Business Broker and M&A Advisor Fees – A Guide

iGaming M&A and Business Broker Fees: Complete 2025 Guide for Online Gambling Operators

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The iGaming industry continues its remarkable growth trajectory, with the global online gambling market projected to exceed $150 billion by 2029. As consolidation accelerates and strategic acquisitions become increasingly common, understanding M&A advisor fees and broker compensation structures has never been more critical for iGaming operators considering an exit.

Whether you’re running an online casino, sports betting platform, affiliate network, or gaming software company, navigating the sale of your iGaming business requires specialized knowledge. This comprehensive guide breaks down everything you need to know about business broker and M&A advisor fees specific to the online gambling sector, helping you make informed decisions when the time comes to sell.

Table of Contents

1. Understanding the iGaming M&A Landscape in 2025
2. Key Players in iGaming M&A Transactions
3. Fee Structures for Small iGaming Businesses (Under $5M)
4. Fee Structures for Mid-Market iGaming Companies ($5M-$100M)
5. iGaming Business Valuation Multiples and Market Trends
6. Choosing the Right iGaming M&A Advisor or Broker
7. How Office Structures Impact iGaming Broker Fees
8. Critical Questions to Ask Before Hiring an iGaming Broker
9. Negotiating M&A Fees in the iGaming Industry
10. Additional Costs and Considerations
11. Future Trends in iGaming M&A and Advisory Services
12. Conclusion and Next Steps

Understanding the iGaming M&A Landscape in 2025

The iGaming industry has emerged as one of the most dynamic sectors for mergers and acquisitions. With the online gambling market valued at approximately $93 billion in 2024 and expected to reach $150 billion by 2029, M&A activity continues to accelerate as operators seek to expand into new markets, acquire innovative technologies, and consolidate their positions.

Current iGaming M&A Trends

Several key trends are shaping the iGaming M&A landscape in 2025. Strategic partnerships and acquisitions have become essential tools for operators looking to access emerging markets and cutting-edge technologies. The ongoing legalization of online gambling across various U.S. states, combined with regulatory developments in Europe, Latin America, and Asia, has created unprecedented opportunities for market expansion through acquisition.

Investment in the iGaming sector remains robust, with mobile gaming, live casino operations, esports betting, and AI-powered gaming platforms attracting significant capital. Notably, blockchain gaming accounted for approximately 40% of total iGaming investment deals in 2024, reflecting the industry’s shift toward cryptocurrency integration and decentralized gaming platforms.

The fragmented nature of the U.S. gambling market, with online sports betting permitted across 11 states and online casino games across seven as of late 2024, presents unique opportunities for strategic acquisitions. Industry experts anticipate that states like California, Georgia, Minnesota, South Carolina, and Texas may move toward legalization in 2025, potentially triggering additional M&A activity as operators position themselves for market entry.

Why iGaming Businesses Require Specialized M&A Expertise

Selling an iGaming business differs significantly from traditional business transactions. The online gambling sector involves complex regulatory frameworks, licensing requirements that vary by jurisdiction, and unique valuation considerations related to player databases, proprietary technology, and recurring revenue models. Additionally, buyer pools often include international acquirers navigating cross-border regulatory compliance, making specialized M&A expertise invaluable.

The technical infrastructure of iGaming platforms—including payment processing systems, game aggregation APIs, responsible gambling tools, and anti-fraud mechanisms—requires advisors who understand these operational complexities. Furthermore, the rapid pace of technological change, from cryptocurrency integration to AI-powered personalization, means that buyers are increasingly focused on acquiring innovative capabilities rather than just revenue streams.

Key Players in iGaming M&A Transactions

The iGaming M&A ecosystem includes several types of professionals, each serving different market segments and offering distinct value propositions. Understanding these roles helps you identify the right partner for your specific situation.

iGaming Business Brokers

Business brokers specializing in iGaming typically handle smaller operations, generally those valued under $5 million. This category includes affiliate websites, smaller online casinos, poker rooms, and specialized betting platforms. The iGaming broker community comprises approximately 5,000 to 10,000 full-time business brokers in the United States, though only a fraction specialize specifically in online gambling operations.

These professionals typically come from diverse backgrounds spanning sales, marketing, and finance, with many being former entrepreneurs themselves. The International Business Brokers Association reports that the average age of business brokers is in the mid-50s, often bringing decades of business experience to the table.

Most iGaming business brokers operate as generalists capable of handling various types of online gambling businesses, though some specialize in specific niches such as sports betting platforms, casino aggregators, or affiliate networks. While the majority work on straight commission, more experienced brokers increasingly charge upfront fees, particularly when dealing with complex regulatory situations or international transactions.

iGaming M&A Advisors

M&A advisors in the iGaming space typically focus on mid-sized businesses with valuations between $5 million and $50 million. These professionals handle more complex transactions involving established operators, software providers, platform aggregators, and companies with multi-jurisdictional licensing.

The iGaming M&A advisory landscape consists primarily of boutique firms and solo practitioners, though some larger entities specialize in the lower middle market. Many M&A advisors working in iGaming maintain extensive networks of potential buyers, including private equity firms focused on the gambling sector, strategic acquirers expanding their geographic or product reach, and international operators seeking market entry.

Unlike business brokers, virtually all iGaming M&A advisors implement an upfront fee structure (commonly called a retainer) in addition to success fees. This approach reflects the substantial work required to prepare an iGaming business for sale, including regulatory documentation, compliance verification, player data analysis, and the creation of comprehensive information memorandums that address the unique aspects of online gambling operations.

Investment Bankers Serving the iGaming Sector

Investment bankers typically engage with large-scale iGaming transactions, generally involving companies with annual revenues exceeding $100 million. This category includes publicly traded gaming companies, major platform providers, and significant market consolidations.

Investment banking firms serving the iGaming industry often maintain specialized teams familiar with gambling regulations, cross-border licensing complexities, and the unique valuation considerations of online gambling businesses. Beyond M&A advisory, these firms may offer additional services including debt financing, equity research, IPO facilitation, and strategic consulting.

Specialized iGaming Service Providers

The iGaming M&A process also involves several specialized service providers. Business appraisers with iGaming experience can provide formal valuations required for tax purposes, shareholder buyouts, or strategic planning. These valuations typically cost between $5,000 and $20,000 depending on business size and complexity.

Professional advisors including accountants, attorneys specializing in gambling law, and regulatory compliance experts play crucial roles in iGaming transactions. Many CPA firms now maintain specialized iGaming departments, recognizing the unique accounting and tax considerations inherent in online gambling operations. Legal fees for iGaming M&A transactions can be substantial, particularly when dealing with multi-jurisdictional licensing transfers or complex regulatory approvals.

