2024 and 2023, was estimated using a discounted cash flow model, which forecasts future interest and principal payments. The forecasted cash flows were discounted back to present value using the term-matched risk-free rate plus an option adjusted spread to account for credit risk. The option adjusted spread was calculated as of the debt's issuance date and then adjusted to the valuation date. The inputs used to determine the fair value were classified as Level 2 in the fair value hierarchy as defined in Note 12.

The carrying value and estimated fair value the Company's debt as of December 31, was as follows (in thousands):


	2024		2023
Carrying value	$	598,451	547,434
Estimated fair value	$	594,955	$	543,724

Interest rate caplets

The Company manages its exposure to some of its interest rate risk through the use of interest rate caplets, which are derivatives. On January 12, 2022, the Company hedged the variability of the cash flows attributable to the changes in the 1-month LIBOR/SOFR interest rate on the first $300 million of the term loan under the Credit Agreement by entering into a 4-year series of 48 deferred premium caplets (“caplets”). The caplets mature at the end of each month and protect the Company if interest rates exceed 2% of 1-month LIBOR/SOFR. The maturing dates of these caplets coincide with the timing of the Company's interest payments and each caplet is expected to be highly effective at offsetting changes in interest payment cash flows. The aggregate

premium for these caplets was $3.9 million, which was the initial fair value of the caplets recorded in the Company's financial statements, and was financed as additional debt.

The Company recognized an unrealized loss on the change in fair value of the interest rate caplets of $3.8 million and $4.3 million, net of income taxes, for the years ended December 31, 2024, and 2023. For more information on how the Company determines the fair value of the caplets, see Note 12. Further, as the 1-month LIBOR/SOFR interest rate began to exceed 2% starting in second half of 2022, the Company recognized interest income on the caplets of $9.8 million and $9.2 million for the years ended December 31, 2024 and 2023, respectively, which is reflected in interest expense, net in the consolidated statements of operations and other comprehensive income.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Business and Asset Acquisitions

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Business and Asset Acquisitions

10. Business and Asset Acquisitions

2024 Business Acquisitions

Randy’s

On December 23, 2024, the Company completed its acquisition of certain assets of Randy’s Vending (“Randy’s”), an Illinois based operator, for a total consideration transferred of $0.3 million, which included i) $0.1 million in cash at closing and ii) contingent purchase consideration with an estimated fair value of $0.2 million. The acquisition was accounted for as an asset acquisition in accordance with Topic 805. The purchase price was allocated to the following assets: i) amusement equipment totaling less than $0.1 million, and ii) location contracts totaling $0.2 million The results of operations for Randy’s are included in the consolidated financial statements of of the Company from the date of acquisition and were not material.

Fairmount

On December 2, 2024, the Company completed its acquisition of Fairmount Holdings, Inc. (“Fairmount”), the owner of the FanDuel Sportsbook & Racetrack in Collinsville, Illinois, for total stock consideration of approximately $40.5 million. Consideration transferred was approximately 3.5 million shares of the Company’s Class A-1 common stock and the value was based on a prior twenty-day trailing weighted average close price. The acquisition was accounted for as a business combination in accordance with Topic 805. The purchase price has been preliminarily allocated to the tangible assets and identifiable intangible assets acquired and liabilities assumed based upon their estimated fair values. The areas of the purchase price allocation that are not yet finalized are primarily related to the final adjustments to working capital. The excess of the purchase price over the tangible and intangible assets acquired and liabilities assumed of $12.0 million has been recorded as goodwill. The Fairmount acquisition resulted in recorded goodwill as a result of a higher consideration paid driven by the maturity of Fairmount’s operations, industry and workforce. While management has integrated certain operations of Fairmount into its existing business structure, Fairmount is its own operating segment, casino and racing.

The following table summarizes the fair value of consideration transferred and the fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands):



Fair value of treasury stock issued	$	40,472


Cash and cash equivalents	$	858
Accounts receivable, net	1,477
Inventory	60
Prepaid expenses	575
Property and equipment, net	11,788
Location contracts acquired, net	17,600
Other intangible assets, net	8,600
Other assets	356
Accounts payable and other accrued expenses	(3,267)
Other long-term liabilities	(340)
Deferred income tax liability, net	(9,206)
Net assets acquired	28,501
Goodwill	$	11,971

The Company incurred $1.8 million in acquisition related costs that are included in other expenses, net within the consolidated statements of operations and comprehensive income for the year ended December 31, 2024.

The results of operations for Fairmount are included in the consolidated financial statements of the Company from the date of acquisition. Fairmount's acquired assets generated revenues and net income of $1.4 million and less than $0.1 million for the year ended December 31, 2024. The unaudited pro forma revenue and net income of Fairmount, as if this acquisition had occurred as of the beginning of the fiscal year prior to the fiscal year of acquisition, is not material to the consolidated results of the Company for the years ended December 31, 2024 and 2023.

Bayou

On November 21, 2024, the Company completed its acquisition of Bayou Gaming, Inc. (“Bayou”), a Louisiana based operator and owner of multiple licensed video poker establishments, for a total purchase price of $0.5 million, which the Company paid in cash at closing. The acquisition was accounted for as an asset acquisition in accordance with Topic 805. The purchase price was allocated to the following assets: i) gaming and amusement equipment totaling $0.1 million, and ii) location contracts totaling $0.4 million. The results of operations for Bayou are included in the consolidated financial statements of the Company from the date of acquisition and were not material.

Pelican

On November 21, 2024, the Company completed its acquisition of Pelican State Gaming, Inc. (“Pelican”), a Louisiana based operator and owner of multiple licensed video poker establishments, for a total consideration of $1.8 million, which included i) $1.5 million paid in cash at closing and ii) contingent purchase consideration with an estimated fair value of $0.3 million. The acquisition was accounted for as an asset acquisition in accordance with Topic 805. The purchase price was allocated to the following assets: i) gaming and amusement assets totaling $0.3 million, and ii) location contracts totaling $1.5 million. The results of operations for Pelican are included in the consolidated financial statements of the Company from the date of acquisition and were not material.

Xtreme

On November 1, 2024, the Company completed its acquisition of certain assets of Xtreme ATM of Louisiana LLC, (“Xtreme”) for a total purchase price of $1.5 million, which the Company paid in cash at closing. The acquisition was accounted for as an asset acquisition in accordance with Topic 805. The purchase price was allocated to the following assets: i) location contract assets totaling $1.4 million, and ii) redemption equipment totaling less than $0.1 million. The results of operations for Xtreme are included in the consolidated financial statements of the Company from the date of acquisition and were not material.

Toucan Gaming

On November 1, 2024, the Company completed its acquisition of 85% ownership of Toucan Gaming for a total cash consideration of $41.6 million, of which $38.3 million was paid in cash (of which $4.6 million was paid in the prior year as an advance on the purchase price) and the remaining $3.3 million was recorded as consideration payable. The acquisition was accounted for as a business combination in accordance with Topic 805. The purchase price has been preliminarily allocated to the tangible assets and identifiable intangible assets acquired and liabilities assumed based upon their estimated fair values. The areas of the purchase price allocation that are not yet finalized are primarily related to the final adjustments to working capital. The excess of the purchase price over the tangible and intangible assets acquired and liabilities assumed of $2.1 million has been recorded as goodwill. The Toucan Gaming acquisition resulted in recorded goodwill as a result of a higher consideration paid driven by the maturity and quality of Toucan Gaming’s operations, industry and workforce. Management integrated Toucan Gaming into its existing business structure, which is comprised of a single reporting unit.

The following table summarizes the fair value of consideration transferred and the fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands):



Cash paid	$	38,253
Consideration payable	3,348
Total consideration	$	41,601

Cash and cash equivalents	$	1,816
Accounts receivable, net	618
Inventories	38
Other current assets	29
Property and equipment, net	11,625
Location contracts acquired, net	9,200
Other intangible assets, net	22,300
Deferred income tax asset	767
Other assets	1,194
Accounts payable and other accrued expenses	(3,122)
Current maturities of debt	(60)
Debt, net of current maturities	(520)
Other long-term liabilities	(175)
Temporary equity - redeemable noncontrolling interest	(4,239)
Net assets acquired	39,471
Goodwill	2,130

The Company incurred $0.3 million in acquisition related costs that are included in other expenses, net within the consolidated statements of operations and comprehensive income for the year ended December 31, 2024.

The results of operations for Toucan Gaming are included in the consolidated financial statements of the Company from the date of acquisition. Toucan Gaming's acquired assets generated revenues and net income of $5.4 million and $0.3 million for the year ended December 31, 2024. The unaudited pro forma revenue and net income of Toucan Gaming, as if this acquisition had occurred as of the beginning of the fiscal year prior to the fiscal year of acquisition, is not material to the consolidated results of the Company for the years ended December 31, 2024 and 2023.

24th Street Station

On September 19, 2024, the Company completed its acquisition of 24th Street Station, a retail establishment in Montana, for a total purchase price of $0.8 million, which the Company paid in cash at closing. The acquisition was accounted for as a business combination in accordance with Topic 805. The purchase price was allocated to the following assets: i) indefinite-lived intangible assets totaling $0.7 million, and ii) goodwill totaling $0.1 million. The results of operations for the 24th Street Station are included in the consolidated financial statements of the Company from the date of acquisition and were not material.

Lucky 7s

On September 19, 2024, the Company completed its acquisition of Lucky 7s, a retail establishment in Montana, for a total purchase price of $0.8 million, which the Company paid in cash at closing. The acquisition was accounted for as a business combination in accordance with Topic 805. The purchase price was allocated to the following assets: i) indefinite-lived intangible assets totaling $0.7 million, and ii) goodwill totaling $0.1. The results of operations for Lucky 7s are included in the consolidated financial statements of the Company from the date of acquisition and were not material.

Jorgenson’s Lounge

On June 26, 2024, the Company acquired Jorgenson’s Lounge, a retail establishment in Montana, for a total purchase price of $1.1 million, which the Company paid in cash at closing. The acquisition was accounted for as a business combination in accordance with Topic 805. The purchase price was allocated to the following assets: i) indefinite-lived intangible assets totaling $0.8 million, and ii) goodwill totaling $0.3 million. The results of operations Jorgenson’s Lounge are included in the consolidated financial statements of the Company from the date of acquisition and were not material.

Illinois Gaming Entertainment

On May 1, 2024, the Company acquired certain assets of Illinois Gaming Entertainment LLC (“IGE”), an Illinois-based terminal operator. The Company acquired 16 operational locations, as well as gaming equipment. The acquisition was accounted for as an asset acquisition in accordance with Topic 805. The aggregate purchase consideration transferred totaled $13.5 million, which included i) $11.4 million in cash at closing and ii) contingent purchase consideration with an estimated fair value of $2.1 million. The contingent purchase consideration represents three installments of $0.6 million which are due on the first, second and third anniversary of the acquisition with $0.7 million due on the fourth anniversary of the acquisition. All payments are subject to the acquired locations still being in operation on the respective anniversary dates. The present value of the consideration payable was $2.2 million as of September 30, 2024 and is recorded in consideration payable on the consolidated balance sheets. The aggregate purchase consideration of $13.5 million was allocated to the following assets: i) location contracts totaling $11.6 million, ii) gaming equipment totaling $1.6 million, and iii) redemption equipment totaling $0.3 million. The results of operations for IGE are included in the consolidated financial statements of the Company from the date of acquisition and were not material.

