Gaming & online casino acquisitions
Gaming M&A, with the house edge.
Buy-side, sell-side and capital raising for iGaming operators, sportsbooks, B2B platforms, studios and affiliates. Off-market, licence-aware, confidential, and paid only when your deal closes.
The Gaming Board
Mandate types we run, with typical 2026 bands
- BuyingRegulated online casinoMGA · Shortlist5–10xEBITDA
- SellingB2B platform & RGSUKGC · MGA · Buyer list8–15xEBITDA
- RaisingLive casino studioEU · Data roomGrowthStage
- BuyingSportsbook operatorUS · State · Outreach5–10xEBITDA
- SellingAffiliate networkGlobal · IM drafting3–6xEBITDA
- BuyingCrypto casinoCuraçao · Screening5–10xEBITDA
- SellingPayments & KYC techGRA · Offers8–15xEBITDA
- RaisingSocial casino studioAPAC · Investor listGrowthStage
- Deal size
- $1M to $500M
- Before work starts
- Fees agreed
- MGA · UKGC · US · GRA · GSC · CGA
- 6 regimes
- Every mandate
- Strict NDA
- Online casino operators
- Sportsbooks
- B2B platforms & RGS
- Live casino studios
- Game studios
- Affiliate & media networks
- Payments & KYC tech
- Crypto & Web3 gaming
- Lottery & iLottery
- Social casino
- Land-based & omnichannel
- Esports & betting data
The market now
Scale wins in gaming. Buyers are paying for it.
Rising acquisition costs, deeper compliance and heavier tech investment all reward size. That makes licences, loyal players and proprietary platforms the most sought-after assets in the sector, and puts mid-market founders in a strong position to choose their moment. We help them make the most of it.
Who is buying now
Active buyer pool- Listed gaming groupsOperators buying licences, player bases and new markets faster than they could build them.
- Private equityFunds running buy-and-build plays across B2B platforms, studios and affiliate networks.
- Platform consolidatorsB2B suppliers bringing content, payments and compliance tech in-house to widen the moat.
Three ways we work
Whichever side of the table you sit.
Buy the licence, the players, the tech
We find and land the gaming asset that moves your strategy forward.
Buying a licensed operator is faster and more certain than applying from scratch. We start with a sharp acquisition thesis, approach owners off-market before any auction exists, and underwrite every target against the licence, player and payments questions that general M&A frameworks miss.
- Thesis and target screenVertical, jurisdiction, licence scope, product mix and GGR profile, defined precisely before the first approach.
- Off-market originationDirect conversations with founders and boards through our gaming network, ahead of any competitive process.
- Gaming-grade diligenceLicence transferability, player data verification, payment processor stability, RNG certification and traffic quality.
- Change-of-control to closeValuation, structure and terms, then regulator approvals across every relevant jurisdiction and a clean handover.
2026 valuation multiples
Where your gaming business sits on the board.
Our 2026 EBITDA bands for every major gaming sub-sector. Pick one to see the range and what moves a business to the top of it.
Gaming infrastructure B2B
Scales across licences without a property estate, which is why B2B tech sits at the top of the range.
Revenue multiple: 3.0x to 6.0x
What earns the top of the band
- Proprietary platform or RGS
- Recurring licence fees across many operators
- Certified in multiple regulated markets
Digital ranges from Acquiry's iGaming Valuation Multiples 2026 guide. The land-based band is an estate comparator.
Valuation drivers
The six things gaming buyers actually pay for.
A general revenue multiple misses most of what makes a gaming business valuable. We price each driver on its own, so sellers capture it and buyers see exactly what they are paying for.
Licence portfolio
The licence is often the single largest asset on the table.
Jurisdiction, scope of permitted products, change-of-control transferability and a clean compliance record all feed straight into price. We evidence each one and price the premium explicitly.
Licences
In gaming, the licence sets the price.
Licensed operators command a clear premium over unlicensed businesses with the same revenue. We track every major regime and plan value, structure and the change-of-control timetable around it.
