2026年第一季度体育科技报告

.dralkestar,connSPORTS

TECHMARKETQ1

2026NEWYORK

I

LONDON

I

LOS

ANGELES

I

PARIS

I

MUNICHSAN

FRANCISCO

I

BERLIN

⃞

DUBAI*DrAkesTAR

STRICTLY

CON

I

tEeN:TSILmetransactionsexecuted

bycurrent

DrakeStar

Partnersemployeeswhile

employed

at

other

firms

wwwdrakestarcom2EXCLUSIVEINTERVIEWJEFF

ROTHPARTNEREXCLUSIVEINTERVIEWGregoryBedrosianCEOTheRiseofYouthSportsandOpportunities

AheadPatrikOlssonCEODEV

BAJAJCHIEF

STRATEGYOFFICERMOHIT

PAREEKPARTNERMOHIT

PAREEKPARTNERPeterFrintzillasCEOCEOTimMacKinnonPartner2025The

NewAthlete

Economy:

NIL,CollegeSports,andtheFrom

Growthto

Exit:

M&AReadiness

inthe

SportsTechNextWaveofCapitalConsolidationWave4SELECTATTENDEESs

portico$⃞Bain

capital口ARES

philo

BACKLIGHTLovess

pondher

terbgr

wwn

ua

DEAL

IYO

Morgan

stanleysimplebet

zoo

mphDRAKE

STARAnnualinvestmentindustryleadershipsummitin

NYC•Preeminent,“must-attend”eventforsports,mediaand

entertainment

professionals•200+invitation-only

C-Suiteattendeescomprisedof

leading

growth

stagefirms,strategic

buyers,

Venture

Capital

and

Private

Equity

firmsANNUAL

MEDIA

AND

ENTERTAINMENTSUM

MTC-SU1TE

EVENT

FOR

SPORTS,

MEDIA

AND

ENTERTAINMENT

INVESTMENT

INDUSTRYAsh

ish

DesaiEVPJeffRothpartnersam

HallspartnerMedhinisrinivasanprincipalRyanMooreFounderSummitGregoryBedrosianDRAKESTARCEOpeter

Frint

zilla

sCETim

Mackin

nonCEORob

Freeman

partner&co

Headpatrik

olssonCEOpro

sk

auer》shut

ers

tr,

ck-.dralkestar,connPANELISTStnw

spoRTSNBcuniversalKKRDMGT5*DrAkesTARwww.drakestar.com

6Q1,26SUMMARY•With

over

$130Bin

disclosed

value

across

239

deals,

Q1’26

was

anotherblockbuster

quarter,

with

mega-cap

media

transactions,

active

platform

M&A,

substantial

growth

capital

converging

across

the

ecosystemandcontinuedstrongconsolidationmomentumin

smallto

mid

size

segment.•Record-value

IPL

franchise

sales

(RCB

at

about

$1.78B

and

RR

at

roughly

$1.63B)

plus

CVC’s

over

$4B

Global

Sport

Group

financing

in

Q1furtherunderscores

sports’

rapid

institutionalization,

acceleratingcapitalinto

media,dataandfan-engagementinfrastructurearoundpremium

rights.•

M&A

activity

continues

to

be

strong

with

over

$115B

in

disclosed

deal

value

over

107

announced

deals.

Large

strategic

and

buy-and-build

deals

underpinned

activity,

including

Paramount

Skydance

finallywinningthe

biddingwaronWarner

Bros($110B),

Playlist’s

mergerwith

EGYM

(combinedentity

valued

at

$7.5B),

Genius

Sports’

