What Is Your Casino or iGaming Business Worth in 2026?

Here is the calculator. Plug in your numbers for a quick read on what the business is worth, then scroll down for the full multiples and how buyers price these files.

Live valuation range

Estimate a working Enterprise Value from the four published bands. Quality slides you inside the band. It does not invent a fifth multiple.

What you operate Regulated iGaming operators (5.0x to 10.0x EBITDA) B2B platform / infrastructure (8.0x to 15.0x EBITDA) Physical casino resorts (6.0x to 9.0x EBITDA) Affiliate / media networks (3.0x to 6.0x EBITDA)

Primary basis EBITDA (true profits) Revenue (ARR / GGR / NGR)

Annual figure (USD)

$

Private mid-market comparator only. Actual prints depend on jurisdiction, concentration, licence quality, and deal structure. The slider moves inside the published band.

The numbers

These are the bands serious buyers actually use. Pick your lane, then read how they try to chip the number down.

2026 casino and iGaming EBITDA valuation multiples by sector

Digital bands match Acquiry's iGaming Valuation Multiples 2026 guide. The land-based estate band is an indicative public-estate comparator. Grey-market cash is a separate 1.0x to 3.0x tier. Crypto-native operators usually work at 3.0x to 5.0x, not the fiat operator row.

Protect your cash-flow base

Fact. The multiple sits on Adjusted EBITDA, not the raw profit line on your tax return.

Plain English. When you look at your clean business profits, a buyer is not going to take your word for it. They look for expenses that disappear once they take over, and costs that stay. If you show raw tax returns without adding back personal director salary or one-time setup fees, you are handing them a discount on your company.

What to do. Document three common add-backs before the first buyer meeting: market-access fees that will not repeat, a one-time platform migration, and founder pay above a normal replacement manager. Keep player acquisition, ongoing licence fees, and responsible-gambling cost in the base. Those survive the sale.

Benchmark detail

Use the cards above as the first cut. The table below is the same four bands with revenue comps and what the buyer is really underwriting.

Physical casino resorts

EBITDA6.0x to 9.0x

Revenue1.5x to 3.0x

Buyer focusProperty footprint, licence density, hospitality margin stability.

Regulated iGaming operators

EBITDA5.0x to 10.0x

Revenue1.5x to 3.5x NGR

Buyer focusNet gaming revenue, player retention, CAC to LTV, multi-licence pipeline.

B2B platform / infrastructure

EBITDA8.0x to 15.0x

Revenue3.0x to 6.0x

Buyer focusNet revenue retention, switching costs, proprietary IP, operator client breadth.

Gaming affiliate networks

EBITDA3.0x to 6.0x

Revenue2.0x to 4.0x

Buyer focusOrganic search quality, operator diversification, regulated-market mix.

Licence quality

Fact. Regulated iGaming operators currently trade at 5.0x to 10.0x EBITDA. Where that cash is licensed decides the top or bottom of the band.

Plain English. If you hold a UK or New Jersey licence, your business is worth top dollar. If you run out of Curaçao or Anjouan, major institutional buyers will often walk away. They do not average grey cash into a fake middle multiple. Offshore setups like Anjouan face 1.0x to 3.0x asset scrap values because top-tier payment processors and clearing banks treat these setups as high-risk profiles, meaning a buyer must budget capital and time just to migrate the operational banking rails to a regulated European or North American framework.

What to do. If a Tier-1 licence is already in progress, finish it before you go to market. A live UKGC, New Jersey, or Ontario passport can move the same NGR from scrap pricing into the top of the regulated operator band. Use our Jurisdiction Tool to audit local tax, advertising and licence variables before you price the file.

Inside the band

For a regulated online casino, the published band is 5.0x to 10.0x EBITDA. This is what usually pushes a name to the top versus the floor. It is not an extra +4.0x stacked on top of 10.0x.

Two different markets

Fact. Grey or unlicensed operator revenue sits at 1.0x to 3.0x EBITDA (0.5x to 1.5x revenue).

Plain English. That is not a cheap version of a regulated iGaming deal. Banking, payment processing, and responsible-gambling liability do not transfer cleanly. Many institutions will not run the process at all.

What to do. Do not wait for a new local tax to invent a 1.0x conversation. Sell or relicence while the file can still be a regulated-operator discussion.

What buyers try to screw you on

1. Licence and compliance setup

Clean player-protection systems and Tier-1 licences print at the top of 5.0x to 10.0x. Weak compliance or a shifting market prints at the floor. A UKGC licence remains the single most valuable regulatory asset in this market.

2. Physical plus online only works when the customer file is shared

Pairing a 6.0x to 9.0x estate with a digital layer can lift the story, but only when loyalty and player IDs actually connect. A website bolted onto a casino floor does not create B2B-style infrastructure pricing.

