This document is a consolidated, professional review of major iGaming mergers and acquisitions to date. It maps how capital has flowed through the sector, which corporate strategies have dominated (vertical integration, market consolidation, platform consolidation), and how transaction size and shape have changed over time. The full historical list below shows deal-by-deal activity; the highlights, top-ten movers, and recent trends are summarized and put into practical context for buyers, sellers and advisers.
Executive summary
Over the last two decades the iGaming sector has moved from fragmented local operators to a market dominated by global strategic players and deep-pocketed private equity. Large-cap transactions tend to center on (a) platforms and sportsbook tech, (b) game/content studios, and (c) regulated local operators (to secure market access). Private equity and strategic buyouts both play roles: private equity (and consortiums) are active where scale or restructuring value exists, whereas strategics pursue capability and customer synergies. Notable mega-deals; such as Silver Lake’s 2024 take-private of Endeavor; illustrate how entertainment and sports rights converge with betting distribution, pushing valuations to new levels.
Key takeaway: iGaming M&A rewards buyers who can combine regulatory footprint, scalable technology and customer acquisition economics. For sellers, clear documentation (regulatory compliance, traffic quality, unit economics) materially increases exit value; buyers pay a premium for predictable, regulated revenues and scalable tech stacks.
Top 10 biggest iGaming transactions
| Rank | Buyer | Target | Year | Reported price (nominal) |
|---|---|---|---|---|
| 1 | Silver Lake (consortium) | Endeavor Group Holdings | 2024 | $13.0B. |
| 2 | Paddy Power / Betfair (merger) | Betfair / Paddy Power (combined) | 2015 | Merger valued at ~£5B |
| 3 | Brookfield Business Partners | Scientific Games (lottery business / selected assets) | 2021/22 | ~$5.8–6.05B (lottery sale). |
| 4 | Entain (GVC) | Ladbrokes Coral | 2017 | ~£4.0B. |
| 5 | Scientific Games | Bally Technologies | 2014 | ~$3.3B (reported initial values). |
| 6 | Amaya (later The Stars / Stars Group) | Rational Group (PokerStars & Full Tilt) | 2014 | ~$4.9B. |
| 7 | Tabcorp | Tatts Group | 2016 | AUD 6.4B |
| 8 | GTECH / Lottomatica (merger) | IGT (merger) | 2014 / 2006 | ~$4.7B (historic; multiple structures). |
| 9 | The Stars Group | Sky Betting & Gaming | 2018 | ~$4.7B. |
| 10 | (Various industry consolidations) | Multiple game studios & platforms | – | Several transactions >$1B across 2016–2024 |
Notes: reported values are nominal (at the time of announcement) and sometimes include equity + assumed debt or contingent consideration. The table highlights material, market-moving transactions; it is not exhaustive. For several deals the headline figure reflects the total economic consideration indicated in press releases and regulatory filings.
Recent trends and what they mean for buyers & sellers
Since ~2018 the sector’s activity accelerated across three themes:
-
Platform consolidation and B2B plays. Buyers pay for tech stacks (platforms, risk engines, wallet/payment integrations) that accelerate market entry in regulated jurisdictions. Platform acquisitions often target recurring revenues and lower customer acquisition costs.
-
Content M&A (studios & providers). Large studio buys are about IP, sticky content and proprietary math engines. Studios command high multiples when they provide unique content that drives longer player sessions.
-
Strategic geographic roll-ups. Operators acquire to gain licensed access or scale in high-value regulated markets (e.g., US states, UK, parts of Europe and Latin America). These transactions are frequently driven by market-access rather than immediate margin improvement.
Examples from the most recent waves: the Silver Lake–Endeavor transaction (media & live sports/leverage into betting ecosystems) shows how entertainment consolidation links to wagering distribution; the Brookfield purchase of Scientific Games’ lottery assets reflects investor appetite for stable, regulated lottery cashflows.
2025
- Number of sales: 20
- Number of undisclosed prices: 10
- Largest sale: Light & Wonder acquires Grover Gaming’s charitable gaming assets for $850M and an additional $200M cash option
- Sales total: $2,941.2M (£2,352.9M)
| Buyer | Seller | Asset type | Price |
|---|---|---|---|
| NetX Betting | Playtech | Operator HappyBet | Undisclosed |
| Light & Wonder | Grover Gaming | Developer | $850 |
| Flutter | NSX | Operator | $356 |
| Novomatic | Ainsworth | Developer | Undisclosed |
| Fintech VC | Morrich Lottery | Operator | Undisclosed |
| Visualize Group | BMM Testlabs | Testing division | Undisclosed |
| Codere | Codgames | Game developer | Undisclosed |
| Bragg | RapidPlay | Game developer | Undisclosed |
| Bally | Star | Operator | AUD 300M |
| BlueBet | TopSport | Operator | AUD 15M |
| OpenBet | Endeavor | Operating platform | $450M |
| Sportsradar | Endeavor | Betting platform | $225M |
| BlueBet Holdings | MIXI Inc. (PointsBet) | Casino | AUD 353M |
| Modern Times Group | Aristocrat Leisure (Plarium Global) | Mobile gaming unit | $620M |