Great Lakes Vending

On February 22, 2024, the Company acquired certain assets of Great Lakes Vending Corporation (“GLV”), an Illinois-based terminal operator. The Company acquired one operational location, as well as gaming and redemption terminal equipment. The acquisition was accounted for as an asset acquisition in accordance with Topic 805. The total purchase price was approximately $1.3 million, which the Company paid in cash at closing. The total purchase price of $1.3 million was allocated to the following assets: i) location contracts totaling $1.2 million and ii) gaming and redemption equipment totaling $0.1 million. The results of operations for GLV are included in the consolidated financial statements of the Company from the date of acquisition and were not material.

Doc & Eddy’s

On January 10, 2024, the Company acquired Doc & Eddy’s West (“D&E”), a hospitality operation in Montana. The acquisition was accounted for as an asset acquisition in accordance with Topic 805. The total purchase price was approximately $2.3 million, which the Company paid in cash at closing, and was allocated to the following assets: i) buildings totaling $1.0 million, ii) indefinite long-lived assets totaling $0.9 million and iii) land totaling $0.4 million. The results of operations for D&E are included in the consolidated financial statements of the Company from the date of acquisition and were not material.

2023 Business Acquisitions

Illinois Video Slot Management

On December 27, 2023, the Company acquired certain assets of Illinois Video Slot Management Corp. (“IVSM”), an Illinois-based terminal operator. The Company acquired a gaming location, as well as gaming equipment. The acquisition was accounted for as an asset acquisition in accordance with Topic 805. The total purchase price was approximately $1.0 million, of which the Company paid $0.7 million in cash at closing. The remaining $0.3 million of consideration is payable in three installments of $0.1 million which are due on the first, second and third anniversary of the acquisition assuming the location is still in operation. The total purchase price of $1.0 million was allocated to the following assets: i) a location contract totaling $0.9 million and ii) gaming equipment totaling $0.1 million. The results of operations for the IVSM acquisition is included in the consolidated financial statements of the Company from the date of acquisition and were not material.

Illinois Gaming Entertainment

On May 23, 2023, the Company acquired certain assets of Illinois Gaming Entertainment LLC (“IGE”), an Illinois-based terminal operator. The Company acquired four operational locations, as well as gaming equipment. The acquisition was accounted for as an asset acquisition in accordance with Topic 805. The total purchase price was approximately $1.5 million, which the Company paid in cash at closing. The total purchase price of $1.5 million was allocated to the following assets: i) location contracts totaling $1.1 million and ii) gaming equipment totaling $0.4 million.

On October 3, 2023, the Company acquired an additional three operational locations, as well as gaming equipment, from IGE. This acquisition was also accounted for as an asset acquisition in accordance with Topic 805. The total purchase price was $2.3 million, which the Company paid in cash at closing. The total purchase price of $2.3 million was allocated to the following assets: i) location contracts totaling $2.0 million and ii) gaming equipment totaling $0.3 million.

The results of operations for both IGE acquisitions are included in the consolidated financial statements of the Company from the date of acquisition and were not material.

Rendezvous

On February 13, 2023, the Company acquired Rendezvous, a hospitality operation in Billings, Montana. The hospitality operation is set to be a Century-vended location. The acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with Topic 805. The total purchase price of $2.6 million was paid in cash at

closing and was allocated to the following assets: i) indefinite-lived intangible assets totaling $0.8 million; ii) land totaling $0.5 million; iii) buildings totaling $0.4 million; iv) gaming equipment totaling $0.1 million, and v) goodwill totaling $0.8 million. The results of operations for Rendezvous are included in the consolidated financial statements of the Company from the date of acquisition and were not material.

2022 Business Acquisitions

Progressive

On December 15, 2022, Century, the Company’s wholly owned subsidiary, acquired from DEP, Inc. ("Progressive"), a gaming operator in Montana, certain gaming assets and locations. The acquisition of Progressive adds 26 Montana gaming locations and approximately 300 gaming terminals to the Century portfolio. The total purchase price was $6.4 million, which Century paid in cash at closing. The acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations (“Topic 805”). The purchase price was allocated to the following assets: i) gaming terminals and amusement equipment totaling $0.9 million; ii) location contracts totaling $4.3 million; and iii) goodwill totaling $1.2 million.

River City

On September 9, 2022, the Company acquired from River City Amusement Company (“River City”) all of its operating assets in Nebraska, Iowa and South Dakota. River City's operations in these states consist of the ownership and operation of MAD and amusement equipment, as well as ATMs in the approximately 120 locations it serves. The total purchase price was approximately $2.8 million, which the Company paid in cash at closing. The acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with Topic 805. The purchase price was allocated to the following assets: i) gaming terminals and equipment totaling $0.1 million; ii) amusement and other equipment totaling $0.9 million; iii) location contracts totaling $1.7 million; and iv) cash totaling $0.1 million.

VVS

On August 1, 2022, the Company acquired from VVS, Inc. (“VVS”), a licensed distributor of mechanical amusement devices in Nebraska, substantially all of its MAD and ATM assets. The acquisition of VVS adds approximately 250 locations in the greater Lincoln area. The total purchase price was approximately $12.0 million, of which the Company paid approximately $9.5 million in cash at closing. The remaining $2.5 million of contingent consideration was paid in cash in the third quarter of 2023 as the net revenue target outlined in the purchase agreement was achieved. The acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with Topic 805. The purchase price was allocated to the following assets: i) gaming terminals and equipment totaling $0.9 million; ii) amusement and other equipment totaling $3.9 million; and iii) location contracts totaling $7.2 million.

Century

On June 1, 2022, the Company completed its previously announced acquisition of all of the outstanding equity interests of Century pursuant to the terms of a Securities Purchase Agreement (the “Purchase Agreement”), dated March 2, 2021, by and among Century, the shareholders of Century, and the Company. Century is Montana’s largest gaming operator and a leader in the Nevada gaming market as well as a manufacturer of gaming terminals.

The acquisition aggregate purchase consideration transferred totaled $164.3 million, which included: i) a cash payment made at closing of $45.5 million to the equity holders of Century; ii) repayment of $113.2 million of Century's indebtedness; and iii) 515,622 shares of the Company’s Class A-1 common stock issued to certain members of Century’s management with a fair value of $5.6 million on the acquisition date. The cash payments were financed using cash from a draw of approximately $160 million from the Company’s revolving credit facility and delayed draw term loan facility under the Credit Agreement.

The acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with ASC Topic 805. The purchase price has been preliminarily allocated to the tangible assets and identifiable intangible assets acquired and liabilities assumed based upon their estimated fair values. The areas of the purchase price allocation that are not yet finalized are primarily related to the valuation of location contracts, inventory, property and equipment, and final adjustments to working capital. The excess of the purchase price over the tangible and intangible assets acquired and liabilities assumed of $53.4 million has been recorded as goodwill. The Century acquisition resulted in recorded goodwill as a result of a higher consideration paid driven by the maturity and quality of Century's operations, industry and workforce. Management integrated Century into its existing business structure, which is comprised of a single reporting unit.

The following table summarizes the fair value of consideration transferred and the fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands):



Cash paid	$	158,681
Fair value of stock issued	5,584
Total consideration	$	164,265
Cash and cash equivalents	$	33,229
Prepaid expenses	1,563
Accounts receivable	4,394
Inventories	6,441
Income taxes receivable	189
Other current assets	475
Property and equipment	29,302
Location contracts acquired	40,400
Other intangible assets	24,400
Accounts payable and other accrued expenses	(10,766)
Accrued compensation and related expenses	(1,626)
Other long-term liabilities	(446)
Deferred income tax liability	(16,646)
Net assets acquired	$	110,909
Goodwill	$	53,356

Upon adoption of Topic 842, the Company recognized ROU assets and lease liabilities of $3.6 million as of June 1, 2022 related to Century.

The Company incurred $0.3 million and $1.3 million in acquisition related costs that are included in other operating expenses within the consolidated statements of operations and comprehensive income for the years ended December 31, 2022 and 2021, respectively.

The results of operations for Century are included in the consolidated financial statements of the Company from the date of acquisition. Century's acquired assets generated revenues and net income of $146.6 million and $4.0 million for the year ended December 31, 2022.

Consideration Payable

The Company has a contingent consideration payable related to certain locations, as defined, in the respective acquisition agreement which are placed into operation during a specified period after the acquisition date. The fair value of contingent consideration is included in the consideration payable on the consolidated balance sheets as of December 31, 2024 and 2023. The contingent consideration accrued is measured at fair value on a recurring basis. Payments related to consideration payable were $3.4 million for the year ended December 31, 2024.

Current and long-term portions of consideration payable consist of the following as of December 31 (in thousands):


	2024				2023
	Current		Long-Term		Current		Long-Term
TAV *	$	—	$	—	$	2,005	—
Fair Share Gaming *	969		5,493		504		92

Skyhigh *	563		4,264		528		3,941


IVSM	94		187		94		168
IGE Asset Acquisition	586		1,605		—		—

Tom's Amusements*	—		—		57		—


Island	100		—		100		—


Randy's	165		—		—		—
Toucan Gaming	474		2,892		—		—
Pelican	165		155		—		—
Total	$	3,116	$	14,596	$	3,288	$	4,201

* Acquisitions that occurred prior to 2022.