acquisition

of

Legend

($1.2B),

GTCR’s

platform

play

in

youth

sports

with

LiveBarnandTeamworks’acquisitionofPro

Football

Focus’senterprisebusiness.•

$2.9B

in

privatefinancingswere

raised

over

117fund

raises,

closelytrackingto

the

numbers

from

Q1

lastyear.Growthand

late-stagefinancings

remained

robust,

led

by

Kalshi’s

$1B

round

(~22Bvaluation),Polymarket’s$600M

strategic

investment

from

ICE,WHOOP’s$575M

Series

G($10B

valuation),Novig’s$75MSeriesB,and

additionalcapital

intofanengagementand

performance

platformssuchas

Kings

League($63M)andTemple($54M).•

80%

offinancing

dealswerefor

early-stage

companies,

reinforcing

investor

interest

inthesports

tech

growthandgrass

root

level

investments.Top

investors

(last

12

months)focusedonearly-to-late-stage

financings

include

Discerning

Capital,

Forerunner,

Lead

and

Bolt

Ventures,

while

seed

stage

investmentactivitywas

ledbyAlumniVentures,

Elysian

ParkVentures,andGCV.•

Sportstechcontinuestoattract

consistent

inflowof

capital

with

over

$4B

of

new,

sports-focusedfunds

and

mandates

in

Q1,

including

Otro

Capital’s

$1.2B

debut

buyout

fund,

Bruin

Capital

doubling

down

with

$1B

new

funds

(N26

and

TJC)

and

Athvance

Capital’s

targeted

$585M

fund

for

emerging

and

under-commercializedsportsassets.•Inpublicmarkets,Versant,theComcastspin-off,wentpublic,creating

a

new

pure-play,sports-

adjacent

media

platform,

raising

~3.8B

in

debtwith

a

major

chunk

of

it

used

to

payback

Comcast

and

ANTASportsbecamethelargestshareholderin

Puma,acquiring

29.06%for$1.8B.BlackstoneEG

Y

MGTCR

cres

wwoexsai.

io

Hun

aINkal

shi

COAT

UE目poly

market自cola

borativeFund。VIGsfALIGNMENTGROWTHrifoe9

VERS人NT

STRONG

DEALACTIVITY

IN

SPORTS

TECHTHRIVING

M&A

MARKET!$13

1B$114

6B15117Note:

DrakeStardidnotactasfinancialadvisoronthetransactionslistedonthis

pageSource:Pitchbook,Capital

IQ,

news

publications,pressreleases,DrakeStaranalysis

Private

PlacementsQ12026DEAL

COUNTQ12026DEAL

VALUE*DrAkesTARNote:

M&A

deals

includeannounced

and/or

closed

dealsTotal–$130.6BTEMPLE.dralkestar,connTotal–239Public

MarketsM&A107

wwwdrakestarcom

Sources:Pitchbook,Capital

IQ,

newspublications,pressreleases,Drake

Staranalysis•WarnerBros.

Discovery,theglobalmedia

company

behindTNT

Sports

and

Eurosport,entered

into

a

definitive

agreementto

be

acquiredby

ParamountSkydance

atanenterprisevalueofapproximately$110B.•EGYM,thefitnesstechnologycompanyofferingsmartgymequipment,connectedtrainingsoftware,andcorporatewellnesssolutions,announcedamergerwith

Playlist

inatransactionvaluingthecombinedenterpriseat$7.5B.•Legend,aglobaldigitalsportsandgaming