3. Rented white-label software

Fact. If you run a white-label skin and do not own the underlying software stack, buyers will automatically chop your multiple by about 2.0x to 2.5x inside the operator band.

Plain English. You are essentially renting your business. The technology premium belongs to your provider, not your shareholders.

What to do. Before you go to market, review the stack ownership and licence path so the valuation sits on what you actually control.

Edge case

Fact. Crypto-native casinos usually work at 3.0x to 5.0x EBITDA, not the 5.0x to 10.0x fiat operator row.

Plain English. Growth can look great. Instant settlement keeps wallets sticky. Serious buyers still struggle to drop an unregulated crypto balance sheet onto a traditional banking stack. Many also worry that key smart-contract or token logic walks out with the founders.

What to do. To leave the 3.0x to 5.0x ceiling, you need off-ramps a credit committee can read: player accounting in stablecoins or fiat, chain-analysis tooling, and a path to a Tier-1 licence (UKGC, MGA, Ontario, New Jersey). Anjouan or Curaçao is not that path. Those stay in the 1.0x to 3.0x grey tier.

If the company is losing money, EBITDA multiples stop being the tool. A going-concern operator is still 5.0x to 10.0x on Adjusted EBITDA. A distressed file, a brand that will be shut, or a player-base migration with no licence keep is priced on trailing revenue: roughly 0.5x to 1.2x TTM revenue. That is scrap value for the database, not a multiple on earnings that do not exist.

If EBITDA can be restored inside twelve months under a real licence, stay in the operator band and sell a plan. If it cannot, price the file as an asset sale and stop arguing about 8.0x.

Headline versus cash in the bank

Fact. A common private mid-market split is about 60 percent cash at close and 40 percent earnout.

Plain English. A "10x multiple" sounds incredible on a Letter of Intent, but if the contract says 6x is paid on day one and 4x is tied to a performance earnout, that extra money is just a promise. If players leave or a licence gets delayed, you may never see that second cheque.

What to do. Model the cash tranche first. Stress-test earnout hurdles before you sign. A clean 8.0x all-cash deal often beats a flashy 10.0x stacked with traps. Run the deferred milestones in our live Earnout Modeller before you accept a Letter of Intent.

Cash at close

Share~60%

On 10.0x6.0x

RealitySigned SPA, funds flow, licence notifications. This is the number you can spend.

Earnout / deferred

Share~40%

On 10.0x4.0x

RealityRetention, NGR, or EBITDA hurdles. Miss the plan, miss the multiple.

Holdback / indemnity escrow

ShareSeparately reserved

On 10.0xNot extra EV

RealityRG, tax, and processing reps. Cash you do not have yet.

Next step

The operational benchmarks, EBITDA multiples, and cash-flow adjustment criteria on this page are synthesized quarterly by the Acquiry Transaction Analytics Group. Our baseline datasets are built from anonymized private mid-market transaction files ($1M to $500M EV), public market comparable adjustments, and international gaming registry disclosures.

To keep the bands institutionally usable, the core multiple frameworks are calibrated against data points from the following market tracking indices and legislative bodies:

1. 01Public market gaming multiplesTrading data and Enterprise Value calculations compiled from public equity filers, including Bally's Corporation (opens in a new tab), Rank Group Plc, Lottomatica SpA, and Evolution AB (opens in a new tab).
2. 02Global regulatory compliance cost indexLicensing overhead, anti-money laundering (AML) system structures, and player-protection cost frameworks tracking active statutory mandates from the UK Gambling Commission (UKGC) (opens in a new tab), the Malta Gaming Authority (MGA) (opens in a new tab), and the New Jersey Division of Gaming Enforcement (DGE) (opens in a new tab).
3. 03Mid-market private M&A transaction fileConsolidated transaction summaries from the H1/H2 2026 Private iGaming Consolidation Database, mapping real-world earnout ratios, cash-at-close splits, and white-label technology asset write-downs.
4. 04Institutional clearing bank risk analysisProcessing risk premiums and currency clearing discounts adjusted against Tier-1 European and North American correspondent merchant banking guidelines for offshore gaming licences.

These sources inform the published working bands. They do not constitute a valuation of any named company, and they are not a substitute for a file-specific quality-of-earnings review.

Review our wider transactional parameters and operational sector overviews inside the master Gaming M&A Hub or coordinate with our specialists via the Acquiry Advisory Pipeline (opens in a new tab).

These bands are working comparators for private digital and gaming M&A in the mid-market. They are not a valuation of any named company, not an offer, and not financial advice. Multiples move with growth, concentration, licence quality, stack ownership, and deal structure. Physical estate ranges are indicative public-estate comparators. Digital ranges follow Acquiry's published iGaming guide. Crypto-native 3.0x to 5.0x EBITDA and distressed 0.5x to 1.2x TTM revenue are edge-case treatments, not replacements for the four core bands.

https://www.acquiry.com/data/reports/casino-valuation-multiples-2026/