Malta
Malta Gaming Authority
An EU-passportable licence with high strategic value for European market access. MGA-licensed operators and B2B suppliers attract buyers from every major gaming group.
How we execute
Six moves from mandate to close.
- 01
Mandate definition
Criteria, objectives and structure agreed in writing.
- 02
Origination
Off-market targets or a curated buyer and investor list.
- 03
Diligence
Licence, player data, payments, RNG and traffic review.
- 04
Valuation & positioning
Licence premium, LTV and platform ownership priced in.
- 05
Structuring
Regulator approvals, earnouts on GGR, escrow and warranties.
- 06
Close & transition
Change-of-control sign-off and post-close integration.
How gaming deals get done
Structures we run across buy-side, sell-side and capital mandates
Share purchase
The full entity including licences, contracts and player relationships, subject to regulator change-of-control approval.
Asset purchase
Brands, domains, platform, IP and player database, structured to respect data protection and licensing rules.
Earnouts on GGR
Deferred consideration tied to post-close GGR, NGR or regulatory milestones in new markets.
Licence-led bolt-on
A licensed operator acquired mainly for market access, then migrated onto the buyer’s platform.
Platform carve-out
A B2B platform, studio or affiliate arm separated from a group and sold as a standalone business.
Strategic minority
A minority stake with board rights, commercial agreements and an agreed path to full acquisition.
Research & intelligence
Our latest thinking on gaming M&A.
Research · 12 min read
What Is Your Casino or iGaming Business Worth in 2026?
Real working multiples for physical casinos, regulated online operators, B2B platforms, and affiliates. Written for owners who want the cash check, not a finance textbook.
News
The iGaming Consolidation Playbook 2026: Who Is Buying, Who Is Selling, and Why
Intelligence
Sportsbook Acquisition Multiples: A Buyer's and Seller's Guide (2026)
Intelligence
iGaming Regulatory Premiums: How Licences Affect Acquisition Value (2026)
Intelligence
How to Sell an Online Casino: The Complete Process Guide (2026)
- Deal IntelligenceBetsson Acquires Rhino Entertainment Canada and Brings a Licensed iGaming Platform In-House
- Deal IntelligenceGiG Buys Control of 888AFRICA and Brings a B2C Growth Engine Into a Leaner iGaming Platform
- Deal IntelligenceBanijay Gaming Acquires Groupe JOA to Build France’s Omnichannel Gaming Platform
- Deal IntelligenceAllwyn Acquires OPAP for €16 Billion: The Making of the World's Second-Largest Lottery Operator
How are your fees structured?
A percentage of the transaction, set by deal size and complexity and agreed in writing before work starts.
What deal sizes do you work on?
Transactions from $1M to $500M, across buy-side, sell-side and capital raising mandates in gaming and iGaming.
Does a gaming licence transfer to a buyer?
In most regimes a share purchase keeps the licence in place, subject to the regulator approving the change of control. Where it does not, we structure around it. We map this jurisdiction by jurisdiction at the start of every mandate.
What multiples do gaming businesses sell for in 2026?
B2B gaming infrastructure typically trades at 8x to 15x EBITDA, regulated operators at 5x to 10x and affiliate networks at 3x to 6x. Licences, player quality and platform ownership decide where a business lands. Our 2026 multiples report has the full breakdown.
Can a player database be sold?
Yes, with the right structure. Player data is governed by data protection law and licence conditions, so we design the transfer with your legal advisers to keep it compliant and protect its value.
How do you keep a process confidential?
Every mandate runs under strict NDA. Buyers and investors are approached selectively, and nothing identifying is shared until they have signed.
Do you only work in the segments listed?
No. Any sector, any market. If your mandate sits somewhere else in gaming or beyond, bring it to us anyway.
Limited intake · Q4 2026
Buying, selling or raising in gaming? Let's talk.
Tell us what you are trying to achieve. A senior adviser replies personally, and every conversation runs under strict NDA.
We are not limited to gaming.
Any sector, any market. Bring it to us anyway.