Fee Structures for Small iGaming Businesses (Under $5M)

For smaller iGaming businesses valued under $5 million—including affiliate sites, niche betting platforms, and emerging casino operations—broker fee structures tend to follow established industry patterns while accounting for the specialized nature of online gambling businesses.

Standard Commission Rates for Small iGaming Operations

Business brokers handling small iGaming businesses typically charge a flat commission ranging from 8% to 12% for businesses valued under $1 million. For iGaming businesses priced between $1 million and $5 million, brokers commonly apply tiered fee structures, most frequently following the “Double Lehman” or “Modern Lehman” formula:

• 10-12% on the first million
• 8% on the second million
• 6% on the third million
• 4% on the fourth million
• 2% thereafter

To illustrate how this works in practice, consider an online casino affiliate network selling for $5 million. The total broker fee would be calculated as follows: $100,000 (10% on the first million) + $80,000 (8% on the second million) + $60,000 (6% on the third million) + $40,000 (4% on the fourth million) + $20,000 (2% on the final million) = $300,000 in total fees.

Minimum Fee Requirements

Most business brokers establish minimum fees regardless of final sale price, typically ranging from $10,000 to $25,000. This practice protects brokers from investing substantial time in smaller transactions that might not justify the effort. For iGaming businesses, these minimums are particularly common given the additional regulatory due diligence required even for smaller operations.

For example, even if a specialized poker affiliate site sells for $50,000, the broker would still receive the predetermined minimum fee of $25,000. Business owners should factor these minimum fees into their calculations when determining whether engaging a broker makes financial sense for smaller operations.

Upfront Fees and Retainers for iGaming Businesses

While most business brokers handling smaller iGaming operations work on straight commission, some—particularly those with extensive industry experience—charge upfront fees. These fees typically range from $5,000 to $15,000 and cover initial work including business valuation, regulatory compliance review, documentation preparation, and marketing strategy development.

For iGaming businesses, upfront fees often reflect the specialized knowledge required to properly position online gambling operations in the market. Brokers familiar with gaming licenses, player acquisition costs, regulatory compliance, and jurisdiction-specific restrictions can command these fees because they deliver tangible value in preparing the business for sale.

Important Considerations for Small iGaming Business Sales

The commission-based model common for smaller iGaming businesses doesn’t inherently incentivize brokers to maximize your sale price. When compensation is solely based on closing deals, brokers may prioritize speed over price optimization. Additionally, brokers operating on pure commission must account for businesses they represent but don’t ultimately sell, which can influence their fee structures and selling approach.

For iGaming businesses with unique regulatory advantages—such as rare licenses in desirable jurisdictions or proprietary technology—owners might consider brokers who charge upfront fees combined with lower success fees. This structure often aligns interests better, as the broker receives compensation for their expertise regardless of whether the transaction closes, reducing pressure to accept suboptimal offers.

Fee Structures for Mid-Market iGaming Companies ($5M-$100M)

Mid-market iGaming businesses—including established casino operators, sports betting platforms with significant player databases, gaming software providers, and multi-brand operations—typically engage M&A advisors rather than traditional business brokers. The fee structures for these transactions reflect the complexity and specialized expertise required.

Two-Part Fee Structure: Retainers and Success Fees

The vast majority of M&A advisors serving mid-market iGaming companies implement a two-part fee structure comprising upfront retainers and success fees. This approach has become industry standard because it ensures advisors are compensated for their expertise and effort throughout the transaction process, not just at closing.

Retainer fees for mid-market iGaming M&A typically range from modest amounts of a few thousand dollars to substantial fees exceeding $50,000, depending on the advisor’s reputation, the complexity of the transaction, and the business size. Most advisors establish minimum total fees ranging from $50,000 to $250,000, reflecting the significant work involved in preparing an iGaming business for sale.

The Lehman Formula and Variations

Success fees for mid-market iGaming M&A commonly follow either the Lehman Formula or the Double Lehman Formula, though numerous variations exist. The original Lehman Formula, developed by the former investment bank, follows this structure:

Lehman Formula:

• 5% on the first million
• 4% on the second million
• 3% on the third million
• 2% on the fourth million
• 1% thereafter

Double Lehman Formula:

• 10% on the first million
• 8% on the second million
• 6% on the third million
• 4% on the fourth million
• 2% thereafter

Many iGaming M&A advisors employ customized variations of these formulas. For example, an advisor might structure fees starting at 8% on the first million and progressively decreasing to 4% on subsequent amounts, or implement a flat 5% success fee with accelerators if the final price exceeds certain thresholds.

Monthly Retainer Structures

Some iGaming M&A advisors charge monthly retainers rather than single upfront fees. Monthly retainers typically range from $15,000 to $50,000 and continue throughout the engagement period, which might span 4 to 12 months or longer for complex transactions. These monthly fees are usually credited against the final success fee upon closing.

Monthly retainer structures make particular sense for iGaming businesses undergoing regulatory transitions, such as securing additional licenses, implementing compliance upgrades, or resolving jurisdiction-specific issues before going to market. The ongoing advisory relationship helps optimize the business for sale while maintaining momentum throughout the process.

Real-World Example: Mid-Market iGaming M&A Fees

Consider a sports betting platform with operations in multiple U.S. states selling for $25 million. If the M&A advisor charged a $100,000 upfront retainer plus a success fee following a modified Lehman structure (starting at 6% and decreasing), the total fees might break down as follows:

• Upfront retainer: $100,000
• Success fee: 6% on first $10M ($600,000) + 4% on next $10M ($400,000) + 3% on final $5M ($150,000) = $1,150,000
• Total fees: $1,250,000
• Net to seller (before other transaction costs): $23,750,000

In most cases, the upfront retainer would be credited against the success fee, resulting in a final success fee of $1,150,000 rather than $1,250,000 in total compensation to the advisor.

iGaming Business Valuation Multiples and Market Trends

Understanding valuation multiples is crucial for iGaming business owners considering an exit, as these benchmarks directly impact expected sale prices and, consequently, M&A advisory fees. The gambling and casino sector demonstrates unique valuation characteristics that reflect its regulatory complexity, recurring revenue models, and growth potential.

Current iGaming Valuation Landscape

According to recent market analysis, the U.S. gambling and casino industry demonstrated strong performance in 2024, with commercial gaming revenue reaching $17.63 billion in the second quarter alone, marking the 14th consecutive quarter of annual revenue growth. This robust performance has supported healthy valuation multiples across the sector.

Analysis of 77 public gambling and casino companies reveals median valuation multiples for 2024: a revenue multiple of 1.3x, an EBITDA multiple of 6.1x, and a P/E multiple of 18.1x. These figures indicate that investors value the sector’s revenue streams and earnings moderately compared to other industries, though individual company multiples vary significantly based on growth prospects, geographic positioning, and technological capabilities.

