iGaming Acquisitions The Biggest & Most Recent M&A
Today’s more complex and unpredictable market presents dealmakers with a far less forgiving backdrop. The result is an M&A environment in which elevated levels of uncertainty are not only pervasive but also structural. For dealmakers, progress starts with accepting that uncertainty is likely to be the new permanent state, which means that they will need to find ways to continuously plan and prepare for it rather than waiting for it to pass. This data set shows that there has been a consistent and notable increase in acquisitions within the industry over the last two decades. The price tag has also risen, with a long list of billion-dollar deals taking place. The iGaming industry has seen a surge in strategic acquisitions and mergers, shaping its landscape.
- Football leads with 36.58% of online sports betting market share in 2024 owing to its global popularity and extensive statistical coverage.
- As regulatory barriers continue to diminish and the global appetite for sports wagering increases, companies within the sector are seizing the opportunity to expand their reach and capabilities through strategic consolidations.
- Indeed, auctions in some cases are more competitive than before, fetching higher prices and better valuations—and even preemptive bids.
- Read on to learn how the best companies are adapting to today’s M&A market by industry, trends by market, and how they’re deploying generative AI to improve M&A capabilities.
By leveraging these partnerships, businesses can achieve economies of scale, access new markets, and accelerate their development processes, ultimately leading to a more robust and competitive landscape. Another important aspect of M&A’s impact on the gambling industry is market expansion. Companies are leveraging acquisitions to enter new geographical markets and diversify their offerings. This is particularly evident in the ongoing globalization of the gambling industry, where firms are seeking to tap into emerging markets in Asia, Latin America, and Africa.
Post-merger, companies can leverage combined resources and expertise to enhance product offerings, enter new markets, and increase operational efficiencies. This is particularly pertinent in the rapidly evolving gambling sector, where innovation and agility can provide a competitive edge. Additionally, a successful merger can lead to increased market power and bargaining strength with suppliers and partners, potentially leading to better terms and conditions. One of the prevailing trends is the increasing convergence between online gambling platforms and traditional gaming companies. This integration is often motivated by the desire to expand market reach, diversify product offerings, and leverage synergies between land-based and digital operations.
Five M&A Deals That Redefined Gambling in 2024
Indeed, that same PwC Pulse Survey shows that 51% of US companies are still pursuing deals—a clear sign that transformation and business model reinvention remain a top priority. It’s a reflection of the new era we have entered, one in which artificial intelligence (AI) and new competitive dynamics are reshaping the corporate landscape, with AI a catalyst for industry disruption and change. As this new generation of technologies takes hold, it’s likely to spark more deal activity. The trio focus on the financial dynamics of mergers and acquisitions (M&A) within the gambling sector.
Those that can effectively integrate and innovate post-merger will be well-positioned to capitalize on the opportunities presented by this dynamic environment. As these industries continue to mature, stakeholders must remain vigilant and proactive in their strategies to ensure sustainable growth and success in the ever-competitive landscape of iGaming and gambling. In the early days, the primary objective for many companies was to expand their geographical reach and diversify their product offerings.
Consolidation, the expansion into emerging markets like Brazil, innovative retention strategies, and stricter regulations will define the industry’s trajectory. Operators that embrace technological advancements and adapt to the evolving landscape will be best positioned to thrive. As the iGaming sector continues to grow, the ability to navigate these trends will determine the leaders of tomorrow. The future of iGaming is set to be defined by groundbreaking technologies, evolving regulations, and the expansion into emerging markets. As the industry gears up for 2025, operators and stakeholders face both opportunities and challenges that will shape the next phase of this dynamic sector. Below, we explore the key trends poised to dominate the iGaming landscape in the coming year.
The Top 10 Deals in the iGaming Sector
The era of indiscriminate bonus spending is giving way to a more nuanced approach, where personalization and data-driven insights take center stage. Retention will no longer be a secondary concern but a primary driver of success, as companies seek to maximize the lifetime value of their customers. The market has the potential to be a land of opportunity, offering unparalleled revenue streams for operators able to navigate its complexities. However, the year ahead will likely reveal a mix of winners and losers, as the industry grapples with the realities of operating in such a dynamic and unpredictable environment.
In today’s volatile environment, scenario planning must go beyond surface-level stress testing. Dealmakers should systematically map out a range of outcomes—macroeconomic, regulatory and geopolitical—to understand how different variables could affect the target’s performance and valuation. This means modelling both best- and worst-case scenarios and identifying the key levers that would affect outcomes such as growth rates, supply chain shifts, tariff exposure and fluctuations in exchange rates. Companies in tariff-sensitive sectors such as pharmaceuticals and automotive are already embedding these assumptions into cost models to make faster, more confident decisions. A thoughtful scenario framework helps dealmakers prepare and move forward, shifting the focus from uncertainty to opportunity. The successful integration of these entities post-merger presents both challenges and opportunities.