media

network,

entered

into

a

definitive

agreementto

be

acquired

by

Genius

Sports

in

atransactionvaluedatupto$1.2B.•LiveBarnwasacquiredbyGTCR-backedAscent

Sports

Group

in

a

deal

reportedlyvalued

at

approximately

$400M.•Pro

FootballFocus’senterprisebusinesswasacquired

by

Teamworks

in

a

deal

reportedlyvalued

at

~$100M.•ai.io,anAIscoutinganddevelopmentapp,wasacquired

througha

controlling-stake

investment

by

PIF-backed

HUMAIN,

which

launchedHUMAIN

Sportfollowingthetransaction.•Kalshi,aleading

predictionmarket

platform,

raisedapproximately

$1B

in

a

funding

round

led

by

Coatue

Management

at

a

valuationof

about

$22B,toaccelerateusergrowthandplatformexpansion.•Polymarket,aleading

prediction

market

platform,

received

a

$600M

strategic

investmentfrom

Intercontinental

Exchange,the

parentcompanyofthe

NewYorkStock

Exchange,toexpand

itsevent-basedtradingplatformanddrive

institutionaladoption.•WHOOP,a

leadingwearablehealthandfitnesscompany,raised

$575M

ina

Series

G

funding

round

led

by

Collaborative

Fund

at

a

valuationofapproximately$10.1B,tosupportglobalexpansion.•Novig,afast-growingsportsprediction

market

platform,

raised

$75M

in

a

Series

B

round

led

by

Pantera

Capital

at

a

valuation

ofapproximately$500M,toaccelerateproductdevelopmentandplatformliquidity.•Kings

League,acreator-ledsportscompetitionfoundedby

Gerard

Piqué,

raised

$63M

ina

funding

round

led

by

Alignment

Growth.•Temple,a

brain-monitoringwearablestartup,raised$54M

inafriends-and-family

round

includingSteadview

Capital,

InfoEdgeVentures,andPeakXVPartnersatavaluationofapproximately$190M,to

develop

itstechnology.CVCCapitalPartners’GlobalSportGroup

secured~€3.7B

infinancingfrom

KKRand

PIMCO,

combiningdebt

and

preferredequity

to

fundgrowthandacquisitions.Versantraisedapproximately$3.8B

intotaldebtofwhich$2.25Bofthecash

proceedswas

usedas

a

payment

backto

Comcastforassetscontributedinrelationtothespin-off.ANTASportsacquireda29.06%stakein

PumafromGroupeArtémisfor€1.5B

in

cash,

making

itthe

company’s

largestshareholder.Gabelli

FundslaunchedtheGabelliOpportunitiesinLiveand

Sports

ETF

(NYSE:

GOLS),

an

actively

managedfund

offeringexposure

to

theglobalsportsandliveentertainmentecosystem.kal

shi

COAT

UE马poly

market

自collaborative

Fund

n//ALIGNMENTGROWTHTEMPLE

呢eakxvSPORTS

TECH

KEY

HEADLINESQl

2026FinancingSpin-OffMinorityStakeETF

LaunchNote:

DrakeStardidnotactasfinancialadvisoronthetransactionslistedonthis

page※DRAKESTARVERS人NTLeE

anGTCRai.

ioINVESTORE

G

Y

MTARGET••••8

Media&

Broadcasting

41%

DataAnalytics

Sponsorship&Venues$10.0B74951131272342$1.9B$2.5BM&A

ACTIVITY:

Q1

2026STRONG

M&A

DEALACT

IVTYWTH

107ANNOUNCED

DEALS$60.8B$7.1B$2.2B$0.0BQ124Q224Q324Q424Q125Q225Q325Q425Q126$29.5B$20.8B$9.4BNote:

M&Adealsincludeannouncedand/orcloseddealsDrakeStardidnotactasfinancialadvisorontransactionslistedonthis

pageFan

Engagement/ExperienceWearables&

Performance

Enhancement122111

109

109

111

107131111102$12.1B$3.3BSource:Pitchbook,Capital

IQ,

news

publications,pressreleases,DrakeStaranalysisDEALCOUNT

BYSEGMENTDEAL

COUNT

BY

GEODEALVALUEBY

GEO*u

North

America

u

Europe

u

Asia

and

Others*WBDremovedfromcalculationDEALVALUE

BYSEGMENT*DrAkesTAREsports,Fantasy,&

BettingTotal

-$4.6B.dralkestar,connTotal

-

107Total

-

107$114.6BQ126*Q125$120B40%56%55%10$110BACQUISITIONBY•ParamountSkydanceentered

intoa

definitiveagreementtoacquireWarnerBros.