| BlueBet Holdings | TopSport | Casino | AUD 10M |
| Stake | MocinoPlay | Casino | Undisclosed |
| Wynn | Crown Resorts | Physical Casino | Undisclosed |
| Tipico | Atlas Group | Developer | Undisclosed |
| North Star Network | Bojoko | Affiliate | Undisclosed |
| Allwyn | Logflex MT Holding Limited (Majority stake) | Platform | €217M |
2024
- Number of sales: 69
- Number of undisclosed prices: 33
- Largest sale: Silver Lake acquires Endeavor for $13B
- Sales total: $31,930.0M (£25,003.9M)
| Buyer | Seller | Asset type | Price |
|---|---|---|---|
| Gambling.com Group | Odds Holdings | Affiliate | $160M |
| Undisclosed | Spreadex | Sporting Index | Demerger |
| DraftKings | Dijon Systems | Service | Undisclosed |
| Game Lounge | Two Kings Consultants | Casino Service | Undisclosed |
| Accel Entertainment | Toucan Gaming LLC | Operator | $40M |
| Undisclosed | Bally | Asian Gaming Assets | Undisclosed |
| Glitnor Group | OneCasino | Online Casino | Undisclosed |
| TKO Group Holdings | Endeavor | Sports Assets | $3.25B |
| Sportradar | XLMedia | North American Services | $30M |
| Openbox Holdings | Boldplay | Developer | Undisclosed |
| Every Matrix | Fantasma Games | Developer | SEK209.8M |
| Sega Sammy | GAN | Platform | $107.6M |
| FDJ Group | Kindred Group | Platform | SEK27.95B |
| Boyd Gaming | Resorts Digital | Gaming Service | Undisclosed |
| Flutter | Playtech | Snaitech Service | €2.3B |
| Interblock | Zuum | Gaming Supplier | Undisclosed |
| Flutter | Betnacional | Service | $350M |
| Evolution | Arcadia Gaming Solutions | Developer | €2.5M |
| Petroglyph Development Group Ltd | Great Canadian Entertainment | Casino | Undisclosed |
| Clarity Game LLC | Full House Resorts | Casino | $9.2M |
| DraftKings | Simplebet | Service | Undisclosed |
| Evoke | New Gambling Solutions | Website | €10M |
| Golden Matrix | CFAC | Discount Platform | $8.4M |
| Hero Group | FansUnite | Betting Hero Service | $37.5M |
| Nuvei | Pay2All | Payment Provider | Undisclosed |
| Brightstar Capital | PlayAGS | Developer | $1.1B |
| John Coates | bet365 | Stoke City FC Team | Demerger |
| Betsson Group | FDJ Group | Sporting Solutions Services | Undisclosed |
| NSUS Group | Caesars | WSOP Brand | $500M |
| Stake | IdealBet | Website | Undisclosed |
| Spreadex | Sporting Index | Service | Undisclosed |
| Apollo | Everi | Product Platform | $1.2B |
| Apollo | IGT | Product Platform | $4.05B |
| Sega Sammy | StakeLogic | Developer | €130M |
| Standard General | Bally | Corporate Assets | Merger |
| Mushburger Media | DraftKings | Betting Broadcaster | Undisclosed |
| Evolution | Galaxy Gaming | Developer | $85M |
| GeoComply and private owners | FansUnite | Affiliate assets | $37.5M |
| BlueBet | betr | Betting Operator | Merger |
| Caesars Digital | ZeroFlucs | Service | Undisclosed |
| Undisclosed | Raketech | Non-US advisory business | $2.3M |
| EveryMatrix | FSB Technology | Platform | Undisclosed |
| MGM Resorts | Tipico | Product Platform | Undisclosed |
| Caesars Entertainment | WynnBet (Michigan) | iGaming operations | Undisclosed |
| Buzz Bingo | Merkur | Casinos (Physical) | Undisclosed |
| Gaming Innovation Group (GiG) | Titan | Content services provider | €3.2M |
| Adventure Box Technologies | Lion Gaming Group | Gaming services provider | SEK475M |
| Gaming Innovation Group (GiG) | Casinomeister | Affiliate | €3M |
| Brightstar Capital Partners | PlayAGS | Developer (Sports) | $1.1B |
| Greenlite | No Limit | Gaming supplier | Undisclosed |
| Clairvest and ECL | Wyoming Downs | Operator (Physical) | Undisclosed |
| Super Group (Betway) | Apricot | Service | €140M |
| Gaming Laboratories International (GLI) | Trisigma | Testing Lab | Undisclosed |
| BetMakers | Racelab Global | Developer | AUD 1.5M |
| BlueBet | Betr | Operator | Merger |
| Silver Lake | Endeavor Group Holdings | Holding Company | $13B |
| Gambling.com | XL Media | Affiliate Assets | $42.5M |
| Fanduel | BeyondPlay | Provider | Undisclosed |
| Betsson | Holland Gaming Technology | Operator | €27.5 |
| Lottery.com | S&MI | Operator | Undisclosed |
| DraftKings | Jackpocket | Operator | $750M |
| ESPN Bet | Wynn (WSI US, LLC) | Operator | $25M |
| Evolution | Livespins | Provider | €5M |
| Allwyn | Instant Win Gaming | Operator | Unspecified |
| Swintt | Elysium Studios | Provider | Unspecified |
| Softswiss | Turfsport | Provider | Undisclosed |
| Undisclosed | 6.4% of Lottomatica (Gamma Intermediate still holds 65.4%) | Operator | €152M |
| Ekstra Bladet | Swush.com (DanskeSpill) | Developer (Sports) | Undisclosed |
| GMGI | MeridianBet | Operator | $300M |
2023
- Number of sales: 77
- Number of undisclosed prices: 33
- Largest sale: Aristocrat acquires NeoGames for $1.2B
- Sales total: $7,223M (£5,778.4M)
| Buyer | Seller | Asset type | Price |
|---|---|---|---|
| Sun International | Peermont Holdings | Operator | €359.6M |
| DoubleDown | SuprNation | Platform | $36.5M |
| GIG | Kafe Rocks | Affiliate | €35M |
| PM Legacy Inc | LottoKings and WinTrillions (Kings Entertainment) | Operator | CAD 175,000 |
| Oddschecker | Supercommesse (Catena Media) | Affiliate | €19.8M |
| Spiffbet | Helmicasino.com | Operator | SEK 300,000 |
| LiveScore Group | Wonderlabz | Developer | Undisclosed |
