Additional Ways to Market Your Company for Sale

 

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1. Introduction: The Current iGaming M&A Landscape

Over the past decade, I’ve guided dozens of iGaming operators, platform suppliers, and affiliate networks through the complex journey from founder-led startups to value-maximizing exits. If your initial outreach to potential buyers hasn’t generated the competitive tension you expected, don’t assume the market has lost interest. More often than not, your message simply hasn’t reached the right decision-makers yet.

The iGaming industry continues to demonstrate remarkable resilience and growth potential. In 2024 alone, disclosed M&A transactions in the sector exceeded $10 billion, with landmark deals including Flutter Entertainment’s $1.8 billion acquisition of Scientific Games’ online division and Boyd Gaming’s strategic purchase of Resorts Digital. These transactions prove that capital is actively hunting for quality assets, even in a challenging macroeconomic environment.

This guide provides a disciplined, confidentiality-sensitive approach to positioning your iGaming business for acquisition. We’ll move beyond generic “spray-and-pray” outreach tactics and instead focus on a tiered, research-driven campaign that resonates with the financial sponsors, strategic operators, and insider buyers who currently dominate deal flow in the online gambling sector.

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2. Understanding the 2024-2025 M&A Market

The Broader M&A Climate

According to recent market analysis, global M&A activity in 2024 reached approximately $3.4 trillion, representing an 8% increase from 2023’s depressed levels. While this marks progress from the post-pandemic slump, deal volume remains below the record highs of 2021. The current environment favors quality over quantity, with buyers taking a more disciplined approach to valuations and focusing on sustainable growth metrics rather than pure topline expansion.

The technology sector, which includes iGaming platforms and digital betting solutions, recorded $640 billion in M&A activity in 2024—a 16% increase over the previous year. This surge was driven by continued investment in AI capabilities, cloud infrastructure, and digital transformation initiatives. Private equity activity also rebounded, with buyout investment value increasing 37% year-over-year to $602 billion.

iGaming-Specific Market Dynamics

The online gambling market closed 2024 at a valuation of $93.26 billion and is projected to exceed $150 billion by 2029, representing a compound annual growth rate of approximately 10%. This growth trajectory is supported by several key factors:

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3. Recalibrating Your iGaming M&A Strategy

If inbound interest in your iGaming business has stalled, it’s time to revisit three critical pillars: your message, your medium, and your market coverage.

Refining Your Investment Case

Sophisticated iGaming buyers evaluate opportunities through a specific lens. They’re looking for metrics that directly correlate with sustainable cash flow and defensible market position. Your investment memorandum should prominently feature:

Lifetime Value to Customer Acquisition Cost (LTV/CAC) Ratio: Strong iGaming assets typically demonstrate LTV/CAC ratios of 3:1 or better, with best-in-class operators achieving 5:1 or higher. This metric speaks directly to the efficiency of your marketing spend and the stickiness of your player base.

Jurisdictional Mix: Clearly segment revenue between fully regulated markets (UK, Malta, licensed US states), emerging regulated markets (Latin America, Eastern Europe), and grey-market operations. Buyers assign dramatically different risk premiums to these categories, with regulated revenue commanding the highest multiples.

Technology Depth: Platform suppliers with proprietary technology, particularly those with white-label capabilities or API-driven integrations, can command premiums of 15-25% over pure marketing-driven businesses. Document your tech stack, development capabilities, and any unique IP or algorithmic advantages.

Revenue Predictability: Recurring revenue models—whether from platform licensing, affiliate commissions, or player subscriptions—significantly reduce perceived risk. Highlight monthly recurring revenue (MRR), annual recurring revenue (ARR), and net revenue retention rates.

Changing Your Distribution Channels

Traditional iGaming M&A broker lists have become saturated and often reach the same small pool of actively marketing buyers. Consider these alternative channels:

Targeted Digital Advertising: LinkedIn and X (formerly Twitter) campaigns targeting specific job titles—”Head of Corporate Development,” “VP of M&A,” “Chief Strategy Officer”—at known strategic buyers can generate more qualified conversations than generic broker blasts. Set impression caps to maintain confidentiality while achieving targeted reach.