Profitability Metrics in the iGaming Sector

Profitability margins provide important context for understanding iGaming valuations. In 2024, gambling and casino companies demonstrated a gross margin of 52%, an EBITDA margin of 25%, and a net profit margin of 9%. The high gross margin reflects the online gambling industry’s ability to generate substantial revenue relative to cost of goods sold, primarily due to the relatively low variable costs associated with digital gaming operations compared to land-based casinos.

The EBITDA margin of 25% indicates strong operational efficiency, while the 9% net profit margin reflects the impact of taxes, interest expenses, and other non-operational costs. These margins are consistent with the capital-intensive nature of the iGaming industry, where significant investments in technology infrastructure, regulatory compliance, and responsible gambling initiatives are necessary.

Sector-Specific Valuation Considerations

iGaming businesses command varying multiples based on several critical factors. Platform providers and software companies offering B2B solutions typically achieve higher multiples than B2C operators due to their recurring revenue models and lower regulatory exposure. Companies with proprietary technology, particularly in areas like AI-powered personalization, blockchain gaming, or advanced payment processing, often command premium valuations.

Geographic positioning significantly impacts valuations, with businesses holding licenses in desirable jurisdictions such as the United Kingdom, Malta, or newly regulated U.S. states commanding premiums. Multi-jurisdictional operators with established compliance frameworks and proven ability to enter new markets demonstrate higher valuations than single-market players.

The quality and diversity of revenue streams matter considerably. Businesses with high proportions of recurring revenue from subscription services, VIP programs, or affiliate partnerships typically achieve better multiples than those dependent on acquisition-driven growth. Player lifetime value (LTV) metrics, retention rates, and responsible gambling compliance records increasingly influence buyer perceptions and resulting valuations.

Digital Business Valuation Benchmarks

For smaller iGaming businesses and digital gambling assets, valuation multiples based on marketplace transactions provide useful benchmarks. SaaS-based gaming platforms typically command the highest multiples (often 3x-10x annual recurring revenue) due to predictable cash flows and high retention rates. E-commerce-style iGaming businesses, including affiliate sites and betting comparison platforms, typically achieve profit multiples of 2.5x-4x depending on traffic quality and monetization efficiency.

Deal size significantly impacts multiples even within the iGaming sector. Median profit multiples increase with transaction size: businesses selling for $10,000-$100,000 average 1.7x profit, those in the $100,000-$500,000 range achieve approximately 2.0x, while businesses valued above $1 million commonly reach 2.4x or higher. Larger transactions typically present stronger operational infrastructure, diversified revenue streams, and lower relative risk.

Factors Driving Premium iGaming Valuations

Several characteristics consistently drive premium valuations in iGaming M&A transactions. Businesses demonstrating strong regulatory compliance histories, particularly those with clean records across multiple jurisdictions, command significant premiums as they reduce acquirer risk. Proprietary technology and intellectual property, including custom gaming algorithms, unique user interfaces, or patented responsible gambling tools, substantially increase value.

Diversified traffic sources and marketing channels reduce platform risk and increase attractiveness to buyers. iGaming businesses overly dependent on single acquisition channels or affiliate partnerships face valuation discounts, while those with balanced organic, paid, and partnership-driven traffic achieve premiums.

Strong management teams with deep regulatory expertise and proven ability to navigate complex licensing environments add substantial value. Buyers increasingly seek operational teams that can remain with the business post-acquisition, facilitating smooth transitions and continued growth.

Choosing the Right iGaming M&A Advisor or Broker

Selecting the right M&A advisor or business broker represents one of the most consequential decisions an iGaming business owner will make during the exit process. The right advisor can significantly increase your sale price, navigate regulatory complexities, and ensure a smooth transaction, while the wrong choice can result in extended marketing periods, suboptimal pricing, or failed transactions.

Industry Specialization and iGaming Experience

The iGaming sector’s unique characteristics—including complex regulatory frameworks, licensing requirements, player data considerations, and technical infrastructure—demand specialized expertise that general business brokers simply don’t possess. When evaluating potential advisors, prioritize those with proven track records in online gambling transactions.

Ask prospective advisors about their specific iGaming experience. How many online gambling businesses have they sold? What types of iGaming operations (casino, sports betting, poker, affiliates, software providers) have they handled? Do they understand the regulatory landscape in your operating jurisdictions? Can they demonstrate knowledge of gaming licenses, compliance requirements, and responsible gambling frameworks?

Advisors with deep iGaming networks can access buyer pools that generalist brokers cannot reach. The online gambling acquisition market includes strategic buyers (established operators expanding their portfolios), financial buyers (private equity firms focused on gaming), and international buyers (companies entering new markets). Specialized iGaming advisors maintain relationships across these buyer categories, maximizing competitive tension and sale price.

Track Record and Transaction History

Request detailed information about the advisor’s transaction history. How many iGaming businesses have they successfully sold in the past 24 months? What were the typical deal sizes? How long did transactions take from engagement to closing? What percentage of their listings successfully close?

Experienced advisors should readily provide references from previous iGaming clients. Contact these references directly to understand their experiences. Were regulatory approvals handled smoothly? Did the advisor demonstrate knowledge of gaming compliance? Was the final sale price at or above expectations? Did the transaction timeline meet projections?

Be wary of advisors who cannot provide specific iGaming transaction examples or who primarily handle businesses in unrelated sectors. The learning curve for understanding online gambling operations is steep, and your exit is too important to serve as someone’s training ground.

Network and Buyer Access

An advisor’s buyer network directly impacts your sale outcome. Top iGaming M&A advisors maintain active relationships with dozens or hundreds of potential acquirers, including private equity firms with gaming investment theses, strategic operators seeking bolt-on acquisitions, and international companies entering new markets.

Ask advisors about their buyer database specific to iGaming. How many qualified buyers do they maintain relationships with? How frequently do they communicate with these potential acquirers? Can they provide examples of successful introductions that led to competitive bidding situations?

Sophisticated advisors run structured processes that create competitive dynamics, often resulting in multiple offers and optimal pricing. The difference between receiving one offer and three qualified offers can represent millions of dollars in incremental value for mid-sized iGaming businesses.

Regulatory and Compliance Expertise

iGaming M&A transactions invariably involve regulatory considerations. Gaming licenses must be transferred, player data handling must comply with privacy regulations (GDPR, CCPA), and responsible gambling commitments must be maintained through ownership transitions.

Your advisor should demonstrate familiarity with the regulatory environment in your operating jurisdictions. Do they understand the licensing transfer process in your key markets? Can they anticipate regulatory hurdles and address them proactively? Have they successfully navigated complex multi-jurisdictional transactions?