| Stake | Betfair Colombia (Flutter) | Operator | Undisclosed |
| SEGA SAMMY | GAN | Operator | $107.6M |
| Better Collective | Playmaker Capital | Affiliate | €176M |
| La Française des Jeux (FDJ) | Premier Lotteries Ireland (PLI) | Physical | Unspecified |
| Jelly Entertainment | Wundermachine | Developer | Unspecified |
| Lottomatica Group | SKS365 | Operator (also physical) | Undisclosed |
| Light & Wonder | SciPlay (remaining shares) | Developer | $420M |
| Fanatics | PointsBet US | Operator | $225M |
| PA Betting Services | iRace Media | Service | Unspecified |
| Entain | Angstrom Sports | Service | £203M |
| La Française des Jeux (FDJ) | ZEturf | Operator | €175M |
| Playtika | Innplay Labs | Developer | $300M |
| Flutter Entertainment | MaxBet (51%) | Operator | €141M |
| Better Collective | Tipsbladet | Affiliate | €6.5M |
| Xtremepush | Thunderbite | Service (Loyalty Programmes) | Unspecified |
| Better Collective | Torcedores.com | Affiliate | Undisclosed |
| LeoVegas | Push Gaming | Developer | Undisclosed |
| Boom Entertainment | NBC Sports Predictor | Service | Undisclosed |
| Churchill Downs Incorporated (CDI) | Exacta Systems | Developer | $250M |
| Allied | Beijing Lianzhong Zhihe Technology Co. | Developer | $7M |
| Better Collective | SvenskaFans.com, HockeySverige.se, Fotbolldirekt.se, InnebandyMagazinet.se (Everysport Group) | Affiliate | €3.7M |
| Playmaker | La Poche Bleue | Affiliate | Undisclosed |
| Moneta Communications | Squawka and GG.co.uk (Catena) | Affiliate | €6M |
| Play Synergy | Aruze’s Slot assets | Developer | Unspecified |
| Million Games | STHLM Gaming & Rhino Gaming (Spiffbet) | Developer | SEK 3.5M |
| Playtika | Youda Games | Developer | €81.3M |
| 888Africa | BetLion | Operator | Undisclosed |
| Glitnor | PlayStar (37.5%) | Operator | Unspecified |
| Interblog | Aruze’s ETG Assets | Developer | Unspecified |
| B90 Holdings | Funko International | Affiliate | €3.6M |
| Raw iGaming | FunFair’s Multiplayer Portfolio | Developer | Unspecified |
| Beach Services | Casino.se, .gr and .pt (XL Media) | Affiliate | $4M |
| EveryMatrix | DeepCI | Service | Undisclosed |
| Betsson | Betfirst | Operator | €120M |
| Paf | 888’s Latvian Business | Operator | €28.3M |
| OpenBet | Neccton | Service (ALM) | Unspecified |
| Entain | STS | Operator | £750M |
| Entain | Tiidal Gaming NZ (including Sportsflare) | Developer (Sports Betting) | CAD 13.2M |
| FS Group | 6.57% of 888 | Operator | Shares trading |
| Markor/Whitezip | Markor/Whitezip | Account management / marketing | Merger |
| GLI Group | iTech Labs | Service | Unspecified |
| Aristocrat | NeoGames | Developer | $1.2B |
| Betr | Chameleon platform (FansUnite) | Service (Platform) | $7.4M |
| Undisclosed | McBookie (FansUnite) | Operator | CAD 5M |
| Kambi | Kambi (from Kindred) | Operator | €7.5M |
| Yahoo | Wagr | Operator (P2P) | Unspecified |
| North Star Network | LakersBrasil.com | Affiliate | Undisclosed |
| Allwyn | Camelot (UK) | Operator (Lottery) | £100M |
| Stram Entertainment | FansUnite | Affiliate | Unspecified |
| Super Group (Betway) | Digital Gaming Corp | Service | Unspecified |
| Entain | 365scores | Service | $150M |
| Everi Holdings / Global Cash Access | Assets from Video King | Developer | $59M |
| Better Collective | Skycon | Affiliate | £45M |
| Entain | Sportsflare | Service | $13.25M |
| Playtech | Hard Rock Digital (minority stake) | Developer | $85M |
| Games Global | Digital Gaming Corp | Service | Undisclosed |
| Elys Game Technology | Engage IT | Service | Unspecified |
| Playtech | Northstar (16%) | Operator | CAD 12.25M |
| Penn National | Barstool Sports (Remaining shares) | Operator | $388M |
| Breckenridge | CasinoSecret | Operator | Unspecified |
| Zeal | Circl | Developer (Sportsbetting) | Unspecified |
| Planet Sport | Tipstrr | Affiliate / Tipster | Unspecified |
| Better Collective | Catena Media (5%) | Affiliate | $10M |
| Lion Gaming | 1Click Games | Service | Unspecified |
| Greentube (Novomatic) | Alteatec | Service | Unspecified |
| Entain | BetEnt (BetCity) | Operator (Betting) | €850M* |
| Golden Matrix Group | MeridianBet | Operator | $300M |
| Greentube (Novomatic) | Ineor (80%) | Developer | Unspecified |
| Undisclosed | Bethard | Operator (all) | €9.5M |
| Allwyn | Camelot Lottery Solutions (US) | Operator (Lottery) | €74.2M |
2022
- Number of sales: 57
- Number of undisclosed prices: 24
- Largest sale: Brookfield Business Partners acquires Scientific Games (US lottery sale) for $5.8B
- Sales total: $19,109.4M (£15,287.5M)
| Buyer | Seller | Asset type | Price |
|---|---|---|---|
| Lady Luck Games | ReelNRG | Developer | SEK 8.25M |
| GiG | Catena Media Publishing | Affiliate | €45M |
| IMG Arena | Leap Gaming | Game Developer | Unspecified |
| Boyd Gaming | Pala Interactive | Service (Platform) | $170M |
| Endeavour | OpenBet | Service | $800M |
| Novomatic | HBG (80%) | Physical Gaming Machines | Unspecified |
| Entain | Supersport | Operator | €690M |
| Raw iGaming | Spigo | Developer | Unspecified |
| Tabcorp | Dabble Sports (20%) | Service | AUD 33M |
| Light & Wonder | House Advantage assets | Service | Unspecified |
| Betsson | KickerTech (80%) | Service | €14M |
| Lottomatica | Betflag | Operator | €310M |
| KeyStar | ZenSports | Operator | Unspecified |