Trade Publication Sponsorships: Strategic placements in iGB, EGR, and SBC newsletters put your anonymized teaser in front of industry decision-makers who are actively consuming content about market opportunities.

Conference-Adjacent Networking: Events like ICE London, G2E Las Vegas, and SBC Summit create natural opportunities for discreet conversations. Rather than formal pitches, leverage these gatherings for relationship-building that can later transition into acquisition discussions.

Maintaining Confidentiality Throughout the Process

In the reputation-sensitive gaming industry, a leaked sale process can have catastrophic consequences. A premature disclosure might trigger regulatory “change of control” inquiries, cause key employees to seek opportunities elsewhere, spook banking partners, or create leverage for competitors in tender processes.

Implement these confidentiality protocols:

• Numbered NDAs: Issue uniquely numbered non-disclosure agreements to each party, allowing you to trace any leaks
• Staggered Data Room Access: Release information in layers—high-level metrics first, detailed financials only after serious intent is established
• Watermarked Documentation: Every document should bear a unique identifier visible only under magnification
• Project Codenames: Refer to the transaction using a benign project name in all communications
• Need-to-Know Internal Protocols: Limit transaction knowledge to essential management team members

A skilled M&A advisor with iGaming experience can typically maintain confidentiality for 60-90 days—sufficient time to create auction dynamics without triggering the rumor mill.

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4. Identifying and Engaging the Right Buyers

Understanding the four macro categories of potential acquirers allows you to tailor your approach, valuation expectations, and negotiation strategy for each buyer profile.

Private Entrepreneurs and Independent Operators

Typical Transaction Range: €1 million – €10 million
Primary Targets: Small white-label casinos, niche affiliate sites, content studios

Private entrepreneurs often move quickly with simple term sheets and minimal due diligence. They’re particularly interested in cash-flowing businesses they can operate themselves or with a small team.

Financial Sponsors (Private Equity and Family Offices)

Typical Transaction Range: €10 million – €250 million
Primary Targets: Scalable platforms, high-growth affiliates, regulated operators

Private equity funds are sitting on record amounts of dry powder—capital raised in 2021-2022 that must be deployed by 2027 or returned to limited partners. According to recent industry analysis, 57% of PE respondents expect deal volume increases in 2025, creating a favorable environment for sellers.

Strategic Operators and Platform Suppliers

Typical Transaction Range: €20 million – €2 billion
Primary Targets: Companies with complementary licensing, technology IP, customer databases

Strategic buyers in the iGaming space include publicly traded gaming groups, established platform providers, and well-capitalized private operators seeking either horizontal consolidation or vertical integration. According to 2024 deal flow analysis, technology-driven adjacencies now represent the majority of mid-market iGaming M&A, with these deals outpacing traditional operator roll-ups by approximately 3:1.

Buyer Profiles Comparison Matrix

Buyer Type	Check Size	Primary Advantage	Key Challenge	Confidentiality Risk
Private Entrepreneurs	€1-10M	Speed & simplicity	Capital constraints	Low
Financial Sponsors	€10-250M	Premium pricing	Leverage & timing	Medium
Strategic Operators	€20M-2B	Synergy value	Regulatory complexity	High
Insider Buyers	€500K-50M	Cultural continuity	Financing gaps	Variable

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5. Digital Marketing Tactics for Business Brokers

While direct B2C advertising (Google Ads, YouTube pre-roll) remains relevant for online casinos seeking player acquisition, companies positioning for sale need a fundamentally different marketing approach. Your objective is reaching corporate development teams and acquisition-focused executives, not retail gamblers.

Trade Publication Digital Targeting

Publications like iGaming Business (iGB), eGaming Review (EGR), and SBC (Sports Betting Community) offer highly targeted newsletter sponsorships and display advertising that reach industry decision-makers. These readers are consuming M&A news and actively monitoring market opportunities.