Debt - Narrative (Details)				6 Months Ended	12 Months Ended
Debt - Narrative (Details)	Jun. 07, 2023	Jan. 12, 2022 USD ($) caplet	Aug. 04, 2020 USD ($)	Dec. 31, 2022	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Oct. 31, 2024 USD ($)	Aug. 23, 2023 USD ($)	Oct. 22, 2021 USD ($)	Oct. 21, 2021 USD ($)	Nov. 13, 2019 USD ($)
Debt Instrument [Line Items]
Debt issuance costs					$ 8,800,000
Debt issuance costs					3,072,000	$ 4,860,000
Additional debt borrowed					597,375,000	545,375,000
Unrealized (loss) gain on interest rate caplets, net of tax					(3,791,000)	(4,304,000)	$ 12,240,000
Realized gain on interest rate caplets, net of tax					$ 9,800,000	9,200,000
Credit Agreement
Debt Instrument [Line Items]
Ratio of consolidated net debt to EBITDA (no greater than)					4.50
Ratio of consolidated EBITDA to fixed charges (no less than)					1.20
Aggregate premium paid		$ 3,900,000
Credit Agreement \| Alternative Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)					1.75%
Debt instrument, floor interest rate (as a percent)					1.50%
Credit Agreement \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)					2.75%
Debt instrument, floor interest rate (as a percent)					0.50%
Amendment No. 1
Debt Instrument [Line Items]
Fees associated with amendment of credit agreement			$ 400,000
Unamortized debt issuance costs			$ 300,000
Amendment No. 1 \| LIBOR
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate, floor (as a percent)			0.50%
Amendment No. 1 \| Alternative Base Rate
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate, floor (as a percent)			1.50%
Amendment No. 2
Debt Instrument [Line Items]
Debt issuance costs					$ 4,300,000
Amendment 3
Debt Instrument [Line Items]
Debt issuance costs									$ 300,000
Pending Business Acquisition
Debt Instrument [Line Items]
Additional debt borrowed								$ 35,000,000.0
Remaining Business Acquisition
Debt Instrument [Line Items]
Additional debt borrowed								6,500,000
Revolving credit facility \| Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity												$ 100,000,000.0
Revolving credit facility \| Amendment No. 2
Debt Instrument [Line Items]
Maximum borrowing capacity										$ 150,000,000	$ 100,000,000
Revolving credit facility \| Amendment 3
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)					7.40%
Revolving credit facility \| Amendment 3 \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate, floor (as a percent)	0.50%
Basis spread on variable rate (as a percent)	1.00%
Revolving credit facility \| Amendment 3 \| Federal Funds Effective Rate
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate, floor (as a percent)	1.00%
Revolving credit facility \| Credit Agreement, Amendment
Debt Instrument [Line Items]
Additional debt borrowed					$ 6,500,000	46,000,000		77,500,000
Letter of Credit \| Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity												10,000,000.0
Swing Line Facility \| Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity												10,000,000.0
Term Loan \| Credit Agreement
Debt Instrument [Line Items]
Face amount												240,000,000.0
Additional term loan repayment rate (as a percent)					5.00%
Number of deferred premium caplets \| caplet		48
Term Loan \| Credit Agreement \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		2.00%		2.00%
Term Loan \| Amendment No. 2
Debt Instrument [Line Items]
Face amount										350,000,000
Term Loan \| Credit Agreement, Amendment
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 300,000,000
Additional debt borrowed					$ 293,125,000	310,625,000
Debt instrument, term		4 years
Additional Term Loan Facility \| Credit Agreement
Debt Instrument [Line Items]
Face amount												$ 125,000,000.0
Additional Term Loan Facility \| Amendment No. 2
Debt Instrument [Line Items]
Face amount										$ 400,000,000
Delayed Draw Term Loan \| Credit Agreement, Amendment
Debt Instrument [Line Items]
Additional debt borrowed					$ 297,750,000	$ 188,750,000		$ 119,000,000.0

Goodwill and Other Intangible Assets - Schedule of changes in Goodwill, Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Beginning balance	$ 101,554	$ 100,707
Ending balance	116,252	101,554
Rendezyous
Goodwill [Roll Forward]
Addition to goodwill for acquisition		$ 847
Jorgenson's Lounge
Goodwill [Roll Forward]
Addition to goodwill for acquisition	306
Lucky 7’s Beverages
Goodwill [Roll Forward]
Addition to goodwill for acquisition	145
24th Street Station Casino
Goodwill [Roll Forward]
Addition to goodwill for acquisition	146
Toucan Gaming
Goodwill [Roll Forward]
Addition to goodwill for acquisition	2,130
Fairmount Holding, Inc
Goodwill [Roll Forward]
Addition to goodwill for acquisition	$ 11,971

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Oct. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total borrowings	$ 597,375		$ 545,375
Add: Remaining premium on interest rate caplets financed as debt	1,076		2,059
Total debt	598,451		547,434
Less: Debt issuance costs	(3,072)		(4,860)
Total debt, net of debt issuance costs	595,379		542,574
Less: Current maturities	(34,443)		(28,483)
Debt, net of current maturities	560,936		514,091
Revolving credit facility \| Credit Agreement, Amendment
Debt Instrument [Line Items]
Total borrowings	6,500	$ 77,500	46,000
Term Loan \| Credit Agreement, Amendment
Debt Instrument [Line Items]
Total borrowings	293,125		310,625
Delayed Draw Term Loan \| Credit Agreement, Amendment
Debt Instrument [Line Items]
Total borrowings	$ 297,750	$ 119,000	$ 188,750

Income Taxes - Reconciliation of Expected Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Computed “expected” tax expense	$ 11,283	$ 13,802	$ 19,900
Increase (decrease) in income taxes resulting from:
State income taxes	5,575	3,627	4,289
Return-to-provision	(121)	380	(132)
Change in fair value of contingent earnout shares	268	1,793	(4,104)
Permanently non-deductible transaction costs	215	51	137
Officer's compensation	221	129	177
Stock-based compensation	212	720	124
Other permanent items	589	641	343
State Rate Change	119	(724)	(121)
Other	77	(298)	47
Total income tax expense	$ 18,438	$ 20,121	$ 20,660

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

The Company's lease portfolio has both operating and finance leases but is primarily comprised of operating leases for buildings and vehicles. The Company's leases have remaining lease terms that range from less than 1 to 13 years, some of which also include options to extend or terminate the lease. Most leases contain both fixed and variable payments. Variable costs consist primarily of rent escalations based on an established index or rate and taxes, insurance, and common area or other maintenance costs, which are paid based on actual costs incurred by the lessor.

Lease expense for the years ended December 31 included within general and administrative expenses in the consolidated statements of operations and comprehensive income is follows (in thousands):



	2024		2023		2022
Operating lease costs
Short-term lease expense	$	667	$	789	$	600
Operating lease expense	3,284		2,875		1,586
Variable lease expense	150		316		368
Total operating lease expense	$	4,101	$	3,980	$	2,554

Total expense related to finance leases was $0.3 million and less than $0.1 million for the years ended December 31, 2024 and 2023, respectively. There were no finance leases for the year ended December 31, 2022.

Amounts recognized in the consolidated balance sheets related to the Company's lease portfolio as of December 31 are as follows (in thousands):



Lease component	Classification	2024		2023
Operating lease ROU asset	Other assets	$	8,526	$	7,862
Finance lease ROU asset	Other assets	1,115		1,388
Current operating lease liability	Accounts payable and other accrued expenses	2,721		2,269
Current finance lease liability	Accounts payable and other accrued expenses	245		221
Long-term operating lease liability	Other long-term liabilities	6,125		5,826
Long-term finance lease liability	Other long-term liabilities	927		1,172

As of December 31, 2024, the future undiscounted cash flows associated with the Company's lease liabilities were as follows (in thousands):


	Operating leases		Finance leases
2025	$	3,306	$	322
2026	2,437		329
2027	1,494		335
2028	1,082		342
2029	1,082		29
Thereafter	997		—
Total	$	10,398	$	1,357
Less: present value discount	(1,552)		(185)
Total lease liability	$	8,846	$	1,172

The weighted average remaining lease term and discount rate used in computing the lease liabilities as of December 31 were as follows:



	2024		2023		2022
Weighted average remaining lease term (in years)
Operating leases	4.4		4.2		3.4
Finance leases	4.1		5.1		N/A
Weighted average discount rate
Operating leases	6.46	%	5.85	%	3.28	%
Finance leases	7.71	%	7.71	%	N/A

Supplemental cash flow information related to leases for the years ended December 31 is as follows (in thousands):



	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	3,034	$	2,659	$	1,525
Operating cash flows for finance leases	95		9		—
Financing cash flows for finance leases	221		17		—
Total cash paid for lease liabilities	$	3,350	$	2,685	$	1,525

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	3,383		5,508		5,602
Finance leases	N/A		1,411		N/A

Leases

Lease expense for the years ended December 31 included within general and administrative expenses in the consolidated statements of operations and comprehensive income is follows (in thousands):



	2024		2023		2022
Operating lease costs
Short-term lease expense	$	667	$	789	$	600
Operating lease expense	3,284		2,875		1,586
Variable lease expense	150		316		368
Total operating lease expense	$	4,101	$	3,980	$	2,554

Amounts recognized in the consolidated balance sheets related to the Company's lease portfolio as of December 31 are as follows (in thousands):



Lease component	Classification	2024		2023
Operating lease ROU asset	Other assets	$	8,526	$	7,862
Finance lease ROU asset	Other assets	1,115		1,388
Current operating lease liability	Accounts payable and other accrued expenses	2,721		2,269
Current finance lease liability	Accounts payable and other accrued expenses	245		221
Long-term operating lease liability	Other long-term liabilities	6,125		5,826
Long-term finance lease liability	Other long-term liabilities	927		1,172

As of December 31, 2024, the future undiscounted cash flows associated with the Company's lease liabilities were as follows (in thousands):


	Operating leases		Finance leases
2025	$	3,306	$	322
2026	2,437		329
2027	1,494		335
2028	1,082		342
2029	1,082		29
Thereafter	997		—
Total	$	10,398	$	1,357
Less: present value discount	(1,552)		(185)
Total lease liability	$	8,846	$	1,172

The weighted average remaining lease term and discount rate used in computing the lease liabilities as of December 31 were as follows:



	2024		2023		2022
Weighted average remaining lease term (in years)
Operating leases	4.4		4.2		3.4
Finance leases	4.1		5.1		N/A
Weighted average discount rate
Operating leases	6.46	%	5.85	%	3.28	%
Finance leases	7.71	%	7.71	%	N/A

Supplemental cash flow information related to leases for the years ended December 31 is as follows (in thousands):



	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	3,034	$	2,659	$	1,525
Operating cash flows for finance leases	95		9		—
Financing cash flows for finance leases	221		17		—
Total cash paid for lease liabilities	$	3,350	$	2,685	$	1,525

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	3,383		5,508		5,602
Finance leases	N/A		1,411		N/A

Route and Customer Acquisition Costs

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Route and Customer Acquisition Costs

The Company enters into contracts with third parties and its gaming locations to install and operate gaming terminals. Payments are due when gaming operations commence and then on a periodic basis for a specified period of time thereafter. Gross payments due, based on the number of live locations, are approximately $11.2 million and $7.4 million as of December 31, 2024 and 2023, respectively. Payments are due over varying terms of the individual agreements and are discounted at the Company’s incremental borrowing rate associated with its long-term debt at the time the contract is acquired. The net present value of payments due is $9.4 million and $6.5 million as of December 31, 2024 and 2023, respectively, of which approximately $2.2 million and $1.5 million, included in current liabilities in the accompanying consolidated balance sheets as of both December 31, 2024 and 2023, respectively. The route and customer acquisition cost asset is comprised of upfront payments made on the contracts of $22.3 million and $20.0 million as of December 31, 2024 and 2023, respectively. The Company has upfront payments of commissions paid to the third parties for the acquisition of the customer contracts that are subject to a claw back provision if the customer cancels the contract prior to completion. The payments subject to a claw back are $1.2 million and $1.0 million as of December 31, 2024 and 2023, respectively.