| Playstudios | Brainium | Developer (Social Gaming) | $70M |
| Greentube (Novomatic) | Present Creative | Developer | Unspecified |
| GameCo/Green Jade Games | GameCo/Green Jade Games | Developer | Merger |
| Seven Star Digital | Moneta Communications | Affiliate | Unspecified |
| Playmaker | Wedge Traffic | Affiliate | Unspecified |
| La Française des Jeux (FDJ) | Zeturf Group | Operator | Unspecified |
| Aristocrat | Roxor | Developer | Unspecified |
| Kambi | Shape Games | Service | €78.1M |
| IAC | MGM (+4.6%) | Operator | $41.7M |
| Flutter Entertainment | Sisal | Operator | €1.9B |
| Broadway Gaming | 888’s Bingo and B2C Business | Operator | $45.2M |
| Z IGT | iSoftBet | Game Developer | €160M |
| NeoGames | AspireGlobal | Service (White Label) | €416M |
| HeadsUp | LotteryHub | Service | Unspecified |
| Betfred | LottoStar | Operator (Lotto) | Unspecified |
| 888 | William Hill International (non-US) | Operator | £1.95B |
| Raw iGaming | Sapphire Gaming | Developer | Unspecified |
| Games Global | Quickfire | Service | Unspecified |
| DraftKings | Golden Nugget Online Gaming | Operator | $450M |
| Everi Holdings / Global Cash Access | Intuicode Gaming Corporation | Developer | $22-27M |
| TCSJohnHuxley | Midwest Game Supply | Developer | Unspecified |
| Brookfield Business Partners | Scientific Games (US Lottery sale) | Developer | $5.8B |
| Better Collective | Futbin | Database | €105M |
| Parsec Capital | Enteractive Media | Affiliate | Unspecified |
| Blexr | ThePogg | Affiliate | “Six-figure sum” |
| Parthenon Capital | Global Payments’ gaming arm | Service | Undisclosed |
| Better Collective | Canada Sports Betting | Affiliate | €21.4M |
| Novibet/Artemis | Artemis/Novibet | Operator | Merger ($625M) |
| Bettor Capital | BeyondPlay (25%) | Service | €1.9M |
| Glitnor | KaFe Rocks | Affiliate | Undisclosed |
| Everi Holdings / Global Cash Access | Assets from Atlas Gaming | Developer | Unspecified |
| Bragg Gaming Group | Spin Games | Developer | $30M |
| Inspired Gaming Group | Contract for Dominican Republic’s Loteria Electrónica | Contract | $14.5M |
| Thimba Media | Seven Star Digital | Affiliate | Cash/debt free basis |
| Gambling.com | RotoWire (Roto Sports) | Affiliate | $27.5M |
| Accel Entertainment | Century Gaming | Operator (Physical) | $164.2M |
| MGM Resorts | LeoVegas | Operator | $604M |
| Sportradar | Vaix | Service | Unspecified |
| Entain | Avid Gaming | Service | €237M |
| 888 | William Hill (except US assets) | Operator | €2.25B |
| Flutter Entertainment | Tombola | Operator | €479M |
| Genius Sports | FanHub Media | Developer (Free to play) | Unspecified |
| Evolution Gaming | NoLimit City | Developer | €340M |
| Bally’s Corporation | Tropicana Las Vegas | Physical Casino | $148M |
2021
- Number of sales: 53
- Number of undisclosed prices: 13
- Largest sale: Aristocrat acquires Playtech for £2.7B
- Sales total: $11.719.5M (£8,617.5M)
| Buyer | Seller | Asset type | Price |
|---|---|---|---|
| Betsson | Slapshot Media (28%) | Service | CAD 3M |
| Parimatch Tech | mr.fish and PokerMatch | Service + Operator | Unspecified |
| GIG | Sportnco | Platform | €50.8M |
| B90 | Spinbookie | Operator | £1.763M* |
| GAN (Game Account Network) | Silverback Gaming | Developer | Undisclosed |
| Scientific Games | Authentic Gaming | Developer | Unspecified |
| Raketech | QM Media (+ P&P Vegas Group) | Affiliate | $18M |
| XL Media | Saturday Football | Service | $24M |
| Raketech | A.T.S Consultants | Affiliate | $15.5M |
| Catena Media | i15 Media | Affiliate | €38M |
| Kambi | Abios | Service (esports) | SEK 270m* |
| B90 | Oddsen | Affiliate | €4.37M |
| Slotlight Sport Group | Alarm Sports Network | Platform | Unspecified |
| Scientific Games | Sideplay Entertainment | Developer | Unspecified |
| Scientific Games | Lightning Box | Developer | Unspecified |
| DraftKings | BlueRibbon | Developer | Unspecified |
| Elys Game Technology | Bookmakers Company US | Operator | $12M |
| Kindred Group | Relax Gaming | Developer | €193m (for 66.6%) |
| Raketech | Infinileads (SlotJava) | Affiliate | €4.5M |
| Raketech | freepicks.picksandparlays.net/ | Affiliate | $16M |
| Z Capital/Affinity | Z Capital/Affinity | Affiliate / Holding Company | Merger |
| Esports Entertainment Group | Helix and ggCircuit | Service | Unspecified |
| Betfred | Betting World | Operator | £6.1M |
| Evolution Gaming | Big Time Gaming | Developer | €450M |
| Better Collective | Action Network | Affiliate | $240M |
| PointsBet | Premier Turf Club | Operator | $2.9M |
| Catena Media | Lineups.com | Affiliate | $39.6M |
| Entain | Enlabs and Bet.pt | Operator | SEK 3.7B |
| Thimba Media | Assets from Astro Media Group | Affiliate | $1.8M |
| PointsBet | Banach Technology | Service (Platform) | $43M |
| DraftKings | Vegas Sports Information Network | Service | Unspecified |
| LeoVegas | Expekt | Operator | €3M |
| Greentube (Novomatic) | Eurocoin Gaming | Developer | Unspecified |
| Better Collective | Rekatochklart.com | Affiliate | €3.6M |
| Esports Entertainment Group | EGL | Service | Unspecified |
| DoubleDown Interactive | Suprnation | Operator | $35M |
| Aristocrat | Playtech | Developer | £2.7B |
| Bally’s Corporation | MontBleu Resort Casino & Spa | Physical Casino | $155M* |