Discovery,valuing

WBDatapproximately$81Bin

equityvalue.•Thetransactionis

backedby$47Bofnew

equity

and$54Bofdebtcommitments,andisexpectedto

createa

broadersportsand

mediaportfoliospanningCBSSports,TNTSports,and

Eurosport.February2026•LiveBarn,a

provideroflive

and

on-demandvideoand

analyticsforyouthandamateursports,wasacquired

byGTCR-backedAscentSportsGroupin

a

dealreportedlyvaluedatapproximately$400M.•

ThedealmarkedAscent’sfirstacquisitionfollowing

its

formationbyGTCRandGary

Swidler,

withAres

Credit

remaininganinvestorin

LiveBarn

post-transaction.March2026$2.5B*MERGER•Playlist,theparent

company

of

Mindbody,

Booker,

and

ClassPass,announcedamergerwith

EGYM

inatransactionvaluingthecombinedenterpriseat$7.5B.•

Thetransactionincluded$785Mof

new

equityfinancingledbyAffinity

Partners,with

participationfrom

Vista

Equity

Partners,Temasek,and

LCatterton.EGYM

becameasubsidiaryofPlaylist

uponclosing.January2026~$100MACQUISITIONBY•

Teamworksacquired

Pro

Football

Focus’senterprise

business,including

itsfootballdataand

analyticsplatformusedby

NFLteamsand

collegiate

programs.•PFF’sconsumerbusinessremained

independent,while

Cris

Collinsworth

andPFF’s

minority

investors

became

Teamworksshareholdersthroughthetransaction.March2026

wwwdrakestarcom

Source:Pitchbook,Capital

IQ,

Dealroom,news

publications,pressreleases,Drake

Staranalysis•HUMAIN,a

PIF-backedAIcompany,

acquired

acontrollingstakeinai.io,a

London-basedAIand

sports

technologycompany,andlaunched

HUMAIN

Sport.•

Theacquisitionestablished

HUMAIN’ssportstechnologyverticalandis

intendedtoacceleratethe

deploymentofAI-drivensportssolutions

inSaudiArabiaandinternational

markets.February2026*Estimateddealsize•GeniusSportsenteredinto

a

definitive

agreementto

acquire

Legend,aglobaldigitalsportsandgamingmedianetwork,inatransactionvalued

at

up

to

$1.2B.•

Theconsiderationincludes$900M

payable

atclosing

andanearnoutofupto$300M,with

the

acquisitionexpectedtoexpandGeniusSports’

mediaand

advertisingcapabilities.February2026

ACQ

4I

I

I

N

BY

GTCROMT0S0U$SELECT

M&A

DEALS:

Q12026107DEAL

SAND

$114.6B

IN

DISCLOSED

DEALACTIVITYNote:

DrakeStardidnotactasfinancialadvisorontransactionslistedonthis

page$1.2BACQUISITIONBY化ec

eND※DRAKESTARil

pLAYLISTai.

ioE

G

Y

MACQUISITIONBY10Media&

Broadcasting------Feb-26Media&

Broadcasting------Jan-26DataAnalytics------Jan-26ilkR

LAPMedia&

Broadcasting------Jan-2640Double

pointWearables&

Performance

Enhancement------Mar-26

DataAnalytics$100--

--Mar-26※DRAKESTAR

Note:

DrakeStardid

notactasfinancialadvisoron

transactions

listed

on

this

pageSource:

Pitchbook,Capital

IQ,

DrakeStarResearch,

DealroomTOP1O

M&A

TRANSACTIONS*7.5xonafullysynergized

‘26E

basis*EstimateddealsizeWearables&

Performance

EnhancementFan

Engagement/

Experience$110,0002.9x

12.6x*DEAL

SIZE($M)ACQUIRER

COUNTRYLe

Earn化ec

eNDMedia&

BroadcastingMedia&

Broadcasting

*GTCRACQUIRERSUBSECTORi

pLAYLISTEV/EBITDACOMPANYCOUNTRYEV/REVMar-26Feb-26Feb-26Jan-26$1,200$2,500DATE$4004.1x8.0x--------Fan