Consider:

• Weekly newsletter sponsorships: Brief anonymized teasers that generate inquiries while maintaining confidentiality
• Native content partnerships: Thought leadership articles that position your management team as industry experts
• Event-adjacent digital campaigns: Increased presence during major conferences when acquisition activity peaks

LinkedIn Campaign Targeting

LinkedIn’s advertising platform allows unprecedented precision in B2B targeting. Create campaigns targeting specific job titles at specific companies:

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6. Leveraging Your Professional Network

The most successful iGaming M&A transactions often originate from unexpected sources—a casual conversation at a conference, a former colleague now working at a strategic buyer, or a shared investor making an introduction. Your next owner may already be in your contact list.

Strategic Networking Approaches

Industry Alumni Groups: Many major iGaming events spawn informal alumni networks—WhatsApp groups, LinkedIn communities, or Slack channels where veterans of ICE London, G2E, or other conferences maintain ongoing dialogue. In my own practice, two of my last seven successful exits originated from a five-year-old WhatsApp group of ICE London attendees.

Former Co-Founders and Employees: People who left your company for opportunities at larger organizations represent natural bridges. They understand your business’s strengths and may advocate for acquisition discussions within their new employers.

Shared Investors and Board Members: If you have venture backing or angel investors, they typically sit on multiple boards across the iGaming ecosystem. A discrete inquiry about their portfolio companies’ acquisition interests can unlock opportunities.

The Conversational Approach

Never lead with “we’re for sale.” Instead, initiate conversations about potential partnerships, licensing arrangements, or strategic collaborations. These discussions naturally evolve into acquisition conversations when genuine strategic fit exists.

Word-of-Mouth Velocity Management

Network-driven deal flow scales rapidly—perhaps too rapidly for comfort. Once five people know about your potential sale, assume fifty will know within the week through the interconnected nature of the iGaming industry.

Prepare Holding Statements: Draft two scripts—one for management team members who will participate in due diligence, another for rank-and-file employees whose primary concern is job security. Focus these communications on “evaluating strategic alternatives to accelerate growth” rather than “selling the company.”

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7. Internal Succession Planning: MBOs, MBIs, and ESOPs

Management buyouts, management buy-ins, and Employee Stock Ownership Plans offer alternatives to external sale that can preserve company culture while providing founder liquidity.

Management Buyouts (MBOs)

Structure: Existing management team purchases the business from current owners, typically using a combination of personal capital, bank financing, mezzanine debt, and vendor financing.

Typical Financing Mix:

• Management equity contribution: 5-15% of purchase price
• Senior bank debt: 2-3x EBITDA
• Mezzanine/subordinated debt: 0.5-1x EBITDA
• Vendor financing: 20-30% of purchase price over 3-5 years

Management Buy-Ins (MBIs)

Structure: External management team, often backed by private equity, acquires the business with intent to combine their industry expertise with the target’s market position.

Common Scenarios in iGaming:

• Senior executives from Tier-1 operators seeking to acquire and operate smaller competitors
• PE-backed teams looking to build platforms through serial acquisition
• Industry veterans returning from retirement for one more venture

Employee Stock Ownership Plans (ESOPs)

Best Applications in iGaming:

• Developer-heavy content studios where talent is the primary asset
• Platform businesses with deep technical moats
• Companies where employee retention is critical to ongoing value

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8. Navigating Competitor and Strategic Sales

Selling to direct competitors offers significant advantages—they understand your KPIs instantly, require minimal market education, and can move through due diligence rapidly. However, this route also carries substantial leak risk that must be carefully managed.

Staged Information Disclosure

When engaging competitors, never release comprehensive information simultaneously. Instead, employ a progressive disclosure strategy:

Stage	Information to Release
Stage 1 – Initial Interest	High-level revenue ranges, geographic markets, general player demographics, regulatory licenses held
Stage 2 – After NDA	Specific revenue and EBITDA figures, customer concentration analysis (anonymized), detailed technology stack
Stage 3 – After LOI	Complete customer database, detailed financial statements, specific licensing documentation
Stage 4 – Exclusivity Period	Sensitive commercial agreements, employee compensation details, pending business development opportunities

Near-Neighbor Strategic Buyers

The highest-growth segment of iGaming M&A comes not from direct competitors but from “near-neighbor” strategics—companies in adjacent verticals seeking distribution, technical capabilities, or market access.