| Bally’s Corporation | Monkey Knife Fight | Developer | $50M* |
| Acroud | The Gambling Cabin | Affiliate | SEK 23.6-82M |
| Bally’s Corporation | Gamesys | Developer | Merger ($2B) |
| Bally’s Corporation | Bet.Works | Service (Platform) | $125M |
| Betsson | JDP Tech Ltd (50%) | Service | €8.8M |
| BetMakers | Sportech’s Racing, Tote and Digital assets | Service | $56M |
| Broadway Gaming | Dragonfish | Operator (Bingo) | $50M |
| Entain | Unikrn | Operator (Betting / esports) | £50M |
| Esports Entertainment Group | Bethard | Operator | €16M |
| Penn National | Score Media | Operator | $2B |
| DraftKings | Golden Nugget Online Gaming | Operator | $1.56B |
| Esports Technologies | Aspire Global’s B2C business | Developer / Service | €65.5M |
| Evolution Gaming | DigiWheel | Developer | $1M |
| Bragg Gaming Group | Wild Streak Gaming | Developer | $30M |
| Bally’s Corporation | Sportcaller | Developer | Unspecified |
2020
- Number of sales: 18
- Number of undisclosed prices: 5
- Largest sale: Flutter Entertainment acquires FanDuel for $4.2B
- Sales total: $10,842.6M (£8,405.1M)
| Buyer | Seller | Asset type | Price |
|---|---|---|---|
| XL Media | CBWG | Affiliate | $22M |
| Flutter Entertainment | FanDuel | Operator | $4.2B for 37% |
| GAN (Game Account Network) | Coolbet (Vincent Group) | Operator | €149M |
| Raketech | AmericanGambler.com | Affiliate | €5M |
| Wynn Resorts | Betbull | Operator (Betting) | $80M |
| Entain (as GVC Holdings) | Bet.pt | Operator | Unspecified |
| Caesars Entertainment | William Hill (US) | Operator | $2.9B |
| Esports Entertainment Group | Argyll | Operator (Betting) | Unspecified |
| IAC | MGM (12%) | Operator | $1B |
| Superbet | Lucky 7 (60%) | Operator | Unspecified |
| Flutter Entertainment/The Stars Group | Flutter Entertainment/The Stars Group | Operator | Merger |
| Gauselmann Group | Bede Gaming | Platform | Unspecified |
| Raketech | Lead Republik | Affiliate | €1.4M |
| Penn National | Barstool Sports (36%) | Operator | $163M |
| Aspire Global | BtoBet | Service (Sportsbook) | €20M |
| Betsson | Gaming Innovation Group (casinos) | Operator | €33M |
| Evolution Gaming | NetEnt | Developer | $2.1B |
| Bally’s Corporation | Eldorado Resort Casino Shreveport | Physical Casino | $140M |
2019
- Number of sales: 18
- Number of undisclosed prices: 4
- Largest sale: DraftKings merger with SBTech for $3.3B
- Sales total: $4,722.4M (£3,698.1M)
| Buyer | Seller | Asset type | Price |
|---|---|---|---|
| The Stars Group | BetEasy (remaining 20%) | Operator | AUD 151M |
| DraftKings | SBTech | Operator | Merger ($3.3B) |
| Churchill Downs | Presque Isle Downs Casino | Physical | Unspecified |
| William Hill | CG Technology | Sportsbook | Unspecified |
| Genting | Authentic Gaming | Developer | €15M |
| GIG | Top Game | Operator | Undisclosed |
| Inspired Gaming Group | Gaming Technology Group (Novomatic UK) | Game Developer | $120m |
| Jackpotjoy | Gamesys (specific assets) | Service | £490M |
| NetEnt | Red Tiger | Developer | £223M* |
| Better Collective | mybettingsites.co.uk | Affiliate | £2.2M |
| Zeal | Lotto24 | Operator (Lotto) | Unspecified |
| Rank Group | Stride Gaming | Operator | £115.3M |
| 888 | Jackpotjoy’s Bingo Brands | Operator (Bingo) | £18M |
| Paddy Power Betfair (later Flutter) | Adjarabet (51%) | Operator | €116M |
| AGS | Integrity Gaming Corp. | Developer | $49M |
| 888 | BetBright’s Sportsbook | Operator (Sportsbook) | £15M |
| 888 | Costa Bingo | Operator (Bingo) | £12-18M (consideration) |
| Aspire Global | Pariplay (GMS Entertainment Limited) | Operator | €13.1M |
2018
- Number of sales: 28
- Number of undisclosed prices: 6
- Largest sale: The Stars Group acquires Sky Betting & Gaming for $4.7B
- Sales total: $11,201.7M (£8,297.5M)
| Buyer | Seller | Asset type | Price |
|---|---|---|---|
| Bragg Gaming Group | Oryx | Developer | CAD 13.8M |
| Better Collective | Ribacka Group | Affiliate | €30M* |
| Entain (as GVC Holdings) | Neds | Operator | $95M* |
| Penn National Gaming | Pinnacle | Operator | $2.8B |
| Scientific Games | Don Best | Developer | Undisclosed |
| Better Collective | WBS | Affiliate | €4.2M |
| Better Collective | Bola Webinformation GmbH | Service (Platforms) | €36.3M |
| Caesars Entertainment | Centaur Holdings | Operator (Physical) | $1.7B |
| MrGreen | 11.lv | Operator | €2.8M |
| Entain (as GVC Holdings) | Crystalbet (51%) | Operator | $41.3M |
| The Stars Group | Sky Betting & Gaming | Operator | $4.7B |
| CrownBet | William Hill Australia | Operator | AUD 310M |
| Playtech | Snaitech (70.6% ) | Operator | $1.05B |
| Kambi | Virtus Sports (25%) | Virtual Sports Company | £500,000 |
| LeoVegas | Rocket X | Operator | £65M |
| Catena Media | Bonusseeker.com | Affiliate | $11M |
| The Stars Group | CrownBet (62%) | Operator | $117.7M |
| GiG | D-Tech (36%) | Developer | €360,000 |
| Blueprint Gaming | Games Warehouse | Developer | Unspecified |
| XL Media | Nettikasinot.com | Affiliate | €15M |
| Scientific Games | NYX | Developer | CAD 775M |
| Novomatic | Ainsworth (52%) | Developer | AUD 473.3M |
| Rank Group | QSB (YoBingo) | Operator (Bingo) | €52M* |
| Eldorado Resorts | The Grand Victorio | Physical | Unspecified |
| AGS | Gameiom Technologies | Service/Aggregator | $5M |