Some advisors maintain relationships with regulatory attorneys and compliance specialists who can be brought in to address specific issues. This network access can prove invaluable when unforeseen regulatory challenges emerge during transactions.

Valuation Capabilities and Market Intelligence

Accurate business valuation represents a critical first step in any sale process. Your advisor should possess deep knowledge of current iGaming valuation multiples, recent comparable transactions, and market conditions affecting online gambling businesses.

Request a preliminary valuation assessment early in your conversations with potential advisors. How do they approach iGaming valuations? Do they consider jurisdiction-specific factors? How do they account for regulatory licenses, player databases, and proprietary technology? Their valuation methodology reveals their level of industry sophistication.

Beware of advisors who provide unrealistically high valuations to win your business. Experienced professionals offer honest, market-based assessments even if those figures differ from your expectations. Inflated valuations lead to extended marketing periods and eventual price reductions that can damage your negotiating position.

Transaction Management and Support Infrastructure

The iGaming M&A process involves numerous complex workstreams: financial due diligence, technical infrastructure review, regulatory compliance verification, player data analysis, and legal documentation. The best advisors employ support teams or external specialists to manage these processes efficiently.

Inquire about the advisor’s support infrastructure. Will you work primarily with a single individual, or does the firm employ specialized team members for financial analysis, marketing, due diligence coordination, and transaction management? Larger teams generally deliver more professional, efficient transactions, though solo practitioners with extensive experience can also provide excellent service.

Ask about their transaction management systems. How will due diligence be organized? What platform will they use for secure document sharing? How will they manage communication with multiple interested buyers? Professional advisors employ virtual data rooms, project management tools, and structured communication protocols that instill confidence in serious buyers.

How Office Structures Impact iGaming Broker Fees

Understanding how business brokers and M&A advisors structure their operations provides valuable context for evaluating fee arrangements and service quality. The organizational model an advisor employs directly impacts their overhead costs, service delivery approach, and ultimately, their fee structures.

Solo Practitioner Models

Solo practitioners—brokers or advisors operating independently without additional staff—represent a significant portion of the iGaming M&A market. These professionals typically handle all aspects of transactions personally, from initial valuation through closing coordination.

Solo iGaming brokers generally maintain listing portfolios of 10 to 25 businesses for business brokers, while M&A advisors typically work with fewer, higher-value clients. Many industry experts prefer the solo model, believing it allows deeper client relationships and more focused attention on each transaction.

From a fee perspective, solo practitioners often operate more efficiently than larger organizations, as they avoid the overhead costs associated with office staff, administrative personnel, and physical office space. This efficiency can translate into more competitive fee structures, though not always—highly experienced solo practitioners often command premium fees based on their expertise and track record.

When engaging a solo practitioner, ensure they possess the bandwidth to dedicate sufficient attention to your transaction. Ask about their current client load and how they manage multiple engagements simultaneously. For complex iGaming transactions requiring significant regulatory work, verify that the solo practitioner has access to specialized support (legal, compliance, technical) when needed.

Small Office Models (Under 10 Agents)

Small offices, typically employing fewer than 10 brokers or advisors, represent the most common organizational structure in the business brokerage industry. These offices often start as solo practices that gradually expand by adding agents as the business grows.

In small iGaming-focused offices, the owner typically functions as both an active broker and part-time manager, dividing time between selling businesses and overseeing team members. This dual role can impact the owner’s availability for individual transactions, though it also ensures experienced oversight of all firm activities.

Small offices may employ limited support staff—perhaps an office manager or administrative assistant—but generally maintain lean operations. The fee structures at small offices typically mirror industry standards, with variations based on the firm’s reputation, specialization in iGaming, and market positioning.

When considering small offices, inquire about the specific individual who will handle your transaction. Will you work primarily with the owner or a newer associate? What level of experience does your primary contact possess? In many small offices, newer brokers receive assignments to gain experience, which may not align with your interests for a complex iGaming transaction.

Large Office Models (10+ Agents)

Large offices employing more than 10 agents typically feature more formal organizational structures, including dedicated office managers and full-time staff supervision. However, even large offices often maintain relatively limited support infrastructure, with the majority of personnel being brokers rather than administrative or specialized support staff.

In large office environments, brokers typically operate with significant autonomy while benefiting from shared resources, established processes, and the firm’s brand reputation. The office owner’s strategic focus often centers on recruiting and retaining quality brokers rather than directly managing transactions.

Large offices frequently serve as training grounds for less experienced brokers, who join to gain industry experience before potentially transitioning to independent practice or smaller boutique firms. This pattern suggests that when engaging a large office, you should carefully evaluate your specific broker’s experience level rather than relying solely on the firm’s overall reputation.

Fee structures at large offices generally follow industry norms, with broker compensation typically ranging from 50% to 70% or more of collected fees. Some large offices implement desk fees or other overhead sharing arrangements. For iGaming transactions, ensure that your specific broker possesses relevant online gambling experience regardless of the firm’s general credentials.

Franchised Office Considerations

Franchised business brokerage offices come in varying sizes but share the defining characteristic of operating under a common brand name while maintaining independent ownership. Each franchised office functions autonomously, which can create significant variation in quality, processes, and service delivery even within the same franchise system.

Some franchised offices embrace the franchisor’s systems, training, and processes, while others largely ignore these resources, maintaining affiliation primarily for networking purposes or brand recognition. This inconsistency means you cannot rely on franchise affiliation as a quality indicator—individual office and broker evaluation remains essential.

For iGaming businesses, franchised offices rarely offer advantages over independent boutique firms with gaming specialization. The franchise training programs typically focus on general business brokerage rather than industry-specific expertise like online gambling regulations, gaming licenses, or iGaming valuations. Furthermore, franchised M&A offices serving the middle market are relatively rare, as most sophisticated advisors prefer independent practice.

If considering a franchised office, evaluate the specific office and broker based on their iGaming experience and track record rather than the franchise brand. Request examples of online gambling businesses they’ve successfully sold and verify their understanding of gaming regulations relevant to your business.

Critical Questions to Ask Before Hiring an iGaming Broker

Before committing to an M&A advisor or business broker for your iGaming exit, ask targeted questions designed to reveal their experience, approach, and alignment with your objectives. The answers to these questions will help you make an informed decision and potentially save millions of dollars while avoiding costly mistakes.

Commission Structure and Fee Alignment

Question: “Do you work exclusively on commission, or do you charge upfront fees?”

This fundamental question reveals the advisor’s business model and potential biases. Brokers working exclusively on commission face pressure to close transactions quickly, as they invest time without guaranteed compensation. This structure can create misalignment with your interests, particularly if you’re willing to wait for optimal buyers or premium pricing.

For iGaming businesses, pure commission structures may be less suitable than combined retainer-plus-success-fee arrangements. The upfront investment signals advisor confidence in your business while ensuring they’re compensated for the substantial preparatory work required to properly position an online gambling operation.