Common Near-Neighbor Profiles:

These near-neighbor strategics often pay premium multiples because they’re acquiring capabilities or market access rather than simply consolidating EBITDA.

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9. Working with Professional M&A Advisors

While direct-to-buyer approaches can succeed in the iGaming space, professional intermediaries bring institutional knowledge, buyer relationships, and negotiation expertise that typically more than justify their fees.

Types of Advisors Worth Engaging

Investment Banks and M&A Boutiques

Full-service investment banks (with iGaming sector desks) handle transactions typically above €20M. Boutique M&A advisors often focus on the €5M-€50M middle market and offer more personalized attention with specific iGaming expertise.

Specialized Legal Advisors

Gaming attorneys who specialize in licensing and regulatory matters are invaluable for navigating the complex jurisdictional approvals required in multi-market deals.

Industry Consultants and Strategy Shops

Boutique consulting firms that specialize in iGaming often coach PE firms prior to deals and can facilitate introductions while providing strategic guidance on positioning.

Trade Associations and Industry Bodies

Organizations like the European Betting & Gaming Association (EBGA) or the US-based iDevelopment & Economic Association (iDEA) grant access to investor breakfasts, private deal-flow channels, and sealed communication forums.

Advisor Selection Criteria

Essential Qualifications:

• Direct iGaming transaction experience (verify closed deals, not just mandates)
• Active buyer relationships in your specific sub-sector
• Understanding of relevant regulatory frameworks
• References from recent clients with similar transaction sizes

🚩 Red Flags:

• Advisors who can’t provide verifiable closed transaction references
• Fee structures that are all retainer with minimal success-fee alignment
• Lack of specific iGaming experience
• Unwillingness to provide detailed process timeline

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10. Expanding Your Buyer Pool Beyond the Obvious

The most competitive iGaming M&A processes identify non-traditional buyers who might assign premium value to capabilities that traditional buyers undervalue.

High-Value Customers Graduating to Ownership

In B2B iGaming segments—platform licensing, content provision, data services—your largest customers sometimes evolve into acquisition candidates. If a single customer represents 20%+ of your revenue, they may prefer to acquire your business rather than risk losing access or facing price increases.

Common Scenarios:

• Sportsbook operator acquiring their odds data supplier
• White-label operator acquiring the platform provider they license
• Affiliate network acquiring their primary traffic source

Vertical Integration Plays

Suppliers seeking to control their distribution or secure demand channels regularly pay above-market multiples for strategic acquisitions:

These buyers aren’t focused primarily on your EBITDA multiple—they’re acquiring strategic position, and their internal valuation models may justify premiums that pure financial buyers can’t match.

Family Offices and Ultra-High-Net-Worth Individuals

Private wealth seeking diversification into high-growth sectors represents an often-overlooked buyer category. Family offices with €100M+ in assets under management increasingly allocate capital to direct investments in profitable, founder-led businesses.

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11. Understanding iGaming Valuation Multiples in 2025

Valuation expectations must be grounded in current market realities. While founders naturally focus on revenue growth and market potential, sophisticated buyers evaluate profitability, capital efficiency, and risk-adjusted returns.

Current Market Multiples by Business Type

Business Type	EBITDA Multiple Range	Key Value Drivers
Pure-Play Affiliates	3-5x (flat growth) 4-6x (growing)	Organic traffic, diversified revenue
B2C Operators (Regulated)	5-8x (standard) 7-10x (strategic synergies)	Regulatory positioning, brand strength
B2B Platform Providers (SaaS)	10-15x EBITDA 5-8x Revenue	Recurring revenue, customer retention
Content Studios	4-8x	IP ownership, distribution advantages

Factors That Increase Valuation Multiples

Factors That Decrease Valuation Multiples

Earn-Out Structures and Their Impact

Approximately 70% of mid-market iGaming M&A transactions in 2024 included earn-out provisions to bridge valuation gaps between buyer and seller expectations.