| 888 | All American Poker Network | Operator (Poker) | $28M |
| William Hill | MrGreen | Operator | €271M |
| The Stars Group | BetEasy (remaining 80%) | Operator | Unspecified |
| Paddy Power Betfair (later Flutter) | FanDuel | Operator | $158M (61%) + US assets |
| Evolution Gaming | Ezugi | Developer | $12.6M |
2017
- Number of sales: 28
- Number of undisclosed prices: 6
- Largest sale: Entain acquires Ladbrokes Coral for £4B
- Sales total: $7,730.3M (£5,946.4M)
| Buyer | Seller | Asset type | Price |
|---|---|---|---|
| Entain (as GVC Holdings) | Ladbrokes Coral | Operator | £4B |
| Scientific Games | Red7Mobile | Developer | Unspecified |
| Cherry AB | Game Lounge (51%) | Operator | Unspecified |
| Catena Media | BayBets Ltd | Affiliate | €53M |
| Entain (as GVC Holdings) | Cozy Games | Operator (Bingo) | Unspecified |
| Ropso Malta Limited | GVC’s Turkish-facing operations (Headlong) | Operator | €150M |
| LeoVegas | Royal Panda | Operator | €60M |
| GIG | STK Marketing | Affiliate | €26M |
| Catena Media | BettingPro.com | Affiliate | £13.9M |
| Kindred Group | 32Red | Operator | £175.6M |
| DoubleU Games Co Ltd | Double Down | Operator | $825M |
| Cherry AB | Highlight Games (25%) | Developer | £2.4M |
| Catena Media | NewCasinos.com | Affiliate | €10.9M |
| Greentube (Novomatic) | Mazooma | Developer | Unspecified |
| GiG | Unknown affiliate network | Affiliate | €5.7M |
| GiG | CasinoTopsOnline.com | Affiliate | €11.5M |
| LeoVegas | Winga.it | Operator | €6.1M |
| Cherry AB | ComeOn | Operator | €280M |
| Betsson | Premier Casino | Operator | €3M |
| Paddy Power Betfair (later Flutter) | Draft | Service | $48M |
| Fortuna Entertainment | Hattrick Sports | Operator | €85M |
| Catena Media | Slotsia.com | Affiliate | $7M |
| Scientific Games | DEQ Systems | Developer | CAD 27.2M |
| Aristocrat | Plarium Global Limited | Developer (Social Gaming) | $500M |
| Playtech | BetBudy | Tool | Undisclosed |
| Betsson | NetPlay TV | Operator | £26M |
| Playtech | Eyecon | Developer (Bingo) | £50M |
2016
- Number of sales: 16
- Number of undisclosed prices: 1
- Largest sale: Tabcorp acquires Tatts for AUD 6.4B
- Sales total: $7,109.4M (£5,468.8M)
| Buyer | Seller | Asset type | Price |
|---|---|---|---|
| Betsson | RaceBets | Operator | €34M |
| Cherry AB | Betman | Operator (Physical) | Unspecified |
| Tabcorp | Tatts | Operator (Lottery) | AUD 6.4B |
| Catena Media | SBAT | Affiliate | €8M |
| William Hill | Grand Parade | Service | £13.5M |
| Tabcorp | INTECQ | Service | $128M |
| GIG | Betit | Operator | €54M |
| Novomatic | Talarius | Developer | £111M |
| Playtech | Quickspin | Developer | €50M |
| NYX Gaming Group | Betdigital | Developer | £24.5M |
| Catena Media | AskGamblers | Affiliate | $15M |
| GiG | Delta Markets | Affiliate | €4.2M |
| Catena Media | casinouk.com | Affiliate | €10.6M |
| NYX Gaming Group | OpenBet | Operator | £280M |
| Entain (as GVC Holdings) | Bwin.Party | Operator | $1.6B |
| Playtech | Best Gaming Technology | Developer | €138M |
2015
- Number of sales: 17
- Number of undisclosed prices: 4
- Largest sale: Ladbrokes merger with Gala Coral for £2.3B
- Sales total: $13,434.4M (£8,780.6M)
| Buyer | Seller | Asset type | Price |
|---|---|---|---|
| INTRALOT | Bit8 (35%) | Service | Unspecified |
| Ladbrokes | Gala Coral | Operator | Merger (£2.3B) |
| Cherry AB | Almor (71.5%) | Operator | €4.6M |
| NYX Gaming Group | Game360 | Developer | Unspecified |
| Inspired Gaming Group | We R Interactive | Game Developer (Social Gaming) | Unspecified |
| Betfair (later Paddy Power Betfair) | HRTV | TV Network | $25-47.8M |
| 888 | Bwin.Party | Operator | £893.3M |
| Unibet | iGame | Operator | €79M |
| Paddy Power/Betfair | Betfair/Paddy Power | Operator | Merger (£5B) |
| Tabcorp | ACTTAB | Service | £540,000 |
| Cherry AB | Norgesspill | Operator | $100M |
| Betsson | Europe-Bet | Operator | $85M |
| Playtech | TradeFX (Markets.com) (91.1%) | Forex Company | $458M |
| Amaya Gaming (later Stars Group) | Victiv | Fantasy Sports | Unspecified |
| Playtech | YoYo Games (GameMaker) | Developer | $16.4M |
| NYX Gaming Group | Cryptologic and Chartwell | Developer | CAD 150M |
| Cherry AB | Moorgate Media Ltd | Operator | £2.9M |
2014
- Number of sales: 12
- Number of undisclosed prices: 2
- Largest sale: Scientific Games acquires Bally Technologies for $5.1B
- Sales total: $17,378.7M (£10,532.6M)
| Buyer | Seller | Asset type | Price |
|---|---|---|---|
| Churchill Downs | Big Fish Games | Developer (Mobile) | $885M |
| NYX Gaming Group | Ongame Poker | Developer | Unspecified |
| Scientific Games | Bally Technologies | Developer | $5.1B |
| Everi Holdings / Global Cash Access | Multimedia Games | Developer | $1.2B |
| Tabcorp | ACTTAB | Service | $105.5M |
| Bally Technologies | DragonPlay | Developer (Social Gaming) | $100M |
| Intertain Group | Mandalay Media | Operator (Bingo) | £60M |
| Betsson | Oranje Casino and Kroon Casino | Operator | €130 million |
| Intertain Group | Vera & John (Dumarca) | Operator | €89.1M |
| Elray Resources | Golden Galaxy Casino (25%) | Operator | Undisclosed |
| Amaya Gaming (later Stars Group) | PokerStars and Full Tilt Poker (Rational Group) | Operator | $4.9B |
| GTECH | IGT | Developer | $4.7B |