Commission-only brokers must also account for listings that don’t sell, building this risk into their fee structures and potentially pushing for quick closes on viable opportunities. Additionally, professional advisors (accountants, attorneys, regulatory experts) may view commission-only brokers with skepticism, potentially complicating aspects of your transaction.

Upfront Fees and Value Delivery

Question: “What specific services justify your upfront fees?”

If an advisor charges retainer fees, they should clearly articulate the value delivered in exchange. For iGaming businesses, justifiable upfront work includes comprehensive business valuation, regulatory compliance review, gaming license documentation, player database analysis, financial statement preparation, confidential information memorandum creation, and buyer targeting strategy.

Be cautious of advisors requesting substantial retainers without defined deliverables. Legitimate retainers compensate for meaningful preparatory work that enhances your business’s marketability and positions it optimally for sale. Empty retainers that merely secure exclusivity without corresponding value delivery should be avoided.

Experienced advisors, particularly those specializing in iGaming, increasingly charge upfront fees because they invest substantial effort in properly preparing online gambling businesses for market. The regulatory complexities, technical due diligence, and specialized marketing required for iGaming sales justify these fees when delivered professionally.

Support Infrastructure and Specialization

Question: “What support staff and specialized expertise do you employ?”

Professional M&A firms employ support teams to handle the diverse aspects of business sales. For iGaming transactions, relevant specializations include financial analysis, regulatory compliance, technical due diligence, marketing, and transaction coordination.

Ask whether the advisor will handle everything independently or leverage specialized team members. Comprehensive support infrastructure generally correlates with more professional, efficient transactions. Top firms operate like specialized practices, with experienced advisors handling complex strategic work while skilled staff execute well-defined processes.

The size and quality of support staff directly impacts transaction professionalism and efficiency. Greater specialization among team members typically yields superior results compared to generalist brokers attempting to master all transaction aspects independently.

Service Customization and Flexibility

Question: “Can you customize your services to my specific needs?”

Every iGaming business presents unique characteristics—different regulatory jurisdictions, varied technology stacks, distinct player demographics, and specific operational complexities. Your advisor should offer flexible engagement models rather than rigid “all-or-nothing” service packages.

Perhaps you’ve already secured legal counsel familiar with gaming regulations, or you’ve completed recent financial audits. A sophisticated advisor should accommodate these circumstances by adjusting their scope and fees accordingly. Conversely, if your business requires extensive regulatory preparation or technology documentation, the advisor should scale their services to address these needs.

Boutique firms with established frameworks yet flexible delivery models typically provide optimal service. They bring structured processes developed through experience while adapting to your situation’s unique requirements.

Agreement Terms and Exclusivity

Question: “What are the terms, duration, and exit provisions of your engagement agreement?”

Commission-based brokers typically seek long-term exclusive agreements to ensure sufficient time to recoup their initial investment through a successful sale. These agreements might extend 12 months or longer, during which you cannot market your business through other channels.

Understand the exclusivity terms, agreement duration, and circumstances under which you can terminate the relationship. Some agreements stipulate that removing your business from the market triggers full fee payment—a critical detail to understand before signing.

Fee-based advisors who charge retainers often require shorter commitment periods or offer non-exclusive terms, as they receive compensation for services rendered regardless of transaction success. This structure can provide greater flexibility while better aligning interests.

Exit Planning and Value Enhancement

Question: “Do you offer exit planning services, or only transaction execution?”

A small percentage of brokers and M&A advisors provide comprehensive exit planning that helps enhance business value over time before going to market. For iGaming businesses, this might include strategic advice on expanding into new jurisdictions, optimizing player acquisition costs, improving retention metrics, or implementing compliance upgrades that increase buyer appeal.

Exit planning services can substantially increase your ultimate sale price by addressing value gaps before marketing your business. Advisors actively engaged in market transactions can offer practical, actionable insights rather than theoretical recommendations, making their guidance particularly valuable.

Geographic Scope and Market Access

Question: “Do you operate locally, nationally, or internationally?”

Most business brokers operate locally, while many M&A advisors handle national or international transactions. For iGaming businesses, geographic scope significantly impacts buyer access and marketing effectiveness.

Online gambling operates globally, with many potential acquirers based outside the United States. International operators seeking U.S. market entry, European platforms expanding their reach, and Asian gaming companies diversifying portfolios all represent potential buyer categories that local brokers may not effectively access.

The belief that in-person meetings with buyers are essential often drives local focus, but modern iGaming M&A increasingly occurs through virtual processes, with key principals meeting in person only for final negotiations or closings. An advisor’s inability to effectively market your business internationally can substantially limit your buyer pool and ultimate sale price.

Co-Brokering Policies and Industry Collaboration

Question: “What is your position on co-brokering with other intermediaries?”

Co-brokering—where two brokers collaborate on a transaction—remains relatively uncommon in business sales, and its purported benefits are often overstated. The practice primarily occurs within single offices rather than between independent firms.

Buyers typically won’t pay search fees or commit to exclusive relationships with buyer-side brokers, preferring to conduct independent searches. This dynamic makes true co-brokering rare in practice. Advisors seeking to co-broker arrangements may be less experienced than those who successfully market businesses independently to their established buyer networks.

Time Commitment and Practice Focus

Question: “Do you work full-time as a broker/advisor, or is this a part-time activity?”

Your iGaming transaction deserves full-time professional attention. Part-time brokers, while potentially well-intentioned, simply cannot dedicate the focus required for complex online gambling business sales. Verify that your advisor maintains a full-time practice and can commit appropriate attention to your transaction.

Negotiating M&A Fees in the iGaming Industry

While M&A advisors and business brokers often present fee structures as fixed, negotiation opportunities exist, particularly for well-prepared businesses, larger transactions, or situations where you bring unique value to the engagement. Understanding negotiation leverage and industry norms helps you secure favorable terms while maintaining productive advisor relationships.

Understanding Your Negotiating Position

Your leverage in fee negotiations correlates directly with your business’s attractiveness and readiness for sale. Well-documented iGaming businesses with clean regulatory compliance, strong financials, diversified revenue streams, and growth trajectories command better negotiating positions than those requiring substantial preparation.

If you’ve already completed significant preparatory work—current financial audits, regulatory compliance reviews, technology documentation, or organizational cleanup—you can reasonably request fee reductions reflecting reduced advisor workload. Conversely, if your business requires extensive preparation, expect standard or premium fees.

Transaction size also impacts negotiating dynamics. Larger iGaming deals provide advisors with higher absolute fee dollars even at lower percentage rates, creating opportunities for rate negotiation while maintaining attractive advisor compensation. A $50 million transaction at 4% yields $2 million in fees, making the advisor more willing to negotiate than on a $5 million deal.