Common Earn-Out Terms:

• Duration: 12-36 months (24 months most common)
• Metrics: EBITDA or NGR thresholds, with clear definitions agreed upon upfront
• Size: 15-30% of total consideration
• Caps: Earn-outs typically capped at 30% of headline price to preserve certainty

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12. Due Diligence and Regulatory Approval Process

The iGaming due diligence process extends well beyond standard M&A practices due to complex regulatory requirements, licensing transfers, and multi-jurisdictional compliance considerations.

Standard Due Diligence Timeline

A well-managed iGaming M&A process typically spans 9-12 months from initial outreach to closing:

Phase	Duration	Key Activities
Preparation & Positioning	Months 1-3	Financial cleanup, documentation, advisor engagement
Buyer Outreach & LOI	Months 4-6	Teaser distribution, management presentations, LOI negotiation
Exclusivity & Deep DD	Months 7-9	Comprehensive review, regulatory engagement, purchase agreement
Regulatory Approval & Closing	Months 10-12	License transfers, final conditions, funds transfer

Multi-jurisdiction deals often extend timelines by 20-30% due to sequential regulatory approvals.

Critical Due Diligence Areas for iGaming

📋 Regulatory and Licensing Verification

• Current license status in all operating jurisdictions
• Historical compliance record with gaming authorities
• Responsible gaming compliance and player protection measures
• Age verification and KYC procedures documentation
• AML (Anti-Money Laundering) program assessment

💻 Technical Infrastructure Assessment

• Platform architecture and scalability
• Data security protocols and breach history
• Disaster recovery and business continuity plans
• Third-party technology dependencies
• Player database integrity and security

💰 Financial and Operational Review

• Revenue by jurisdiction and regulatory status
• Customer acquisition costs and lifetime value analysis
• Payment processing relationships and chargeback rates
• Tax compliance across all operating jurisdictions
• Bonus and promotion liability accounting

Regulatory Approval Process

Gaming license transfers require explicit approval from regulatory authorities in each jurisdiction where the target operates. This process varies significantly by jurisdiction:

Key Strategy: Begin regulatory engagement early, often during exclusivity period. Pre-submission consultation with gaming authorities can identify potential issues and expedite formal approval processes.

Common Due Diligence Red Flags

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13. Frequently Asked Questions About iGaming M&A

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14. Conclusion: Your Path Forward

The M&A market for quality iGaming assets remains robust despite macroeconomic volatility and regulatory complexity. The global online gambling market’s projected growth to over $150 billion by 2029, combined with over $600 billion in private equity capital seeking deployment, creates a favorable environment for well-positioned sellers.

Key Takeaways for iGaming Business Owners

The Best Price Often Comes From Existing Relationships

One pattern emerges consistently across successful iGaming M&A transactions: the highest-value offers frequently come from companies already in business relationships with the seller. The payment processor already handling your transactions, the content aggregator already distributing your games, the platform provider already licensing your technology—these parties understand your value intimately and can move decisively.

Take Action Now

Market conditions in 2025 favor prepared sellers. Private equity funds face deployment pressure as capital raised in 2021-2022 approaches the end of its investment period. Strategic operators continue pursuing consolidation and geographic expansion. Regulatory clarity in key markets reduces transaction risk.

Whether you’re actively pursuing an exit within 12 months or exploring strategic alternatives for the medium term, start preparation now:

1. Conduct honest self-assessment: Evaluate your business against the valuation drivers and red flags detailed in this guide
2. Build your advisory team: Engage M&A advisors, legal counsel, and accountants with specific iGaming experience
3. Strengthen operational fundamentals: Address obvious weaknesses in financial reporting, management depth, customer concentration, or regulatory compliance
4. Research your buyer universe: Identify 20-30 potential acquirers across financial sponsors, strategic operators, near-neighbor adjacencies, and insider candidates
5. Develop your narrative: Create compelling investment materials that position your business for maximum value with each buyer category

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