2013
- Number of sales: 9
- Number of undisclosed prices: 2
- Largest sale: Bally Technologies acquires SHFL Entertainment for £1.3B
- Sales total: $3,653.1M (£2,341.8M)
| Buyer | Seller | Asset type | Price |
|---|---|---|---|
| Novomatic | Beware (majority share / 90%) | Service (Platform) | Unspecified |
| Bally Technologies | SHFL entertainment | Developer | £1.3B |
| NetPlay | Vernons | Operator | £3M |
| Scientific Games | WMS | Developer | $1.5B |
| Ladbrokes | Bookmaker.com.au | Operator | AUD 22.5M |
| Playtech | PokerStrategy.com | Affiliate | €38.3M |
| Ladbrokes | Betdaq | Operator | €30M |
| Gamesys | Virgin Games | Developer (Social Gaming) | Undisclosed |
| Betfair (later Paddy Power Betfair) | Blue Square | Operator | £5M |
2012
- Number of sales: 15
- Number of undisclosed prices: 3
- Largest sale: William Hill & GVC acquires Sportingbet for £485M
- Sales total: $2,092.9M (£1,308M)
| Buyer | Seller | Asset type | Price |
|---|---|---|---|
| Sportech | eBet Online | Service | $12.6M |
| William Hill & GVC | Sportingbet | Operator | £485M |
| Caesars Interactive | Buffalo Studios | Developer | Unspecified |
| PokerStars | Full Tilt Poker | Operator | $225M ($731M) |
| Rank Group | 23 Casinos (From Gala Coral) | Operator | £205M |
| Unibet | Betchoice | Operator | AUD 20M |
| IGT | Double Down | Game Developer | $500M |
| Betsson | Automaten Brands | Operator (casino) | SEK 286M |
| Amaya Gaming (later Stars Group) | Ongame Network | Service | €25M |
| Bally Technologies | Chiligaming’s B2B Platform | Service | Unspecified |
| Sportingbet | Danbook Ltd & Scandic Bookmakers Ltd | Operator | $13M |
| Bwin.party | Orneon (and other assets) | Operator (Social Gaming) | $23M |
| Betsson | Nordic Gaming Group | Operator (All) | €65M (app) |
| Aristocrat | Product Madness | Developer (Social Gaming) | Unspecified |
| Amaya Gaming (later Stars Group) | Cryptologic | Developer | $35.8M |
2011
- Number of sales: 12
- Number of undisclosed prices: 3
- Largest sale: Betfred acquires Tote for £265M
- Sales total: $1,244M (£777.5M)
| Buyer | Seller | Asset type | Price |
|---|---|---|---|
| Unibet | EurosportBet (Solfive) | Operator | €5.625M |
| NYX Gaming Group | NextGen | Developer | Merger |
| Betsson | Betsafe | Operator | €60M |
| IGT | Entraction Holding AB | Game Developer | $115M |
| Scientific Games | Barcrest | Developer | $54M |
| Entain (as GVC Holdings) | superbahis.com | Operator (Sportsbook) | Unspecified |
| Amaya Gaming | Chartwell | Developer | C$22.77M |
| Vitruvian Partners | OpenBet | Service (Sportsbook) | £208M |
| Sportingbet | Centrebet | Operator (Sportsbook) | A$183M |
| William Hill | Brandywine Bookmaking | Operator (Sportsbetting) | $15.7M (app) |
| Betfred | Tote | Operator (Physical) | £265M |
| Paddy Power | Cayetano Gaming | Developer | Unspecified |
2010
- Number of sales: 5
- Number of undisclosed prices: 2
- Largest sale: Playtech acquires Virtue Fusion for £29M
- Sales total: $81.2M (£54.5M)
| Buyer | Seller | Asset type | Price |
|---|---|---|---|
| Scientific Games | GamesLogic | Service (Marketing) | Unspecified |
| Cherry AB | COYS | Operator (Casino) | SEK 150M |
| Bwin/Party Gaming | Bwin/Party Gaming | Operator | Merger |
| 888 | Mytopia | Developer (Social Games) | $18M(-$48M) |
| Playtech | Virtue Fusion | Developer | £29M |
2009
- Number of sales: 7
- Number of undisclosed prices: 0
- Largest sale: Bwin acquires Gioco Digitale for €115M
- Sales total: $365.6M (£228.5M)
| Buyer | Seller | Asset type | Price |
|---|---|---|---|
| Rank Group | Casino at Coventry’s Ricoh Arena | Operator (Physical) | £650,000 |
| Bwin | Gioco Digitale | Operator (Poker) | €115M |
| PartyGaming | Cashcade | Operator (Bingo) | £71.9M (+ up to £24M) |
| 888 Holdings | Wink Bingo | Operator (Bingo) | £11-£59.7M |
| Entain (as GVC Holdings) | Betboo | Operator | $30M |
| Betfair | TVG | Horse Racing Network | $50M |
| PartyGaming | World Poker Tour | Events | $12.3M |
2008
- Number of sales: 3
- Number of undisclosed prices: 3
- Largest sale:
- Sales total:
| Buyer | Seller | Asset type | Price |
|---|---|---|---|
| Tatts Group | Talarius | Developer | Unspecified |
| OpenBet (Orbis) | Electracade | Service | Unspecified |
| Boss Media | Dynamite Idea | Developer (Sportsbetting) | Unspecified |
2007
- Number of sales: 4
- Number of undisclosed prices: 1
- Largest sale: Unibet acquires Maria Holdings for £54M
- Sales total: $163.3M (£81.6M)
| Buyer | Seller | Asset type | Price |
|---|---|---|---|
| GTECH | Finsoft | Operator | Unspecified |
| 888 Holdings | Globalcom Limited aka The Bingo Business (45 sites) | Operator (Bingo) | $32.4M |
| Unibet | Maria Holdings | Operator | £54M |
| GigaMedia Limited | T2CN Holding Limited | Operator | $22.9M |
2006
- Number of sales: 5
- Number of undisclosed prices: 0
- Largest sale: Lottomatica merges with GTECH for $4.7B
- Sales total: $5,112.8M (£2.840.4)
| Buyer | Seller | Asset type | Price |
|---|---|---|---|
| PartyGaming | Empire Online & Intercontinental Online Gaming | Operator (Poker) | $66.3M |
| Playtech | Tribeca Tables Poker Network | Operator (Poker) | $75M-$139M |
| 24hPoker AB | B2B Poker | Operator (Poker) | SEK 15M |
| 32Red | BetDirect | Operator (Sportsbook) | £11M |