Route and customer acquisition costs consist of the following as of December 31 (in thousands):


	2024		2023
Cost	$	39,204	$	33,855
Accumulated amortization	(15,946)		(14,667)
Route and customer acquisition costs, net	$	23,258	$	19,188

Estimated amortization expense related to route and customer acquisition costs for the next five years and thereafter is as follows (in thousands):


Year ending December 31:
2025	$	2,541
2026	2,472
2027	2,383
2028	2,258
2029	1,885
Thereafter	11,719
Total	$	23,258

Amortization expense of route and customer acquisition costs was $2.3 million, $1.6 million and $1.3 million for the years ended December 31, 2024, 2023 and 2022, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Fair Value Measurements - Schedule of Unobservable Input Asset Value Reconciliation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 32,065
Proceeds from settlement on convertible notes	(32,065)
Ending balance	$ 0

Summary of Significant Accounting Policies - Narrative (Details) - Toucan Gaming	Nov. 01, 2024 operator
Schedule of Equity Method Investments [Line Items]
Ownership percentage	85.00%
Number of operators	2
Ownership percentage after redemption agreement	100.00%
Noncontrolling interest holder option exercise term	7 years
Option exercise term	10 years

Business and Asset Acquisitions - Narrative- 2022 Acquisitions (Details) $ in Thousands					12 Months Ended
	Dec. 15, 2022 USD ($) location gaming_terminal	Sep. 09, 2022 USD ($) location	Aug. 01, 2022 USD ($) location	Jun. 01, 2022 USD ($) shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Cash purchase price					$ 53,592	$ 7,195	$ 144,028
Contingent consideration liability					3,400
Goodwill					$ 116,252	$ 101,554	100,707
Progressive
Business Acquisition [Line Items]
Number of video gaming terminals \| gaming_terminal	300
Total consideration	$ 6,400
Video game terminals and equipment	900
Location contracts	4,300
Goodwill	$ 1,200
River City
Business Acquisition [Line Items]
Number of locations \| location		120
Total consideration		$ 2,800
Video game terminals and equipment		100
Location contracts		1,700
Amusement and other equipment		900
Cash and cash equivalents		$ 100
VVS, Inc
Business Acquisition [Line Items]
Number of locations \| location			250
Total consideration			$ 12,000
Video game terminals and equipment			900
Location contracts			7,200
Amusement and other equipment			3,900
Cash purchase price			9,500
Contingent consideration liability			$ 2,500
Century
Business Acquisition [Line Items]
Total consideration				$ 164,265
Cash and cash equivalents				33,229
Cash paid				158,681
Repayment of debt				113,200
Fair value of treasury stock issued				5,584
Goodwill				53,356
ROU assets acquired				3,600
Lease liabilities acquired				3,600
Acquisition related costs							300	$ 1,300
Revenue							146,600
Net income							$ 4,000
Century \| Revolving credit facility \| Revolving Credit Facility and Delayed Draw Term Loan \| Revolving credit facility
Business Acquisition [Line Items]
Proceeds from long-term lines of credit				$ 160,000
Century \| Class A-1 Common Stock
Business Acquisition [Line Items]
Shares issued in transaction (in shares) \| shares				515,622
Century \| Equity Shareholders
Business Acquisition [Line Items]
Cash paid				$ 45,500
Montana \| Progressive
Business Acquisition [Line Items]
Number of locations \| location	26

Summary of Significant Accounting Policies - Schedule of property and equipment useful lives (Details)	Dec. 31, 2024
Gaming terminals, software and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	3 years
Gaming terminals, software and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	13 years
Amusement, ATM and other equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	7 years
Amusement, ATM and other equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	10 years
Office equipment and furniture
Property, Plant and Equipment [Line Items]
Useful life (in years)	7 years
Computer software and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	3 years
Computer software and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years
Vehicles
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	15 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	29 years

Property and Equipment, net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment, net consists of the following as of December 31 (in thousands):


	2024		2023
Gaming terminals, software and equipment	$	415,003	$	361,662
Amusement, ATM and other equipment	29,174		27,182
Office equipment and furniture	4,281		3,385
Computer software and equipment	23,136		20,592
Leasehold improvements	10,151		8,281
Vehicles	22,974		19,862
Buildings and improvements	30,105		14,047
Land	7,718		2,469
Construction in progress	4,453		5,480
Total property and equipment	546,995		462,960
Less accumulated depreciation and amortization	(238,998)		(202,147)
Total property and equipment, net	$	307,997	$	260,813

Depreciation and amortization of property and equipment was $44.0 million, $37.9 million and $29.3 million during the years ended December 31, 2024, 2023 and 2022, respectively.

Long-lived assets, which includes property and equipment, net and other assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset or asset group may not be recoverable. There were no indicators of impairment of long-lived assets in 2024, 2023, or 2022.

Location Contracts Acquired - Schedule of Customer Contract Acquired (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Capitalized Contract Cost [Line Items]
Cost	$ 39,204	$ 33,855
Accumulated amortization	15,946	14,667
Route and customer acquisition costs, net	23,258	19,188
Location Contracts Acquired
Capitalized Contract Cost [Line Items]
Cost	330,903	286,728
Accumulated amortization	128,285	110,417
Route and customer acquisition costs, net	$ 202,618	$ 176,311

Stock-based Compensation - Summary of Nonvested Stock Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Number of shares outstanding (in shares)	642,801,000	1,091,068,000	1,411,331,000
Granted (in shares)	0	0	315,881,000
Vested (in shares)	(330,292,000)	(393,550,000)	(314,462,000)
Forfeited (in shares)	0	(54,717,000)	(321,682,000)
Number of shares outstanding (in shares)	312,509,000	642,801,000	1,091,068,000
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, outstanding (in usd per share)	$ 5.75	$ 5.65	$ 4.77
Granted (in usd per share)	0	0	7.30
Vested (in usd per share)	5.69	5.54	4.17
Forfeited (in usd per share)	0	5.27	4.86
Weighted average grant date fair value, outstanding (in usd per share)	$ 5.76	$ 5.75	$ 5.65

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2024
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans 401(k) Plan The Company maintains a 401(k)-benefit plan for all employees with at least three months of service and have reached 21 years of age. Participants are 100% vested in their contributions. The Company provides an employer match contribution of 50% of the participants’ contribution up to 5% of their eligible compensation. Participants are fully vested in the employer match contribution after one year of employment. The Company may also make profit sharing contributions to the plan which vest 20% a year after the first 2 years of employment and are fully vested after 6 years of employment. The Company may also elect to make other discretionary contributions to the Plan. The Company incurred 401(k)-benefit plan expense of approximately $1.6 million, $1.5 million and $1.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. Multiemployer Benefit Plans Some of the Company’s employees in its racing operations participate in union-sponsored benefit plans which includes the participation in several multiemployer defined benefit pension plans under terms of a collective bargaining agreement. The Company’s contributions to these plans are determined in accordance with the provisions of the negotiated labor contracts based on the aggregate number of hours works. The Company’s contributions to these plans for the year ended December 31, 2024 was less than $0.1 million, which represents one month of payments. Incentive Compensation Plan Included in certain employee agreements are provisions for commissions and bonuses, which are determined at the discretion of management. Incentive compensation expense amounted to $14.7 million, $14.8 million and $12.5 million for the years ended December 31, 2024, 2023 and 2022, respectively. Accrued incentive compensation totaled $5.7 million and $5.6 million as of December 31, 2024 and 2023, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Paragraph 1
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Business and Asset Acquisitions - Schedule of Consideration Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 23, 2024	Nov. 01, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Contingent consideration liability	$ 3,400
Current	3,116			$ 3,288
Long-Term	14,596			4,201
TAV
Business Acquisition [Line Items]
Current	0			2,005
Long-Term	0			0
Fair Share Gaming
Business Acquisition [Line Items]
Current	969			504
Long-Term	5,493			92
Skyhigh
Business Acquisition [Line Items]
Current	563			528
Long-Term	4,264			3,941
IVSM
Business Acquisition [Line Items]
Current	94			94
Long-Term	187			168
IGE Asset Acquisition
Business Acquisition [Line Items]
Current	586			0
Long-Term	1,605			0
Tom's Amusements
Business Acquisition [Line Items]
Current	0			57
Long-Term	0			0
Island
Business Acquisition [Line Items]
Current	100			100
Long-Term	0			0
Randy's
Business Acquisition [Line Items]
Contingent consideration liability		$ 200
Current	165			0
Long-Term	0			0
Toucan Gaming
Business Acquisition [Line Items]
Contingent consideration liability			$ 3,348
Current	474			0
Long-Term	2,892			0
Pelican
Business Acquisition [Line Items]
Current	165			0
Long-Term	$ 155			$ 0

Stockholders’ Equity - Narrative (Details) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended			37 Months Ended
	Sep. 28, 2020 vote	Dec. 31, 2024 $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)	Dec. 31, 2024 USD ($) $ / shares shares	Feb. 27, 2025 USD ($)	Nov. 22, 2021 USD ($)
Class of Warrant or Right [Line Items]
Preferred stock, par value (in usd per share) \| $ / shares		$ 0.0001	$ 0.0001	$ 0.0001		$ 0.0001
Common stock, par value (in usd per share) \| $ / shares		$ 0.0001	$ 0.0001			$ 0.0001
Preferred stock reserved for issuance (in shares) \| shares		1,000,000	1,000,000			1,000,000
Common stock reserved for issuance (in shares) \| shares		7,555,488,000	7,555,488,000	6,897,611,000		7,555,488,000
Stock repurchase program, authorized amount (up to) \| $								$ 200,000
Repurchase of common stock \| $			$ 25,749	$ 30,374	$ 79,003
Reissuance of treasury stock (in shares) \| shares		3,100,000
Average cost per share (in dollars per share) \| $ / shares		$ 11.58	$ 11.58			$ 11.58
Gain on treasury stock \| $			$ 4,100
Class A-1 Common Stock
Class of Warrant or Right [Line Items]
Common stock, par value (in usd per share) \| $ / shares		$ 0.0001	$ 0.0001	$ 0.0001		$ 0.0001
Common stock reserved for issuance (in shares) \| shares		250,000,000	250,000,000			250,000,000
Common stock , voting rights, votes per share \| vote	1
Repurchase of common stock (in shares) \| shares			2,446,700			13,855,897
Repurchase of common stock \| $			$ 25,500			$ 143,600
Class A-1 Common Stock \| Subsequent Event
Class of Warrant or Right [Line Items]
Stock repurchase program, authorized amount (up to) \| $							$ 200,000

Location Contracts Acquired - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 2,400,000	$ 2,400,000	$ 1,400,000
Location contract
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	17,900,000	17,100,000	14,800,000
Impairment	$ 0	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Stock-based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

The Company previously adopted the 2011 Equity Incentive Plan of Accel Entertainment, Inc., and 2016 Equity Incentive Plan of Accel Entertainment, Inc., (collectively, “Plans”). Under the Plans, the aggregate number of shares of common stock that may be issued or transferred pursuant to options, restricted stock awards, or stock appreciation rights under the Plans will not exceed 10 percent of the outstanding shares of the Company.

In 2019, the Company adopted the Long Term Incentive Plan (the “LTIP”). The LTIP provides for grants of a variety of stock-based awards to employees and non-employees for providing services to the Company, including, but not limited to incentive stock options qualified as such under U.S. federal income tax laws, stock options that do not qualify as incentive stock options, stock appreciation rights, restricted stock awards, RSUs, PSUs, cash incentive awards, and other stock-based awards. The Company has reserved, and in January 2020 registered, a total of 6,000,000 shares of Class A-1 common stock for issuance pursuant to the LTIP, subject to certain adjustments set forth therein.

Stock-based awards are valued on the date of grant and are expensed over the required service period. Total stock-based compensation expense recognized during the years ended December 31, 2024, 2023 and 2022, was $12.2 million, $9.4 million and $6.8 million, respectively. As of December 31, 2024, and 2023, there was approximately $13.9 million and $16.1 million, respectively, of unrecognized compensation expense related to stock-based awards, which is expected to be recognized through 2028.