Key Areas for Fee Negotiation

Several specific fee components present negotiation opportunities. The retainer-to-success-fee credit represents one common area—negotiate for full retainer credit against success fees rather than partial credit or no credit. This arrangement ensures you don’t effectively pay twice for the same service.

Success fee percentages, particularly for larger transactions, can sometimes be negotiated. If standard industry rates would yield excessive advisor compensation relative to work complexity, reasonable advisors may accept modified structures. However, be cautious about sacrificing quality advice to save modest percentages—a skilled advisor commanding premium fees often delivers substantially higher sale prices that more than offset their costs.

Minimum fee requirements occasionally provide negotiation flexibility, particularly for businesses near the threshold values where minimums apply. If your business might sell for slightly less than the minimum triggers, discuss contingencies with your advisor.

For very large iGaming transactions, tiered fee structures with caps sometimes emerge in negotiations. An advisor might agree to maximum total fees (e.g., $3 million regardless of final sale price) in exchange for certainty on a large transaction, though such arrangements remain uncommon.

Performance-Based Fee Enhancements

Rather than negotiating fees downward, consider performance-based structures that align advisor incentives with optimal outcomes. These arrangements might include success fee accelerators if the sale price exceeds certain thresholds, creating mutual incentive for maximum value realization.

For example, an advisor might charge 5% on the first $20 million of sale price but 7% on amounts exceeding $20 million. This structure motivates the advisor to pursue premium buyers and negotiate aggressively rather than accepting the first reasonable offer.

Some iGaming business owners implement earn-out participation arrangements where advisors receive additional compensation if post-closing earn-outs are achieved. This approach works well when earn-outs represent significant transaction components, ensuring the advisor remains engaged in supporting your success through the earn-out period.

What Not to Negotiate

Certain negotiation approaches prove counterproductive and should be avoided. Never attempt to dramatically undercut established fee structures simply to save costs—experienced, quality advisors will decline such arrangements, and you’ll end up working with less capable alternatives whose inadequate service costs you far more than the fee savings.

Avoid proposing pure success-fee arrangements if the advisor requests retainers, particularly for complex iGaming transactions requiring substantial preparatory work. Professional advisors with strong track records won’t accept pure contingency terms for sophisticated online gambling sales—such requests signal misalignment and may prompt them to decline the engagement.

Don’t negotiate fees to the extent that you damage the advisor relationship before work even begins. Your M&A advisor should be a trusted partner throughout a complex, often stressful process. Starting the relationship with adversarial fee negotiations creates suboptimal dynamics that can persist throughout your engagement.

Alternative Engagement Structures

Beyond traditional fee negotiations, consider alternative engagement structures that might better serve your situation. Some advisors offer phased engagements where you initially contract for preparatory work (business valuation, market positioning strategy, materials development) with an option to proceed to full transaction services later. This approach allows you to evaluate the advisor’s capabilities before full commitment.

For iGaming businesses not immediately ready for sale, consulting arrangements can provide valuable strategic guidance while deferring full engagement until optimal timing. The advisor might charge monthly consulting fees to help you improve business value, positioning the company for future sale.

If you’ve identified a potential buyer independently, transaction advisory services (rather than full sell-side representation) might be appropriate. These limited engagements typically involve lower fees while providing professional support for negotiation, due diligence coordination, and closing.

Additional Costs and Considerations in iGaming M&A

M&A advisor fees represent only one component of the total costs associated with selling an iGaming business. Understanding the full cost structure—including legal fees, accounting services, regulatory expenses, and other transaction costs—enables accurate financial planning and prevents unpleasant surprises during the sale process.

Legal Fees for iGaming Transactions

Legal counsel specializing in gaming law represents an essential expense for iGaming M&A transactions. These attorneys handle purchase agreement negotiation, regulatory filing preparation, license transfer applications, and closing documentation. For online gambling businesses, legal expertise in gaming regulations, multi-jurisdictional licensing, and player data privacy proves invaluable.

Legal fees for small iGaming transactions (under $5 million) typically range from $25,000 to $75,000, depending on transaction complexity, number of jurisdictions involved, and regulatory hurdles. Mid-market transactions ($5-50 million) commonly incur legal costs between $100,000 and $300,000, while large, complex deals may exceed $500,000 in legal expenses.

Hourly rates for gaming attorneys typically range from $300 to $800 per hour, with partners at major firms commanding the higher end of this spectrum. Some firms offer flat-fee arrangements for straightforward transactions, though most gaming M&A work proceeds on hourly billing given the unpredictable nature of regulatory processes.

Don’t economize excessively on legal representation for iGaming transactions. Regulatory compliance failures, licensing issues, or problematic contract terms can cost exponentially more than quality legal counsel. Seek attorneys with specific iGaming M&A experience rather than general business transaction lawyers unfamiliar with gambling regulations.

Accounting and Financial Advisory Services

Professional accounting services for iGaming M&A typically include financial statement preparation, quality of earnings reports, tax structuring advice, and due diligence support. Many CPA firms now maintain specialized gaming practice groups familiar with online gambling accounting unique aspects.

Quality of earnings (QoE) reports, which analyze historical financial performance and identify adjustments necessary for accurate valuation, typically cost $15,000 to $50,000 for small-to-mid-market iGaming businesses. These reports prove particularly valuable for online gambling companies with complex revenue recognition, player liability accounting, or multi-jurisdictional tax situations.

Tax advisory services help structure transactions tax-efficiently, potentially saving substantially more than their cost. For iGaming businesses with intellectual property, international operations, or complex ownership structures, sophisticated tax planning can significantly impact net proceeds. Budget $10,000 to $100,000 for tax advisory depending on transaction complexity.

Business Valuation and Appraisal Costs

Formal business valuations, while sometimes included in M&A advisor services, may require independent appraisal professionals for certain situations. These include shareholder disputes, estate planning, gift tax purposes, or transactions requiring independent validation of value.

Business appraisal costs vary widely based on business size and complexity. Small iGaming businesses might receive credible valuations for $5,000 to $15,000, while comprehensive appraisals for mid-market operators typically cost $20,000 to $50,000. Large, complex iGaming platforms with multi-jurisdictional operations might require $100,000+ in appraisal work.

Ensure any appraiser you engage understands iGaming-specific valuation considerations including regulatory licenses, player databases, proprietary technology, and jurisdiction-specific market dynamics. Generic business appraisers lacking gambling industry knowledge often produce valuations of limited utility.

Regulatory and Compliance Costs

iGaming transactions invariably involve regulatory processes, and these procedures generate costs. License transfer applications typically require filing fees ranging from $5,000 to $50,000 per jurisdiction, depending on the gaming authority and license type. Some jurisdictions impose additional investigation costs, background check fees, or processing charges.