| PartyGaming | Empire Poker | Operator (Poker) | $250M |
| Lottomatica | GTECH | Operator | Merger ($4.7 billion) |
2005
- Number of sales: 5
- Number of undisclosed prices: 0
- Largest sale: Bwin acquires PokerRoom & OnGame for $570M
- Sales total: $768.5M (£452M)
| Buyer | Seller | Asset type | Price |
|---|---|---|---|
| Bwin | PokerRoom & OnGame | Operator (Poker) | $570M |
| Party Poker | Multi Poker | Operator (Poker) | $14.50M |
| Empire Online | Noble Poker & Other iPoker Assets | Operator (Poker, Casino Bingo) | $40M |
| Unibet | MrBookmaker.com | Operator (Sportsbook) | £75.9M |
| Betfair | PokerChamps | Operator (Poker) | $15M |
2004
- Number of sales: 3
- Number of undisclosed prices: 1
- Largest sale: Sportingbet acquires Paradise Poker for $297.5M
- Sales total: $447.5M (£263M)
| Buyer | Seller | Asset type | Price |
|---|---|---|---|
| GTECH | Spielo | Developer | $150M |
| Sportingbet | Paradise Poker | Operator (Poker) | $297.5M |
| Entain (as GVC Holdings) | CasinoClub | Operator | Unspecified |
2003
- Number of sales: 2
- Number of undisclosed prices: 0
- Largest sale: Rank Group acquires Blue Square for £65M
- Sales total: $129.5M (£80.9M)
| Buyer | Seller | Asset type | Price |
|---|---|---|---|
| Rank Group | Blue Square | Operator (Sportsbook) | £65M |
| Scientific Games | MDI Entertainment | Provider | $19M |
2001
- Number of sales: 1
- Number of undisclosed prices: 0
- Largest sale: Sportingbet acquires Sportsbook.com for $51M
- Sales total: $51M (£30M)
| Buyer | Seller | Asset type | Price |
|---|---|---|---|
| Sportingbet | Sportsbook.com | Operator (Sportsbook) | $51M |
Benefits of iGaming acquisitions (strategic view)
Acquisitions deliver several strategic advantages: rapid market entry, bulked-up customer bases, access to proprietary technology or content, and defensive consolidation (removing competitors). For financial buyers, predictable cashflows (lotteries, regulated operator revenues) are particularly attractive. For strategics, acquisitions can be faster and more certain than organic buildouts – particularly where licensing timelines are long.
Types of acquisition structures (practical framing)
M&A activity in iGaming typically manifests as:
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Horizontal deals – operator buys operator to gain market share and synergy in marketing/operations.
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Vertical deals – operator buys supplier (e.g., platform provider, payment processor, studio) to integrate value chain and capture margin.
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Congeneric – same industry but adjacent vertical (e.g., operator buys affiliate or content aggregator).
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Conglomerate – rare in pure iGaming, but common when entertainment or broader leisure groups acquire gambling assets as part of diversification.
Purpose: why companies acquire in iGaming
The motives are pragmatic: speed-to-market, obtaining licensed footprints, acquiring complementary tech, or buying traffic and monetization expertise. Examples include game studios bought for hit titles, platforms bought for US/LatAm rollouts, and affiliates or media bought to reduce customer acquisition costs.
Mergers & acquisitions vs organic growth – which to choose?
There is no universal answer. M&A speeds expansion but brings integration risk (culture, regulatory; legacy tech). Organic growth preserves control and steadier margins but is slower and capital-intensive. In practice, the best strategy blends both: use M&A to acquire capabilities where time or regulatory windows make organic growth inefficient, and use organic growth to deepen margins post-acquisition.
Acquisition vs merger vs takeover – the differences
An acquisition results in one firm absorbing another (target becomes part of buyer’s corporate structure). A merger combines two companies into a newly created entity (often with shared governance). A takeover is typically an acquisition where the buyer obtains control without full consent of incumbent management or minority holders (hostile bid). Each structure has different governance, tax and regulatory implications – and different integration risk profiles.
Practical advice for sellers (M&A playbook)
When preparing to sell, sellers should prioritize:
-
Clean regulatory history and licenses;
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Transparent traffic & player metrics (LTV/CAC, churn, deposit behavior);
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Documented product ownership/IP and supplier contracts;
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Clearly audited financials and legacy liabilities (tax, compliance);
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A clear separation plan if only specific assets are sold.
Buyers will pay a premium for repeatable, well-documented revenue and for assets that reduce the time to scale in regulated markets.
How CasinosBroker can help
If you spot omissions, discrepancies, or have a transaction to add, contact the CasinosBroker team and we will update the list and provide bespoke M&A advisory: valuation, sell-side preparation, NDA & CIM drafting, buyer outreach, and deal execution.