During the years ended December 31, 2024, 2023 and 2022, the Company recognized gross excess tax (expense) benefit from stock-based compensation of $(0.1) million, $(0.9) million, and $0.1 million, respectively. Excess tax benefits reflect the total realized value of the Company’s tax deductions from individual stock option exercise transactions and the vesting of restricted stock awards in excess of the deferred tax assets that were previously recorded.

Grant of RSUs

The Company issued 918,103 RSUs to eligible employees and Directors of the Company during the year ended December 31, 2024, which will vest over a period of 2 to 5 years for employees and a period of 1 year for Directors. The RSUs are valued using the stock price on the grant date and had an estimated grant date fair value of $9.8 million.

The following table sets forth the activities of the Company’s RSUs for the years ended December 31, 2024, 2023 and 2022.


Non-vested RSUs	Shares	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2022	1,593,729	$	11.55
Granted	569,600	$	12.16
Vested (1)	(383,088)	$	11.51
Forfeited	(361,532)	$	11.03
Nonvested at December 31, 2022	1,418,709	$	11.94
Granted	937,738	$	9.36
Vested (2)	(652,767)	$	11.11
Forfeited	(150,014)	$	11.07
Nonvested at December 31, 2023	1,553,666	$	10.81
Granted	918,103	$	10.67
Vested (3)	(765,463)	$	11.12
Forfeited	(155,269)	$	10.10
Nonvested at December 31, 2024	1,551,037	$	10.65

(1) Includes 273,358 RSUs that are vested and not issued.

(2) Includes 379,719 RSUs that are vested and not issued.

(3) Includes 522,270 RSUs that are vested and not issued.

Grant of PSUs

The Company issued 149,381 PSUs to eligible employees during the year ended December 31, 2024. The PSUs are valued using the stock price and a performance expense factor on the grant date and had an estimated grant date fair value of $1.7 million. Performance-based shares vest based upon the passage of time and the achievement of performance conditions, in an amount ranging from 0% to 200% of the grant amount, as determined by the Compensation Committee prior to the date of the award. Vesting periods for these awards are 2 to 3 years, with each year weighted equally in determining such average. The Company reviews the progress toward the attainment of the performance condition for each quarter during the vesting period. When it is probable the minimum performance condition for an award will be achieved, the Company began recognizing the expense equal to the proportionate share of the total fair value of the Class A-1 stock price on the grant date. The total expense recognized over the duration of performance awards will equal the Class A-1 stock price on the date of grant multiplied by the number of shares ultimately awarded based on the level of attainment of the performance condition. For grants with a market condition and a service condition, the fair value is determined on the grant date and is calculated using the average implied multiple using the Company’s internal forecast along with weighting of probability of award, with a service condition of three years. The total expense recognized over the duration of the award will equal the fair value, regardless if the market performance criteria is met. If the service condition is not met the stock-based compensation would be reversed.

The following table sets forth the activities of the Company’s PSUs for the years ended December 31, 2024 and 2023.


Non-vested PSUs	Shares	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2023	—	$	—
Granted	702,741	$	8.62
Adjustments for Performance Measures	(236,399)	$	8.68
Vested	—	$	—
Forfeited	—	$	—
Nonvested at December 31, 2023	466,342	$	8.62
Granted	149,381	$	11.34
Adjustments for Performance Measures	466,342	$	9.33
Vested	—	$	—
Forfeited	—	$	—
Nonvested at December 31, 2024	1,082,065	$	9.09

Grant of Stock Options

Stock options generally vest over a three to five-year period and the term of the options are a maximum of 10 years from the grant date. The exercise price of stock options shall not be less than 100% of the fair market value per share of common stock on the grant date.

The Company used the Black-Scholes formula to estimate the fair value of its stock-based payments. The volatility assumption used in the Black-Scholes formula were based on the volatility of comparable public companies. The Company determined the share price at grant date used in the Black-Scholes formula based on an internal valuation model for options granted prior to the Company going public. Upon going public, the Company used the closing market stock price on the date of grant.

The fair value assigned to each option was estimated on the date of grant using a Black-Scholes-based option valuation model. The expected term of each option granted represented the period of time that each option granted is expected to be outstanding. The risk-free rate for periods within the contractual life of the unit is based on U.S. Treasury yields in effect at the time of grant.

Starting on January 1, 2023, the Company discontinued the use of stock options as part of the LTIP and there were no stock options granted to eligible officers and employees during 2023 and 2024.

The following assumptions were used in the option valuation model for options granted during the year ended December 31 as follows:


									2022
Expected approximate volatility									60%
Expected dividends									None
Expected term (in years)									7
Risk-free rate									2.12% - 4.04%

A summary of the options granted and the range in vesting periods based on specific provisions within the option agreements during the year ended December 31, are as follows:


									2022
Options granted									315,881
Vesting period (in years)									4

The following table sets forth the activities of the Company’s outstanding stock options for the years ended December 31, 2024, 2023, and 2022.


Outstanding options	Shares	Weighted Average Grant Date Fair Value		Weighted Average Exercise Price




Outstanding at January 1, 2022	1,556,486	$	4.51	$	10.47
Granted	315,881	$	7.30	$	12.09
Exercised	(136,998)	$	2.20	$	5.93
Forfeited/expired	(436,960)	$	4.79	$	10.97
Outstanding at December 31, 2022	1,298,409	$	7.25	$	11.18
Granted	—	$	—	$	—
Exercised	(80,315)	$	1.65	$	4.67
Forfeited/expired	(58,717)	$	5.25	$	12.10
Outstanding at December 31, 2023	1,159,377	$	5.60	$	11.58
Granted	—	$	—	$	—
Exercised	(55,173)	$	1.84	$	5.24
Forfeited/expired	(37,451)	$	6.04	$	12.06
Outstanding at December 31, 2024	1,066,753	$	5.60	$	11.58

A summary of the status of the activities of the Company’s nonvested stock options for the years ended December 31, 2024, 2023 and 2022 is as follows:


Nonvested options	Shares	Weighted Average Grant Date Fair Value




Nonvested at January 1, 2022	1,411,331	$	4.77
Granted	315,881	$	7.30
Vested	(314,462)	$	4.17
Forfeited	(321,682)	$	4.86
Nonvested at December 31, 2022	1,091,068	$	5.65
Granted	—	$	—
Vested	(393,550)	$	5.54
Forfeited	(54,717)	$	5.27
Nonvested at December 31, 2023	642,801	$	5.75
Granted	—	$	—
Vested	(330,292)	$	5.69
Forfeited	—	$	—
Nonvested at December 31, 2024	312,509	$	5.76

As of December 31, 2024, and 2023, a total of 524,739 and 516,576 options with a weighted-average remaining contractual term of 4.83 and 5.7 years, respectively, granted to employees were vested. The fair value of options that vested during 2024, 2023 and 2022 was $1.9 million, $2.2 million, and $1.3 million, respectively. As of December 31, 2024, and 2023, the weighted-average exercise price of the non-vested awards was $11.92 for both years. As of December 31, 2024, and 2023, the weighted-average remaining contractual term of the outstanding awards was 5.5 years and 6.4 years, respectively. The total intrinsic value of options that were exercised during the years ended December 31, 2024, 2023 and 2022 was approximately $0.3 million, $0.5 million and $0.6 million, respectively. The aggregate intrinsic value of options outstanding as of December 31, 2024 is $0.5 million.

Business and Asset Acquisitions (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Consideration Transferred and Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the fair value of consideration transferred and the fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands):



Fair value of treasury stock issued	$	40,472


Cash and cash equivalents	$	858
Accounts receivable, net	1,477
Inventory	60
Prepaid expenses	575
Property and equipment, net	11,788
Location contracts acquired, net	17,600
Other intangible assets, net	8,600
Other assets	356
Accounts payable and other accrued expenses	(3,267)
Other long-term liabilities	(340)
Deferred income tax liability, net	(9,206)
Net assets acquired	28,501
Goodwill	$	11,971

The following table summarizes the fair value of consideration transferred and the fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands):



Cash paid	$	38,253
Consideration payable	3,348
Total consideration	$	41,601

Cash and cash equivalents	$	1,816
Accounts receivable, net	618
Inventories	38
Other current assets	29
Property and equipment, net	11,625
Location contracts acquired, net	9,200
Other intangible assets, net	22,300
Deferred income tax asset	767
Other assets	1,194
Accounts payable and other accrued expenses	(3,122)
Current maturities of debt	(60)
Debt, net of current maturities	(520)
Other long-term liabilities	(175)
Temporary equity - redeemable noncontrolling interest	(4,239)
Net assets acquired	39,471
Goodwill	2,130

The following table summarizes the fair value of consideration transferred and the fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands):



Cash paid	$	158,681
Fair value of stock issued	5,584
Total consideration	$	164,265
Cash and cash equivalents	$	33,229
Prepaid expenses	1,563
Accounts receivable	4,394
Inventories	6,441
Income taxes receivable	189
Other current assets	475
Property and equipment	29,302
Location contracts acquired	40,400
Other intangible assets	24,400
Accounts payable and other accrued expenses	(10,766)
Accrued compensation and related expenses	(1,626)
Other long-term liabilities	(446)
Deferred income tax liability	(16,646)
Net assets acquired	$	110,909
Goodwill	$	53,356

Schedule of Consideration Payable

Current and long-term portions of consideration payable consist of the following as of December 31 (in thousands):


	2024				2023
	Current		Long-Term		Current		Long-Term
TAV *	$	—	$	—	$	2,005	—
Fair Share Gaming *	969		5,493		504		92

Skyhigh *	563		4,264		528		3,941


IVSM	94		187		94		168
IGE Asset Acquisition	586		1,605		—		—

Tom's Amusements*	—		—		57		—


Island	100		—		100		—


Randy's	165		—		—		—
Toucan Gaming	474		2,892		—		—
Pelican	165		155		—		—
Total	$	3,116	$	14,596	$	3,288	$	4,201

* Acquisitions that occurred prior to 2022.

Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The Company’s debt as of December 31, consisted of the following (in thousands):


	2024		2023
Senior Secured Credit Facility (as amended):
Revolving credit facility	$	6,500	$	46,000
Term Loan	293,125		310,625
Delayed Draw Term Loan	297,750		188,750
Total borrowings	597,375		545,375
Add: Remaining premium on interest rate caplets financed as debt	1,076		2,059
Total debt	598,451		547,434
Less: Debt issuance costs	(3,072)		(4,860)
Total debt, net of debt issuance costs	595,379		542,574
Less: Current maturities	(34,443)		(28,483)
Total debt, net of current maturities	$	560,936	$	514,091

Schedule of Maturities of Total Debt

The principal maturities of total debt are as follows (in thousands):


Year ending December 31:
2025	$	34,443
2026	$	564,008




Total Debt	$	598,451

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The carrying value and estimated fair value the Company's debt as of December 31, was as follows (in thousands):


	2024		2023
Carrying value	$	598,451	547,434
Estimated fair value	$	594,955	$	543,724

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 505
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-Section 50
-Paragraph 3
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 942
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-Topic 505
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-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Chicago, Illinois
Auditor Firm ID	185

Summary of Significant Accounting Policies - Route and customer acquisition costs (Details)	Dec. 31, 2024
Customer Acquisition Costs
Change in Accounting Estimate [Line Items]
Expected useful life (in years)	18 years

Leases - Weighted Average Lease Liabilities (Details)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating leases, Weighted average remaining lease term (in years)	4 years 4 months 24 days	4 years 2 months 12 days	3 years 4 months 24 days
Finance lease, Weighted average remaining lease term (in years)	4 years 1 month 6 days	5 years 1 month 6 days
Operating Lease, Weighted average discount rate	6.46%	5.85%	3.28%
Finance lease, Weighted average discount rate	7.71%	7.71%

Stock-based Compensation - Schedule of Vested Stock Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Number of shares outstanding (in shares)	1,159,377,000	1,298,409,000	1,556,486,000
Granted (in shares)	0	0	315,881,000
Exercised (in shares)	(55,173,000)	(80,315,000)	(136,998,000)
Forfeited/expired (in shares)	(37,451,000)	(58,717,000)	(436,960,000)
Number of shares outstanding (in shares)	1,066,753,000	1,159,377,000	1,298,409,000
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, outstanding (in usd per share)	$ 5.60	$ 7.25	$ 4.51
Granted (in usd per share)	0	0	7.30
Exercised (in usd per share)	1.84	1.65	2.20
Forfeited/expired (in usd per share)	6.04	5.25	4.79
Weighted average grant date fair value, outstanding (in usd per share)	5.60	5.60	7.25
Weighted Average Exercise Price
Weighted average exercise price, outstanding (in usd per share)	11.58	11.18	10.47
Granted (in usd per share)	0	0	12.09
Exercised (in usd per share)	5.24	4.67	5.93
Forfeited/expired (in usd per share)	12.06	12.10	10.97
Weighted average exercise price, outstanding (in usd per share)	$ 11.58	$ 11.58	$ 11.18

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating loss carryforwards	$ 7,964	$ 8,015
Interest expense limitation carryforward	10,765	8,174
Stock-based compensation	4,452	3,284
Lease liabilities	2,397	2,589
Capitalized research & experimental costs	2,481	1,159
Other	3,144	2,867
Total deferred tax assets	31,203	26,088
Deferred tax liabilities:
Property and equipment	58,471	53,804
Location contracts and other intangibles	15,282	9,348
Lease assets	2,294	2,524
Interest rate caplets	1,585	3,008
Other	943	154
Deferred tax liabilities, gross	78,575	68,838
Total deferred tax liability, net	$ 47,372	$ 42,750

Debt - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2025	$ 34,443
2026	564,008
Total debt	$ 598,451	$ 547,434

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The Company recognized income tax expense of $18.4 million, $20.1 million and $20.7 million during the years ended December 31, 2024, 2023 and 2022, respectively, which consists of the following (in thousands):


	2024		2023		2022
Current provision
Federal	$	14,700	$	5,390	$	1,558
State	6,126		7,385		5,669
Total current provision	20,826		12,775		7,227
Deferred provision
Federal	(3,244)		10,278		13,743
State	856		(2,932)		(310)
Total deferred provision	(2,388)		7,346		13,433
Total income tax expense	$	18,438	$	20,121	$	20,660

A reconciliation of the “expected” income taxes computed by applying the federal statutory income tax rate to the total expense is as follows (in thousands):


	2024		2023		2022
Computed “expected” tax expense	$	11,283	$	13,802	$	19,900
Increase (decrease) in income taxes resulting from:
State income taxes	5,575		3,627		4,289
Return-to-provision	(121)		380		(132)
Change in fair value of contingent earnout shares	268		1,793		(4,104)
Permanently non-deductible transaction costs	215		51		137
Officer's compensation	221		129		177
Stock-based compensation	212		720		124
Other permanent items	589		641		343
State Rate Change	119		(724)		(121)
Other	77		(298)		47
Total income tax expense	$	18,438	$	20,121	$	20,660

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities were as follows as of December 31 (in thousands):


	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	7,964	$	8,015

Interest expense limitation carryforward	10,765		8,174
Stock-based compensation	4,452		3,284
Lease liabilities	2,397		2,589
Capitalized research & experimental costs	2,481		1,159
Other	3,144		2,867
	31,203		26,088
Deferred tax liabilities:
Property and equipment	58,471		53,804
Location contracts and other intangibles	15,282		9,348
Lease assets	2,294		2,524
Interest rate caplets	1,585		3,008
Other	943		154
	78,575		68,838

Total deferred tax liability, net	$	47,372	$	42,750

A valuation allowance is required to be established or maintained when, based on currently available information, it is more likely than not that all or a portion of a deferred tax asset will not be realized. The guidance on accounting for income taxes provides important factors in determining whether a deferred tax asset will be realized, including whether there has been sufficient taxable income in recent years and whether sufficient taxable income can reasonably be expected in future years in order to utilize the deferred tax asset.

The Company evaluated the need to record a valuation allowance for deferred tax assets based on an assessment of whether it is more likely than not that deferred tax benefits will be realized through the generation of future taxable income. Appropriate consideration was given to all available evidence, both positive and negative, in assessing the need for a valuation allowance. As a result of this evaluation, the Company concluded as of December 31, 2024, that the positive evidence outweighed the negative evidence and that it is more likely than not that its deferred tax assets will be realized.

As of December 31, 2024, and 2023, the Company did not record a liability for unrecognized tax benefits.

The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. As of December 31, 2024, the Company is subject to U.S federal income tax examinations for the years 2021 through 2023 and income tax examinations from state jurisdictions for the years 2021 through 2023.

The following table summarizes carryforwards of net operating losses as of December 31 (in thousands):


	2024		2023
	Amount	Expiration	Amount	Expiration

State net operating losses	106,110	2030	106,690	2030

Significant equity restructuring often results in an Internal Revenue Code Section 382 ownership change that limits the future use of net operating loss (“NOL”) carryforwards and other tax attributes. With regard to Century Gaming, an ownership change occurred on the date the outstanding equity interests were purchased in 2022. As a result, the Company's use of the acquired

NOLs, interest expense limitation carryforward and R&D credit carryforward on an annual basis were limited. As of December 31, 2024, only the interest expense limitation is subject to limitation. The recognition and measurement of the Company's tax benefit includes estimates and judgment by the Company's management, which includes subjectivity. Changes in estimates may create volatility in the Company's tax rate in future periods based on new information about particular tax positions that may cause management to change its estimates.

The Company has no federal general business tax credit carryforward as of December 31, 2024.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Location Contracts Acquired

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Location Contracts Acquired

Location contracts acquired in business acquisitions consist of the following as of December 31 (in thousands):


	2024		2023
Cost	$	330,903	$	286,728
Accumulated amortization	(128,285)		(110,417)
Location contracts acquired, net	$	202,618	$	176,311

Estimated amortization expense related to location contracts acquired for the next five years and thereafter is as follows (in thousands):


Year ending December 31:
2025	$	20,256
2026	20,111
2027	20,008
2028	19,962
2029	19,916
Thereafter	102,365
Total	$	202,618

Amortization expense of location contracts acquired was $17.9 million, $17.1 million and $14.8 million during the years ended December 31, 2024, 2023 and 2022, respectively.

Location contracts are tested for impairment when triggering events occur. There were no indicators of impairment of location contracts in December 31, 2024, 2023, or 2022.

Leases - Balance Sheet Classification of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Operating lease ROU asset	$ 8,526	$ 7,862
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Finance lease ROU asset	$ 1,115	$ 1,388
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accounts payable and other accrued expenses	Accounts payable and other accrued expenses
Current operating lease liability	$ 2,721	$ 2,269
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accounts payable and other accrued expenses	Accounts payable and other accrued expenses
Current finance lease liability	$ 245	$ 221
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Long-term operating lease liability	$ 6,125	$ 5,826
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Long-term finance lease liability	$ 927	$ 1,172

Fair Value Measurements - Schedule of Fair Value Measurements, Liabilities Measured on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 13,928	$ 5,484
Contingent earnout shares	33,103	31,827
Warrants		13
Total	47,031	37,324
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Contingent earnout shares	0	0
Warrants		0
Total	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Contingent earnout shares	33,103	31,827
Warrants		13
Total	33,103	31,840
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	13,928	5,484
Contingent earnout shares	0	0
Warrants		0
Total	$ 13,928	$ 5,484

Inventories

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories consists of the following as of December 31 (in thousands):


	2024		2023
Raw materials and manufacturing supplies	$	6,113	$	5,693
Finished products	2,009		1,988
Total inventories	$	8,122	$	7,681

At December 31, 2024 and 2023, no write down of inventory was determined to be necessary.

Stockholders’ Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Stockholders’ Equity

Pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation, the Company authorized and has available for issuance the following shares and classes of capital stock, each with a par value of $0.0001 per share: i) 1,000,000 shares of preferred stock; and ii) 250,000,000 shares of Class A-1 common stock.

Class A-1 Common Stock

The holders of the Class A-1 common stock are entitled to one vote for each share. The holders of Class A-1 common stock are entitled to receive dividends or other distributions when and if declared from time to time and share equally on a per share basis in such dividends and distributions subject to such rights of the holders of preferred stock.

Treasury Stock

On November 22, 2021, the Company’s Board of Directors approved a share repurchase program of up to $200 million of shares of common stock. On February 27, 2025, the Board approved an amendment to the share repurchase program to replenish the dollar amount that may be purchased under the program back to up to $200 million of shares of Class A-1 common stock (as amended, the “share repurchase program”). The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities. Under the share repurchase program, repurchases can be made from time to time using a variety of methods, including open market purchases or privately negotiated transactions, in compliance with the rules of the SEC and other applicable legal requirements. The share repurchase program does not obligate the Company to acquire any particular amount of shares, and the share repurchase program may be suspended or discontinued at any time at the Company’s discretion. As of December 31, 2024, the Company has

purchased a total of 13,855,897 shares under the share repurchase program at a total purchase price of $143.6 million, of which 2,446,700 shares at a total purchase price of $25.5 million were acquired during the year ended December 31, 2024.

In December 2024, the Company re-issued 3.1 million shares of treasury stock to complete the Fairmount acquisition at an average cost per share of $11.58. The difference between the average cost per share and the fair value of the shares issued resulted in a gain of $4.1 million, which was recorded to additional paid-in-capital on the consolidated balance sheets.

As of December 31, 2024 and 2023, the Company has reserved Class A-1 common stock for future issuance in relation to the following:


	2024	2023
Class A-1 common stock warrants issued and outstanding	—	5,144
Class A-1 common stock options, RSUs and PSUs issued and outstanding	4,222,125	3,559,104
Conversion of Class A-2 common stock	3,333,363	3,333,363
Total Class A-1 common stock reserved for issuance	7,555,488	6,897,611

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 14
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of presentation and preparation

Use of estimates

Cash and cash equivalents

Accounts receivable, net

Inventories

Derivative instruments

Investment in convertible notes

Property and equipment


			Years
Gaming terminals, software and equipment			3-13
Amusement, ATM and other equipment			7-10
Office equipment and furniture			7
Computer software and equipment			3-5
Leasehold improvements *			5
Vehicles			5
Buildings and improvements			15-29

* Leasehold improvements are amortized over the shorter of the useful life or the lease.

substantially all of the construction activities of a project are suspended, capitalization of interest will cease until such activities are resumed.

Equity method investments

Concentration of credit risk

Fair value of financial instruments

Revenue recognition / Route and customer acquisition costs

Amusement revenue represents amounts collected from machines (e.g. dart boards, digital jukeboxes, pool tables, etc.) operated at various locations and is recognized at the time the machine is used.

