The iGaming M&A market is active and complex. Operator valuation isn't reduced to an EBITDA multiple: licence quality, compliance health, player retention and revenue concentration determine whether a transaction creates or destroys value. GamblingCons brings the sector expertise that generalist financial advisers cannot offer.
We work on both the buy side and sell side, always focused on the sector-specific elements that determine the real value of an iGaming transaction.
Regulatory (licences, regulator history, compliance), operational (technology platform, providers, key agreements) and commercial (player base quality, acquisition channels, revenue concentration) due diligence. We complement the buyer team's financial and legal due diligence.
Independent iGaming operator valuation: multiple adjustment for regulatory quality, player cohort analysis (LTV, retention, churn), hidden contingency identification, licence valuation as an intangible asset and operational metric benchmarking against the market.
Business preparation for sale: EBITDA improvement in the 12–18 months prior, resolution of regulatory and legal contingencies, data room organisation, teaser and CIM (Confidential Information Memorandum) preparation with compelling sector narrative.
Acquisition thesis definition and ideal target profile, market screening (licensed operators in target jurisdictions, GGR/EBITDA ranges, geographies), discreet initial contact with potential sellers and preliminary strategic fit assessment.
Management of regulatory approvals required on a change of control: regulator notification (DGOJ, MGA, Coljuegos), fit and proper documentation for the new owner, coordination with local lawyers and approval process monitoring.
Support during the first months after closing: operational and technology integration planning, change management for teams, regulator relationship maintenance during the transition and integration KPI monitoring.
Valuation is primarily based on EBITDA multiples (6–12x for mid-sized operators) adjusted for player base quality (LTV, retention, concentration), regulatory stability, licence strength, management team quality and competitive position. Specific metrics like GGR, NGR, acquisition cost and 90-day retention are also analysed.
The most critical aspects are: licence validity and transferability (some licences are not automatically transferable on a change of control), history of sanctions or regulator requirements, compliance and AML programme quality, MLRO and compliance team status, and the current relationship with regulators in each operating market.
A complete process typically takes 4 to 9 months: 1–2 months for preparation and marketing (sell-side), 2–3 months for due diligence, 1–2 months for negotiation and documentation, and 1–3 months for closing and regulatory approvals. Some licences require prior regulator approval on a change of control.
As early as possible. For sell-side, ideally 12–18 months before the intended sale to prepare the business (improve EBITDA, resolve regulatory contingencies, organise documentation). For buy-side, before beginning target screening to define the investment thesis and selection criteria.
Whether buy-side, sell-side or a merger, the first conversation is always confidential. Tell us where you are and how we can help.