Engagement/ExperienceWearables&

Performance

Enhancement21%

14%Esports,Fantasy,&

Betting712981010141847PRIVATE

PLACEMENTSACTIVITY:

Q12026$2.9B

INVESTED

IN

117

DEALS$0.3B$2.3B162154141109Note:

DrakeStardidnotactasfinancialadvisorontransactionslistedonthis

pageSource:Pitchbook,news

publications,pressreleases,DrakeStaranalysis Sponsorship&Venues$2.9B$1.5B

Media&

Broadcasting134121$8.8BQ124Q224Q324Q424Q125Q225Q325Q425Q126DEALCOUNT

BYSEGMENTDEALCOUNT

BY

STAGE$2.7B$1.2B

DataAnalyticsDEALVALUE

BY

STAGEDEALVALUE

BYSEGMENT*DrAkesTAR

EarlyStage

Late

StageTotal-

$2.9B174

172.dralkestar,connTotal

-

117Total

-

117Mid

Stageal$0.7B$1.2B$1.3B$1.4B$0.3BQ125Q12640%24%15%16%15%12%12%12%1179%9%18$1BFUNDRAISELED

BY•Kalshi,aleading

prediction

market

platform,

raised

approximately$1Binafunding

round

led

by

Coatue

Managementatavaluationofabout$22B.•

Thecompanyhasseenrapid

growth

in

event-based

trading,withweeklyvolumessurpassing$1Baspredictionmarketsgainmainstream

adoption.March2026$75MFUNDRAISELED

BY•Novig,afast-growingsportsprediction

market

platform,

raised$75M

inaSeries

B

round

led

by

Pantera

Capital

atavaluationofapproximately$500M.•

Thecompanyoffersapeer-to-peersportsprediction

marketplacewithzero

houseedge,allowing

usersto

tradedirectlyagainstoneanother

ratherthan

abookmaker.February2026$600MFUNDRAISEFROM•Intercontinental

Exchange,theparentcompanyofthe

NewYorkStock

Exchange,invested$600M

inpredictionmarketplatform

Polymarketas

part

of

its

latestfundinground•Theplatform

hasseenrapidgrowth

in

event-based

trading,withover$21Bintrading

volume

recorded

in

2025.March2026$63MFUNDRAISELED

BY•Kings

League,acreator-ledsports

competitionfoundedbyGerardPiqué,

raised

$63M

in

afunding

roundled

byAlignmentGrowth.•TheinvestmentwillsupportKings

League's

next

phase

ofgrowth,aimedatexpandingthe

Kings

LeagueandQueensLeagueplatformsglobally,

including

launchingin

the

U.S.February2026

wwwdrakestarcom

Source:Pitchbook,news

publications,pressreleases,DrakeStaranalysis$54MFUNDRAISELED

BY•

Temple,abrain-monitoringwearablestartup,raised$54Minafriends-and-familyround

including

Steadview

Capital,

InfoEdgeVentures,and

PeakXV

Partnersata

valuationofapproximately$190M.•

Thecompanyisdevelopingawearablefocused

ontrackingcerebralbloodflowand

neurologicalsignals,

targetingperformanceoptimization.February2026$575MFUNDRAISELED

BY•

WHOOP,aleadingwearable

healthandfitnesscompany,

raised$575M

inaSeries

Gfunding

round

ledbyCollaborative

Fund

at

a

valuation

ofapproximately$10.1B.•

Thefundingwill

helpthecompanyexpandacrossEurope,theGCC,

LatinAmerica,andAsia,aswell

as

fuelingfurtherU.S.

growth.March2026SELECT

PRIVATE

PLACEMENTS:

Q12026117DEAL

SAND

$2.9B

INDISCLOSED

FUNDINGNote:

DrakeStardidnotactasfinancialadvisorontransactionslistedonthis

page马poly

market自

collaborative

Fund※DRAKESTARkal

shiTEMPLECOAT

UEn//ALIGNMENTGROWTH13.dralkestar,connWearables&

Performance

Enhancement$54$190Feb-26Wearables&

Performance

Enhancement$50$1,500tether.Mar-26Wearables&

Performance

Enhancement$47$1,600Mar-26DataAnalytics$45--Mar-26Fantasy,

Esports&

Betting$35--Jan-26

Fan

Engagement/Experience$63

--

Feb-26

TOP1O

DISCLOSED

FUNDING

ROUNDSQl

2026(1)Post-moneyvaluation(2)Note:Selecteddealsonly.

DrakeStardidnotactas

financialadvisoron

transactions

listed

on

this

page.Source:Pitchbook,news

publications,pressreleases,DrakeStaranalysisWearables&

Performance

EnhancementDEALVALUE($M)自

collaborative

Fund马poly

market*DrAkesTARSELECT

INVESTOR(S)Fantasy,

Esports&

BettingFantasy,

Esports&

BettingFantasy,

Esports&

BettingCOAT

UEkal

shiVALUATION

(1)SUBSECTORCOMPANYCOUNTRY$10,100$22,000Mar-26Mar-26Mar-26Feb-26$1,000DATE$575$600$500$7514--

wwwdrakestarcom

1,200PrivateEquity1,000PrivateEquity585*PrivateEquity500*PrivateEquity500+*PrivateEquity150PrivateEquity--PrivateEquity$1.2BOtro

Capital,the

New

York-based

operator-led

private

equity

firm,closed

its

inauguralsports

fund

at

$1.2B,marking

the

largest

first-time

dedicated

sports

buyout

fund

raisedglobally.

The

fund

targets

cash-flowing,middle-market

sportsbusinesses,

andOtrohas

alreadydeployedcapitalintoAlpineRacing,TwoCircles,and

FlexWorkSports.$1.0BBruin

Capital,

the

sports-focused

investment

firm

founded

by

George

Pyne,

announced

anew$1B

strategic

partnership

backed

by26North,TJC,and

other

partners

to

acquire,

support,

and

grow

businesses

across

the

global

sports

ecosystem.

Bruin’s

strategy

targets

“second-levelenablers”providingtechnology,data,

media,and

commercial

services

to

teams,leagues,federations,andrightsholders.$585MAthvance

Capital,

a

newly

launched

sports-focused

investment

platform

founded

by

formerJPMorgan

banker

Karim

Ben

Rejeb,

is

targeting

a

€500M

(~$585M)

fund

focused

oninvestinginemergingandunder-commercializedsports

assets

across

Europe,with

an

emphasisonscalingsports

IP,media,andinfrastructurebusinesses.SPORTS

FOCUSED

FUNDRAISINGQ12026$4B+OFCAPITAL

INANNOUNCED

NEW

FUNDSSELECT

Q12026ANNOUNCED

FUNDSFUNDAMOUNT($M)*Targetamountforfund;

not

necessarilyraisedO

TRO/CAPITAL※DRAKESTARSource:DrakeStar

ResearchCATEGORYLOCATIONINVESTOR15www.drakestar.com

Source:Pitchbook,CapIQ,DrakeStaranalysis,news

publications,press

releases12SeedtoEarly6SeedtoEarly5SeedtoEarly5SeedtoEarly5SeedtoEarly5SeedtoEarly4SeedtoEarly4SeedtoEarly3SeedtoEarly3ns

takcSeedtoEarly5outlierEarly

toLate5⃞courtyard.