Manufacturing revenue represents the sale of gaming terminals and associated software and is recognized at the time the goods are delivered to the customer.

ATM fees and other revenue represents fees charged for the withdrawal of funds from the Company’s redemption terminals and stand-alone ATM machines and is recognized at the time of the transaction.


(in thousands)	2024		2023		2022
Total net revenues by state:
Illinois	$	906,572	$	867,200	$	808,652
Montana	161,698		154,402		79,639
Nevada	114,551		117,074		66,989
Nebraska	25,384		19,043		5,217
Louisiana (1)	5,445		—		—
All other	17,322		12,701		9,300
Total net revenues	$	1,230,972	$	1,170,420	$	969,797

(1) Revenues for Louisiana only represents two months of operations.

Business acquisitions / Consideration payable

Location contracts acquired

Goodwill

Impairment of long-lived assets

Contingent earnout shares liability

Leases

Stock-based compensation

Income taxes

the deferred tax asset, will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in the tax laws and rates as of the date of enactment.

Earnings per common share

Debt issuance costs

Advertising costs

Adopted and recent accounting pronouncements

Recent accounting pronouncements:

Stock-based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum percentage of common stock outstanding allowed for awards (as a percent)	10.00%
Stock-based compensation	$ 12.2	$ 9.4	$ 6.8
Unrecognized compensation expense	13.9	16.1
Excess tax benefit from share based compensation	$ (0.1)	$ (0.9)	$ 0.1
Number of shares outstanding which vested (in shares)	1,066,753,000	1,159,377,000	1,298,409,000	1,556,486,000
Fair value of vested options	$ 1.9	$ 2.2	$ 1.3
Weighted-average exercise price of non-vested awards (in usd per share)	$ 11.92
Weighted-average remaining contractual term of outstanding awards (in years)	5 years 6 months	6 years 4 months 24 days
Intrinsic value of options exercised	$ 0.3	$ 0.5	$ 0.6
Intrinsic value of options outstanding	$ 0.5
Key Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares outstanding which vested (in shares)	524,739	516,576
Weighted-average remaining contractual term (in years)	4 years 9 months 29 days	5 years 8 months 12 days
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			4 years
Award termination period (in years)	10 years
Percentage of fair market value of common stock (not less than) (as a percent)	100.00%
Options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	5 years
Options \| Class A-1 Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, number of shares authorized (in shares)					6,000,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted (in shares)	918,103,000	937,738,000	569,600,000
Estimated grant date fair value	$ 9.8
Restricted Stock Units (RSUs) \| Minimum \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	2 years
Restricted Stock Units (RSUs) \| Maximum \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	5 years
Restricted Stock Units (RSUs) \| Maximum \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	1 year
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted (in shares)	149,381,000	702,741,000
Share based compensation grants in period, total fair value	$ 1.7
Service period	3 years
Phantom Share Units (PSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	2 years
Phantom Share Units (PSUs) \| Minimum \| Performance Shares Vesting Total Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation vesting rights, percentage	0.00%
Phantom Share Units (PSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Phantom Share Units (PSUs) \| Maximum \| Performance Shares Vesting Total Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation vesting rights, percentage	200.00%

Property and Equipment, net (Details) - USD ($)	12 Months Ended
Property and Equipment, net (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 546,995,000	$ 462,960,000
Less accumulated depreciation and amortization	(238,998,000)	(202,147,000)
Total property and equipment, net	307,997,000	260,813,000
Depreciation and amortization of property and equipment	43,978,000	37,906,000	$ 29,295,000
Asset impairment charges	0	0	$ 0
Gaming terminals, software and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	415,003,000	361,662,000
Amusement, ATM and other equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	29,174,000	27,182,000
Office equipment and furniture
Property, Plant and Equipment [Line Items]
Total property and equipment	4,281,000	3,385,000
Computer software and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	23,136,000	20,592,000
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	10,151,000	8,281,000
Vehicles
Property, Plant and Equipment [Line Items]
Total property and equipment	22,974,000	19,862,000
Buildings and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	30,105,000	14,047,000
Land
Property, Plant and Equipment [Line Items]
Total property and equipment	7,718,000	2,469,000
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 4,453,000	$ 5,480,000

Summary of Significant Accounting Policies - Equity method investments (Details) - HBC Gaming LLC - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Jun. 17, 2024
Schedule of Equity Method Investments [Line Items]
Equity method investments		$ 5.0
Ownership percentage		5.00%
Triggering event ownership percentage		10.00%
Additional investment		$ 6.5
Loss from unconsolidated affiliates	$ 0.1

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

Income Taxes - Summary of Carryforwards of Net Operating Losses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
State net operating losses
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 106,110	$ 106,690

Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current provision
Federal	$ 14,700	$ 5,390	$ 1,558
State	6,126	7,385	5,669
Total current provision	20,826	12,775	7,227
Deferred provision
Federal	(3,244)	10,278	13,743
State	856	(2,932)	(310)
Total deferred provision	(2,388)	7,346	13,433
Total income tax expense	$ 18,438	$ 20,121	$ 20,660

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

+ Details

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2024 shares	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 26, 2024, Andrew Rubenstein, our President and Chief Executive Officer, entered into a pre-arranged written stock sale plan in accordance with Rule 10b5-1 (the “Rubenstein Rule 10b5-1 Plan”) under the Exchange Act, for the sale of shares of our Class A-1 common stock. The Rubenstein Rule 10b5-1 Plan was adopted during an open trading window in accordance with our insider trading policy and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Rubenstein Rule 10b5-1 Plan provides for the potential sale of up to 800,000 shares of our Class A-1 common stock, so long as the market price of our Class A-1 common stock is higher than certain minimum threshold prices specified in the Rubenstein Rule 10b5-1 Plan between March 26, 2025 and February 27, 2026. The Rubenstein Rule 10b5-1 Plan included a representation from Mr. Rubenstein to the broker administering the plan that he was not in possession of any material nonpublic information regarding us or our securities subject to the Rubenstein Rule 10b5-1 Plan at the time the Rubenstein Rule 10b5-1 Plan was entered into. A similar representation was made to us in a certification Mr. Rubenstein provided to us in connection with the adoption of the Rubenstein Rule 10b5-1 Plan under our insider trading policy. Those representations were made as of the date of adoption of the Rubenstein Rule 10b5-1 Plan or the certification, as applicable, and speak only as of those dates. In making those representations, there is no assurance with respect to any material nonpublic information of which the officer , was unaware, or with respect to any material nonpublic information acquired by the officer or director, as applicable, or us after the applicable date of the representation. Once executed, transactions under the Rubenstein Rule 10b5-1 Plan will be disclosed publicly through Form 4 and/or Form 144 filings with the Securities and Exchange Commission in accordance with applicable securities laws, rules, and regulations. Except as may be required by law, we do not undertake any obligation to update or report any modification, termination, or other activity under current or future Rule 10b5-1 plans that may be adopted by Mr. Rubenstein or our other officers or directors.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Andrew Rubenstein [Member]
Trading Arrangements, by Individual
Name	Andrew Rubenstein
Title	President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 26, 2024
Expiration Date	February 27, 2026
Arrangement Duration	338 days
Aggregate Available	800,000	800,000

Business and Asset Acquisitions - Narrative- 2023 Acquisitions (Details) $ in Thousands					12 Months Ended
	May 01, 2024 USD ($) location day	Dec. 27, 2023 USD ($) day	Oct. 03, 2023 USD ($) location	May 23, 2023 USD ($) location	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Feb. 13, 2023 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Goodwill					$ 116,252	$ 101,554		$ 100,707
Rendezvous Casino and Burger Bar
Business Acquisition [Line Items]
Total purchase price							$ 2,600
Location contracts acquired							800
Land							500
Buildings							400
Video game terminals and equipment acquired							100
Goodwill							$ 800
Illinois Video Slot Management
Business Acquisition [Line Items]
Asset acquisition, consideration transferred		$ 1,000
Cash paid		700
Asset acquisition, consideration transferred, contingent consideration		$ 300
Number of installments \| day		3
Asset acquisition location contracts		$ 900
Illinois Video Slot Management \| Gaming Equipment
Business Acquisition [Line Items]
Asset acquisition for gaming equipment					100
Illinois Video Slot Management \| Third Anniversary
Business Acquisition [Line Items]
Asset acquisition, annual payment		100
Illinois Video Slot Management \| Second Anniversary
Business Acquisition [Line Items]
Asset acquisition, annual payment		100
Illinois Video Slot Management \| First Anniversary
Business Acquisition [Line Items]
Asset acquisition, annual payment		$ 100
Illinois Gaming Entertainment
Business Acquisition [Line Items]
Asset acquisition, consideration transferred	$ 13,500			$ 1,500
Cash paid	11,400
Asset acquisition, consideration transferred, contingent consideration	$ 2,100				$ 2,200
Number of installments \| day	3
Asset acquisition location contracts	$ 11,600		$ 2,000	1,100
Asset acquisition for gaming equipment	$ 1,600		300	$ 400
Number of locations \| location	16			4
Illinois Gaming Entertainment \| Third Anniversary
Business Acquisition [Line Items]
Asset acquisition, consideration transferred, contingent consideration	$ 600
Illinois Gaming Entertainment \| Second Anniversary
Business Acquisition [Line Items]
Asset acquisition, consideration transferred, contingent consideration	600
Illinois Gaming Entertainment \| First Anniversary
Business Acquisition [Line Items]
Asset acquisition, consideration transferred, contingent consideration	$ 600
IGE Asset Acquisition
Business Acquisition [Line Items]
Asset acquisition, consideration transferred			$ 2,300
Number of locations \| location			3

Cost Associated with Gaming Terminals (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Gaming Terminal Fees [Abstract]
Video gaming terminal fees, tax and administrative fee	$ 333.7	$ 312.2	$ 281.6
Licensed video gaming location net terminal income share	$ 487.2	$ 466.4	$ 359.4

Description of Business	12 Months Ended
Description of Business	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Accel Entertainment, Inc. (and together with its subsidiaries, the “Company” or “Accel”) is a leading distributed gaming and local entertainment operator in the United States (“U.S.”). The Company has operations in Illinois, Montana, Nevada, Nebraska, Georgia, Iowa, Louisiana, and Pennsylvania. The Company is subject to the various gaming regulations in the states in which it operates, as well as various other federal, state and local laws and regulations. The Company’s business primarily consists of the installation, maintenance, operation and servicing of gaming terminals and related equipment, redemption devices that disburse winnings and contain automated teller machine (“ATM”) functionality, and amusement devices in authorized non-casino locations such as restaurants, bars, taverns, convenience stores, liquor stores, truck stops, and grocery stores. The Company also operates stand-alone ATMs in gaming and non-gaming locations.