Regulatory consultants specializing in gaming compliance can facilitate licensing transfers, prepare regulatory submissions, and navigate approval processes. These specialists typically charge $200 to $500 per hour, with total engagement costs varying widely based on jurisdictions involved and transaction complexity.

Budget for potential delays in regulatory approval processes. Some gaming jurisdictions complete license transfers in weeks, while others require months. Extended timelines may necessitate interim operating agreements or transition service arrangements, each creating additional costs and complexity.

Due Diligence and Virtual Data Room Expenses

Professional virtual data room (VDR) platforms provide secure environments for due diligence document sharing. These platforms typically charge monthly fees ranging from $1,000 to $5,000 depending on storage requirements, user counts, and feature sets. Total VDR costs for typical iGaming M&A transactions span $5,000 to $20,000.

Due diligence preparation costs include document organization, information request response, and coordination with various advisors. While some of this work falls within M&A advisor services, complex technical due diligence—such as source code reviews, cybersecurity assessments, or infrastructure audits—may require specialized consultants charging separate fees.

Transition and Integration Costs

Post-closing transition expenses, while technically outside the sale process, merit consideration when evaluating net proceeds. Many iGaming transactions include seller involvement during transition periods, either through formal employment arrangements or consulting agreements. Budget for the time investment required to facilitate smooth operational transitions.

For sellers remaining involved post-closing, clarify compensation structures in advance. Some agreements include transition bonuses, while others compensate through earn-outs or reduced sale prices offset by post-closing employment compensation. Understanding the economic implications of various structures helps optimize your overall outcome.

Expense Reimbursements and Miscellaneous Costs

M&A advisors often bill for certain expenses separately from success fees. These commonly include travel costs for facility tours or buyer meetings, marketing materials production, translation services for international buyers, and specialized research or analysis.

Approximately 75% of M&A advisors bill clients for travel and accommodation expenses, which can accumulate significantly for transactions involving multiple buyer meetings or cross-border travel. Clarify expense reimbursement policies upfront and request regular expense reporting to avoid surprises.

Additional miscellaneous costs might include escrow fees, wire transfer charges, and document courier services. While individually modest, these expenses collectively add up. Budget an additional 1-2% of transaction value for miscellaneous costs to avoid being caught short at closing.

Future Trends in iGaming M&A and Advisory Services

The iGaming M&A landscape continues evolving rapidly, driven by regulatory changes, technological innovation, and shifting investor priorities. Understanding emerging trends helps business owners anticipate future market conditions and position their companies optimally for eventual exit.

Accelerating Industry Consolidation

Industry consolidation represents the dominant trend shaping iGaming M&A. As markets mature and regulatory costs increase, smaller operators face mounting pressure to join larger organizations with resources to navigate complex compliance requirements and compete effectively for player acquisition.

This consolidation creates opportunities for well-positioned iGaming businesses to achieve premium valuations as strategic buyers seek market share, technology capabilities, or geographic expansion. Businesses with strong regulatory compliance, proven player acquisition systems, or proprietary technology become increasingly attractive acquisition targets.

Private equity investment in iGaming continues growing, with firms recognizing the sector’s recurring revenue characteristics and growth potential. This capital influx supports higher valuations and increases buyer competition, benefiting sellers. However, financial buyers typically impose more stringent operational requirements and may have different time horizons than strategic acquirers.

Technology-Driven M&A Activity

Technological capabilities increasingly drive iGaming acquisition strategies. Artificial intelligence applications—including personalization engines, responsible gambling tools, fraud detection systems, and customer service automation—command premium valuations. Companies that have successfully implemented AI-powered features position themselves advantageously for acquisition.

Blockchain and cryptocurrency integration represents another major technology trend impacting iGaming M&A. As blockchain gaming accounted for approximately 40% of total iGaming investment deals in 2024, companies with proven cryptocurrency payment processing, blockchain-based gaming mechanics, or decentralized platform elements attract significant buyer interest.

Mobile-first platforms continue dominating player preferences, making mobile optimization essential for attractive valuations. iGaming businesses lacking sophisticated mobile experiences face increasing difficulty attracting premium buyers, while those delivering exceptional mobile gaming command valuation premiums.

Regulatory Expansion and Market Entry Opportunities

Ongoing gambling legalization in the United States creates recurring M&A opportunities as operators seek market entry vehicles. Each time a new state legalizes online gambling, acquisition activity spikes as established operators acquire local market access, existing player bases, or regulatory expertise.

Businesses holding licenses in attractive jurisdictions or possessing proven playbooks for entering newly regulated markets become particularly valuable. The fragmented U.S. regulatory landscape—where each state maintains unique licensing requirements—ensures continued demand for companies that simplify market entry through acquisition.

International expansion similarly drives M&A activity. European operators seeking North American entry, Asian companies diversifying globally, and emerging market operators accessing developed markets all rely partially on acquisitions to accelerate geographic expansion.

Evolving Advisory Service Models

M&A advisory services for iGaming continue professionalizing, with specialized firms developing deep sector expertise. This specialization benefits sellers by ensuring advisors understand regulatory complexities, technology trends, and buyer motivations specific to online gambling.

Technology platforms streamline certain M&A processes, potentially reducing some advisory costs while enabling advisors to manage larger transaction volumes. Virtual data rooms, electronic signing platforms, and project management tools make transactions more efficient, though the relationship-intensive nature of M&A ensures that human expertise remains central.

Comprehensive exit planning services—helping iGaming businesses optimize value before going to market—become increasingly common. Forward-thinking advisors recognize that substantial value creation occurs through pre-sale positioning, and they develop service offerings addressing this opportunity. Business owners benefit by engaging advisors earlier in their exit planning journeys rather than waiting until they’re ready to sell immediately.

Increasing Importance of ESG and Responsible Gaming

Environmental, social, and governance (ESG) considerations increasingly influence iGaming M&A. Buyers, particularly institutional investors and publicly traded companies, scrutinize responsible gambling practices, player protection measures, and social impact initiatives.

iGaming businesses with robust responsible gambling programs, transparent player protection policies, and positive social impact records command valuation premiums. Conversely, operators with compliance issues, player complaints, or inadequate responsible gaming measures face difficulty attracting quality buyers or may suffer valuation discounts.

This trend suggests that investing in responsible gambling infrastructure—including self-exclusion tools, deposit limits, behavioral analysis systems, and player education programs—represents not just regulatory compliance but value creation that will be recognized in future M&A transactions.