ioEarly

toLate5Early

toLate4Early

toLate4kal

shiEarly

toLate3Early

toLate3OVIGEarly

toLate3Early

toLate3Early

toLate2Early

toLateACTIVE

EARLY

TO

LATE

INVESTORSINVESTOR

DEALS

SELECT

INVESTMENTS

STAGE

LOCATIONACTIVE

SEED

FOCUSED

INVESTORSINVESTOR

DEALS

SELECT

INVESTMENTS

STAGE

LOCATIONSPORTS

TECH

LEAGUE

TABLESTOP

10

INVESTORS

LTM

MARCH2026Note:

DrakeStardidnotactasfinancialadvisoronthetransactionslistedonthis

page※DRAKESTAR16MARKET

OUTLOOK•2026hasstartedwithexceptional

momentumforsportstech,withover$130Bofdisclosedvalue

across

over

230transactionsinQ1alone,

underscoringthatsportscontinuestoevolve

intoa

mainstream,institutionalized

asset

class.•M&A

remainshighlyactive

led

by

mega-capmedia

and

strategic

platform

combinations

including

Paramount

Skydance/WarnerBros.

Discovery,

Playlist/

EGYM,GeniusSports/Legend,GTCR-backedAscent/LiveBarn

and

Teamworks/

ProFootball

Focusenterprise.•Institutionalcapitalcontinuestodeepen

acrossthe

ecosystem,

highlighted

by

record

IPLfranchisesales,

CVC's

over

$4BGlobalSportGroupfinancing,andmorethan$4Bofnewly

announcedsports-focusedfundsand

mandates

in

Q1fromOtroCapital,

BruinCapitalandAthvanceCapital.•Withsignificantdrypowderavailable,

privateequity

involvement

shouldcontinue

to

accelerate,

particularly

through

platformandadd-onacquisitionsinyouthsports,media

infrastructure,fanengagement,dataanalyticsandworkflow

software.•Strategicsalso

remainacquisitiveascompaniesseek

broader

productsuites,

strongerdistribution,

and

closer

proximitytopremiumrights,whichshouldsupportfurtherconsolidationacrossmedia,productiontech,

data,

betting,

and

adjacentenablementplatforms.•Privatefinancingactivitystayed

resilient

at$2.9B

across

117

rounds

in

Q1,

closely

tracking

prior-year

levels,with

growth

andlate-stagedemandled

by

Kalshi,

Polymarket,WHOOPand

Novig,while

80%offinancingswerestillearly-stage,reinforcingthedepthoftheinnovation

pipeline.•Predictionmarkets,wearables/performancetech,youthsports

infrastructure,and

creator-ledor

next-generationfanformatsareemergingassomeofthemostcompellingthemes,supportedby

largefinancingsforKalshi,Polymarket,WHOOP,

KingsLeagueandTemple,aswell

as

M&A

inLiveBarnandperformancedataassets.•Public

marketconditions

remainconstructiveforscaledassets:Digital

Media/

OTT/

Contentoutperformedwith

a

55.51%moveoverthelasttwelve

months,Athlete

Performance/Analyticsgained

17.09%,andpublicvaluation

benchmarksremainsupportiveacrosskeysubsectors.•Lookingahead,thesportstechmarketappearssetfor

continued

institutionalization,

a

sustained

consolidation

wave

in

small-tomid-sizedassets,anda

morematurecapitalformationenvironmentin

which

scaled

category

leaders

should

commandvaluation

premiums.

、DRAKE

STAR

Source:

CapIQ,

Pitchbook,

Drake

Star

ResearchNote:

Projectionsarenotguaranteesandaresubjecttochange..dralkestar,conn60%40%20%0%-20%Mar25May

25Jul25

Sep25Nov25Jan26Past

performancedoesnotguaranteefuture

results.Thisis

nota

recommendationto

buy

orsell

any

specificsecurity.Source:Capital

IQasofMarch31,2026.

Equallyweighted(1)

RepresentstheStock

PriceChange

Between

March

31,2025-

March31,2026DigitalMedia/OTT/Content=

Roku,TKOGroupHoldings,MadisonSquareGa