Leases - Narrative (Details) - USD ($)	12 Months Ended
Leases - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Finance leases expenses	$ 300,000	$ 100,000	$ 0
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	13 years

CONSOLIDATED STATEMENTS OF OPERATIONS and COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Income taxes for unrealized (loss) gain on interest rate caplets	$ (1,428)	$ (1,618)	$ 4,693

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following is a roll forward of the Company's goodwill (in thousands):




Goodwill balance as of January 1, 2023	$	100,707
Addition to goodwill for acquisition of Rendezvous	847
Goodwill balance as of December 31, 2023	$	101,554
Addition to goodwill for acquisition of Jorgenson's Lounge	306
Addition to goodwill for acquisition of Lucky 7s	145
Addition to goodwill for acquisition of 24th Street Station	146
Addition to goodwill for acquisition of Toucan Gaming	2,130
Addition to goodwill for acquisition of Fairmount	11,971
Goodwill balance as of December 31, 2024	$	116,252

Schedule of Location Contracts Acquired

Location contracts acquired in business acquisitions consist of the following as of December 31 (in thousands):


	2024		2023
Cost	$	330,903	$	286,728
Accumulated amortization	(128,285)		(110,417)
Location contracts acquired, net	$	202,618	$	176,311

Other intangible assets, net consist of the following as of December 31 (in thousands):


		2024						2023
	Amortization Period	Gross Carrying Amount		Accumulated Amortization (1)		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

Customer Relationships	7 years	$	6,800	$	(3,325)	$	3,475	$	6,800	$	(1,538)	$	5,262
Software Applications	8 years	7,800		(2,519)		5,281		7,800		(1,544)		6,256
Trade Names	20 years	11,700		(1,265)		10,435		9,800		(776)		9,024
Operating licenses	Indefinite	34,749		N/A		34,749		2,810		N/A		2,810
		$	61,049	$	(7,109)	$	53,940	$	27,210	$	(3,858)	$	23,352

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Route and Customer Acquisition Costs (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Route and Customer Acquisition Costs

Route and customer acquisition costs consist of the following as of December 31 (in thousands):


	2024		2023
Cost	$	39,204	$	33,855
Accumulated amortization	(15,946)		(14,667)
Route and customer acquisition costs, net	$	23,258	$	19,188

Schedule of Future Amortization Expense

Estimated amortization expense related to route and customer acquisition costs for the next five years and thereafter is as follows (in thousands):


Year ending December 31:
2025	$	2,541
2026	2,472
2027	2,383
2028	2,258
2029	1,885
Thereafter	11,719
Total	$	23,258

Estimated amortization expense related to location contracts acquired for the next five years and thereafter is as follows (in thousands):


Year ending December 31:
2025	$	20,256
2026	20,111
2027	20,008
2028	19,962
2029	19,916
Thereafter	102,365
Total	$	202,618

Stock-based Compensation - Schedule of Assumptions for Options Granted (Details)	12 Months Ended
	Dec. 31, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free rate, minimum	2.12%
Risk-free rate, maximum	4.04%
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected approximate volatility	60.00%
Expected dividends	$ 0
Expected term (in years)	7 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense


	2024		2023		2022
Current provision
Federal	$	14,700	$	5,390	$	1,558
State	6,126		7,385		5,669
Total current provision	20,826		12,775		7,227
Deferred provision
Federal	(3,244)		10,278		13,743
State	856		(2,932)		(310)
Total deferred provision	(2,388)		7,346		13,433
Total income tax expense	$	18,438	$	20,121	$	20,660

Schedule of Reconciliation of Expected Income Taxes

A reconciliation of the “expected” income taxes computed by applying the federal statutory income tax rate to the total expense is as follows (in thousands):


	2024		2023		2022
Computed “expected” tax expense	$	11,283	$	13,802	$	19,900
Increase (decrease) in income taxes resulting from:
State income taxes	5,575		3,627		4,289
Return-to-provision	(121)		380		(132)
Change in fair value of contingent earnout shares	268		1,793		(4,104)
Permanently non-deductible transaction costs	215		51		137
Officer's compensation	221		129		177
Stock-based compensation	212		720		124
Other permanent items	589		641		343
State Rate Change	119		(724)		(121)
Other	77		(298)		47
Total income tax expense	$	18,438	$	20,121	$	20,660

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities were as follows as of December 31 (in thousands):


	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	7,964	$	8,015

Interest expense limitation carryforward	10,765		8,174
Stock-based compensation	4,452		3,284
Lease liabilities	2,397		2,589
Capitalized research & experimental costs	2,481		1,159
Other	3,144		2,867
	31,203		26,088
Deferred tax liabilities:
Property and equipment	58,471		53,804
Location contracts and other intangibles	15,282		9,348
Lease assets	2,294		2,524
Interest rate caplets	1,585		3,008
Other	943		154
	78,575		68,838

Total deferred tax liability, net	$	47,372	$	42,750

Schedule of Carryforwards of Net Operating Losses

The following table summarizes carryforwards of net operating losses as of December 31 (in thousands):


	2024		2023
	Amount	Expiration	Amount	Expiration

State net operating losses	106,110	2030	106,690	2030

Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Operating leases
2025	$ 3,306
2026	2,437
2027	1,494
2028	1,082
2029	1,082
Thereafter	997
Total	10,398
Less: present value discount	(1,552)
Total lease liability	8,846
Finance leases
2025	322
2026	329
2027	335
2028	342
2029	29
Thereafter	0
Total	1,357
Less: present value discount	(185)
Total lease liability	$ 1,172

Inventories (Tables)

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consists of the following as of December 31 (in thousands):


	2024		2023
Raw materials and manufacturing supplies	$	6,113	$	5,693
Finished products	2,009		1,988
Total inventories	$	8,122	$	7,681

Business and Asset Acquisitions - Narrative- 2024 Acquisitions (Details) $ in Thousands, shares in Millions												12 Months Ended
	Dec. 23, 2024 USD ($)	Dec. 02, 2024 USD ($) shares	Nov. 21, 2024 USD ($)	Nov. 01, 2024 USD ($)	Sep. 19, 2024 USD ($)	Jun. 26, 2024 USD ($)	May 01, 2024 USD ($) location day	Feb. 22, 2024 USD ($) location	Jan. 10, 2024 USD ($)	May 23, 2023 USD ($) location	Jun. 01, 2022 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Oct. 03, 2023 USD ($)
Business Acquisition [Line Items]
Contingent consideration liability												$ 3,400
Goodwill												116,252	$ 101,554	$ 100,707
Bayou
Business Acquisition [Line Items]
Asset acquisition for gaming equipment			$ 100
Asset acquisition location contracts			400
Asset acquisition, consideration transferred			500
Xtreme
Business Acquisition [Line Items]
Asset acquisition location contracts				$ 1,400
Asset acquisition, consideration transferred				1,500
Asset acquisition, redemption equipment				100
Illinois Gaming Entertainment
Business Acquisition [Line Items]
Asset acquisition for gaming equipment							$ 1,600			$ 400						$ 300
Asset acquisition location contracts							11,600			1,100						$ 2,000
Asset acquisition, consideration transferred							13,500			$ 1,500
Asset acquisition, redemption equipment							300
Cash paid							$ 11,400
Number of locations \| location							16			4
Number of installments \| day							3
Asset acquisition, consideration transferred, contingent consideration							$ 2,100					2,200
Illinois Gaming Entertainment \| First Anniversary
Business Acquisition [Line Items]
Asset acquisition, consideration transferred, contingent consideration							600
Illinois Gaming Entertainment \| Second Anniversary
Business Acquisition [Line Items]
Asset acquisition, consideration transferred, contingent consideration							600
Illinois Gaming Entertainment \| Third Anniversary
Business Acquisition [Line Items]
Asset acquisition, consideration transferred, contingent consideration							600
Illinois Gaming Entertainment \| Fourth Anniversary
Business Acquisition [Line Items]
Asset acquisition, consideration transferred, contingent consideration							$ 700
Great Lakes Vending
Business Acquisition [Line Items]
Asset acquisition location contracts								$ 1,200
Asset acquisition, consideration transferred								$ 1,300
Number of locations \| location								1
Asset acquisition, gaming and redemption equipment								$ 100
Doc & Eddy’s
Business Acquisition [Line Items]
Asset acquisition, consideration transferred									$ 2,300
Asset acquisition, recognized identifiable assets acquired and liabilities assumed, buildings									1,000
Asset acquisition recognized identifiable assets acquired and liabilities assumed intangibles									900
Asset acquisition, recognized identifiable assets acquired and liabilities assumed, land									$ 400
Randy's
Business Acquisition [Line Items]
Total consideration	$ 300
Cash paid	100
Contingent consideration liability	200
Asset acquisition for gaming equipment	100
Asset acquisition location contracts	$ 200
Fairmont Holdings
Business Acquisition [Line Items]
Total consideration		$ 40,500
Cash election (in shares) \| shares		3.5
Goodwill		$ 11,971
Acquisition related costs												1,800
Revenue												1,400
Net income												100
Pelican
Business Acquisition [Line Items]
Total consideration			1,800
Cash paid			1,500
Contingent consideration liability			300
Asset acquisition for gaming equipment			300
Asset acquisition location contracts			$ 1,500
Century
Business Acquisition [Line Items]
Total consideration											$ 164,265
Cash paid											158,681
Goodwill											$ 53,356
Acquisition related costs														300	$ 1,300
Revenue														146,600
Net income														$ 4,000
Toucan Gaming
Business Acquisition [Line Items]
Total consideration				41,601
Cash paid				38,253									$ 4,600
Contingent consideration liability				3,348
Goodwill				$ 2,130
Acquisition related costs												300
Revenue												5,400
Net income												$ 300
Ownership percentage				85.00%
24th Street Station Casino
Business Acquisition [Line Items]
Total consideration					$ 800
Goodwill					100
Indefinite-lived gaming license intangible assets acquired					700
Lucky 7’s Beverages
Business Acquisition [Line Items]
Total consideration					800
Goodwill					100
Indefinite-lived gaming license intangible assets acquired					$ 700
Jorgenson's Lounge
Business Acquisition [Line Items]
Total consideration						$ 1,100
Goodwill						300
Indefinite-lived gaming license intangible assets acquired						$ 800

Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating cash flows for operating leases	$ 3,034	$ 2,659	$ 1,525
Operating cash flows for finance leases	95	9	0
Financing cash flows for finance leases	221	17	0
Total cash paid for lease liabilities	3,350	2,685	1,525
Operating leases	$ 3,383	5,508	$ 5,602
Finance leases		$ 1,411

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Depreciation has been computed using the straight-line method over the following estimated useful lives:


			Years
Gaming terminals, software and equipment			3-13
Amusement, ATM and other equipment			7-10
Office equipment and furniture			7
Computer software and equipment			3-5
Leasehold improvements *			5
Vehicles			5
Buildings and improvements			15-29

* Leasehold improvements are amortized over the shorter of the useful life or the lease.

Property and equipment, net consists of the following as of December 31 (in thousands):


	2024		2023
Gaming terminals, software and equipment	$	415,003	$	361,662
Amusement, ATM and other equipment	29,174		27,182
Office equipment and furniture	4,281		3,385
Computer software and equipment	23,136		20,592
Leasehold improvements	10,151		8,281
Vehicles	22,974		19,862
Buildings and improvements	30,105		14,047
Land	7,718		2,469
Construction in progress	4,453		5,480
Total property and equipment	546,995		462,960
Less accumulated depreciation and amortization	(238,998)		(202,147)
Total property and equipment, net	$	307,997	$	260,813

Summary of Significant Accounting Policies - Accounts receivable (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 0.7	$ 0.1