Data Privacy and Cybersecurity Considerations

As data privacy regulations proliferate globally and cybersecurity threats evolve, these areas receive increasing emphasis in iGaming M&A due diligence. Buyers carefully examine data handling practices, cybersecurity infrastructure, and regulatory compliance with privacy laws like GDPR and CCPA.

iGaming businesses should proactively address data privacy and cybersecurity as value creation opportunities. Implementing robust security frameworks, maintaining clean compliance records, and demonstrating sophisticated data governance positions companies favorably for eventual exit while reducing buyer risk perceptions.

Conclusion: Making Informed Decisions for Your iGaming Exit

Navigating M&A advisor and business broker fees represents just one component of successfully selling an iGaming business, but it’s a critical one that directly impacts your net proceeds. Understanding fee structures, recognizing how different advisor models operate, and knowing the right questions to ask empowers you to make informed decisions that optimize your exit outcome.

Key Takeaways for iGaming Business Owners

Several fundamental principles should guide your approach to engaging M&A advisors or business brokers for your iGaming exit. First, prioritize industry specialization over generic business brokerage experience. The unique regulatory, technical, and operational characteristics of online gambling businesses demand advisors with proven iGaming transaction experience.

Second, recognize that fee structures should align with your interests and the transaction’s complexity. For smaller iGaming businesses, traditional commission-based models may suffice, though even here, experienced brokers charging modest upfront fees often deliver superior results. For mid-market businesses, combined retainer-and-success-fee structures typically provide better alignment while ensuring you receive professional, thorough representation.

Third, evaluate advisors holistically rather than focusing exclusively on fees. The difference between a skilled advisor achieving optimal sale price and a less capable one accepting suboptimal offers typically dwarfs fee variations. Paying slightly higher fees to work with top-tier professionals generally proves economically advantageous.

Fourth, understand the full cost picture beyond advisor fees. Legal representation, accounting services, regulatory expenses, and due diligence costs collectively add significant amounts to your transaction budget. Planning comprehensively prevents financial surprises and ensures you’re adequately prepared for the entire process.

Preparing for Your iGaming Business Sale

If you’re contemplating selling your iGaming business within the next 12 to 36 months, begin preparation now rather than waiting until you’re ready to go to market. The gap between mediocre and excellent sale outcomes often relates to preparation quality rather than market timing or business size.

Start by ensuring clean financial records that clearly demonstrate your business performance. Work with accountants familiar with iGaming to ensure proper revenue recognition, player liability accounting, and financial statement preparation. Clean, audited financials command better valuations and reduce buyer concerns during due diligence.

Address regulatory compliance proactively rather than reactively. Ensure all gaming licenses remain current, responsible gambling commitments are documented and met, and player data handling complies with applicable privacy regulations. Regulatory issues discovered during M&A processes create significant problems—preventing them through proactive compliance management protects value.

Document your technology infrastructure, including system architecture, third-party dependencies, API integrations, and security measures. Technical due diligence represents a major component of iGaming M&A, and well-documented systems facilitate efficient buyer review while demonstrating operational sophistication.

Consider engaging an M&A advisor for preliminary consultation even before you’re ready to sell. Many advisors offer initial assessments identifying value gaps and providing actionable recommendations for improvement. Investing modest amounts in early-stage strategic advice often yields substantial returns through improved eventual sale outcomes.

Questions to Consider

As you contemplate your iGaming exit, reflect on several critical questions. What is your business truly worth in the current market? Not what you hope it’s worth or what you need to achieve retirement goals, but what sophisticated buyers would realistically pay based on current iGaming valuations?

How well-positioned is your business for sale? Do you have clean financials, current regulatory compliance, documented operational processes, and strong management team? Can you clearly articulate your competitive advantages, growth opportunities, and strategic value to potential acquirers?

What is your ideal exit timeline? Rushed sales rarely achieve optimal outcomes, while extended processes can be exhausting and may signal desperation to buyers. Realistic timelines for well-prepared iGaming businesses typically span 6 to 18 months from initial advisor engagement through closing, depending on size and complexity.

Who are the likely buyers for your specific iGaming business? Strategic acquirers seeking your technology or market access? Private equity firms pursuing investment opportunities? International operators entering your markets? Understanding your probable buyer universe helps select advisors with appropriate networks and expertise.

Taking the Next Step

If you’re serious about selling your iGaming business, begin by conducting preliminary research and self-assessment. Evaluate your business objectively, identify potential weaknesses that might concern buyers, and consider how you might address these issues.

Next, interview multiple M&A advisors or business brokers with demonstrated iGaming experience. Don’t commit to the first advisor you meet—speak with at least three to five candidates to understand the range of approaches, fee structures, and value propositions available. Ask the critical questions outlined in this guide, request references, and verify iGaming transaction experience.

Consider requesting preliminary valuations from shortlisted advisors. While these initial assessments won’t have the rigor of formal appraisals, they provide useful data points and reveal each advisor’s valuation methodology and market knowledge. Be cautious of outliers—unusually high valuations may signal inexperience or unethical tactics to win your business, while unusually low valuations might indicate lack of iGaming market understanding.

Once you’ve selected an advisor, commit fully to the process. Selling a business ranks among the most significant financial transactions most entrepreneurs undertake. It deserves your focused attention, honest communication with your advisor, and willingness to address uncomfortable issues that emerge during preparation.

The Road Ahead for iGaming M&A

The iGaming industry’s growth trajectory suggests continued robust M&A activity for the foreseeable future. As the global online gambling market progresses toward $150 billion in annual revenue by 2029, opportunities for successful exits will multiply for well-positioned businesses.

However, increasing competition, rising regulatory complexity, and evolving technology requirements mean that poorly prepared or sub-scale operators may struggle to attract buyers or achieve satisfactory valuations. The gap between premium-valued businesses and those receiving modest multiples will likely widen as sophisticated buyers become more selective.

By understanding M&A advisory fees, choosing experienced iGaming-specialized advisors, preparing thoroughly, and executing professionally, you position yourself to achieve optimal outcomes when you’re ready to exit. Your iGaming business represents years of effort, investment, and dedication—ensuring you receive fair value when you sell starts with informed decision-making about the advisors who will represent your interests.

The journey from building an iGaming business to successfully exiting requires different skills, knowledge, and partners than those that created the business initially. Embrace this reality, invest in quality advisory relationships, and approach your exit with the same strategic thinking and commitment to excellence that built your business in the first place.

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About This Guide: This comprehensive resource on iGaming M&A and business broker fees combines industry research, current market data, and professional best practices to help online gambling operators make informed decisions about selling their businesses. While we’ve endeavored to provide accurate, useful information, every business situation is unique. We recommend consulting with qualified M&A advisors, legal counsel, and financial professionals for guidance specific to your circumstances.

Ready to explore your options? If you’re considering selling your iGaming business, the first step is understanding its current market value and identifying potential value enhancement opportunities. Reach out to experienced iGaming M&A advisors for preliminary consultations—most offer initial discussions at no cost or obligation.