According to the World Gaming Forum 2025, operators on both platforms prioritize player protection, profitability, and political considerations. While consolidation aims to strengthen market positions, it also heightens market competition. As larger entities emerge, smaller operators may struggle to compete with enhanced economies of scale and technological capabilities.
Tabcorp Holdings made a huge splash in Australia when they acquired their rival, Tatts Group. This created a gambling powerhouse in the Australian market who had a strong grasp of the available betting services. Silver Lake’s acquisition of the outstanding shares of Endeavor Group Holdings was a huge sale, one that immediately skyrocketed to the top of the roobet login list.
Thanks to a new iGaming M&A database launched by the popular UK affiliate Bojoko.com, we can now dive into these numbers in detail. Brookfield Business Partners is a global company focused on owning and operating high-quality products and services. They saw the potential of Scientific Games, a game developer that started back in 1973 and made a substantial long-term commitment. This deal let Scientific Games continue operating with an even larger company backing it up. Part of the growth is coming from top-tier activists targeting large- and mega-cap companies, as activists continued to aggressively pursue board representation. A stronger M&A environment, in which companies can find buyers more easily, should continue to encourage more activist investors to push for changes at undervalued companies, notably through corporate separations.
Additionally, blockchain technology is emerging as a key enabler, ensuring transparency and security in transactions, which is critical for building trust among users. Market leaders, recognizing the competitive edge from adept data use, are channeling significant portions of their tech budgets into analytics. The rising commercial value of data is underscored by major partnerships, like Genius Sports’ USD 120 million annual deal with the NFL, spotlighting the growing significance of data rights in sports betting.
Today, dealmakers must navigate perpetual uncertainty and thus pivoting has emerged as an M&A competency for the 21st century. Risk management has evolved, and the technology based on high-volume data for deal intelligence has entered a new era with Generative AI and other new technologies. The more the quantitative evidence of change and innovation seems to multiply, the bolder and more successful dealmaking often becomes. The surge of merger and acquisition activity in the U.S. sports betting and online gaming market is likely to continue into 2022, according to the chief executive of Bragg Gaming and former CEO of SBTech. Football leads with 36.58% of online sports betting market share in 2024 owing to its global popularity and extensive statistical coverage.
As the industry continues to evolve, M&A will remain a critical tool for companies aiming to secure their place at the forefront of the gambling landscape. Furthermore, M&A activities provide an efficient pathway for companies to enter new markets or expand their geographical footprint. In the highly regulated gambling industry, navigating different regional laws and consumer behaviors can be challenging. By acquiring or merging with firms that already have a foothold in desired markets, companies can bypass many of the barriers to entry and swiftly capitalize on local opportunities. This is particularly beneficial in emerging markets where establishing a presence can be both time-consuming and costly. First and foremost, mergers and acquisitions allow gambling software and slot studio companies to consolidate resources and expertise.
This is sparking a super cycle of capital spending, which points towards multi-trillion-dollar global investments over the next five years. Rather, we are in a time of rapid technological ferment in all sectors that is forcing CEOs, boards and dealmakers to make tougher decisions about capital allocation. For others, it means using partnerships, minority stakes, or carve-outs to pursue strategic goals while preserving balance sheet strength. It all combines to make capital allocation one of the most important and daunting decisions for executives today. Given the digital nature of the gambling industry, seamless technological integration is crucial for maintaining service quality and customer satisfaction.
The pharma deals values surged massively in this quarter from US$ 3.5 million in 2023 to US$ 2.2 billion indicating prioritisation of healthcare by consumer as well as investors. Q1 23 started off good with 566 deal volume, a 2.1% QoQ increase, which then declined consecutively for the next three quarters. However, the deal making scenario improved in Q1 24 with 455 deals, clocking a sequential growth of 23.6% on the back of improving market dynamics. The boss of Toronto-based Bragg also said he expected the trend of media companies trying to align with sports-betting companies to continue through the new year. Given Europe’s geographic proximity to the Russia-Ukraine and Israel-Hamas wars, economies in the region have underperformed the U.S. economy, which is driving European companies’ interest in increasing their exposure to U.S. markets. “Large European corporates are showing interest in acquiring U.S. businesses,” says Jan Weber, Head of EMEA M&A at Morgan Stanley.
Meanwhile, in the United States, the fragmented regulatory landscape continues to evolve. States such as New York have implemented high tax rates—51% on online sports betting—placing considerable strain on operators. Emerging markets like California and Texas are exploring legalization, adding further complexity to the U.S. market. Similarly, Canada’s Ontario region has introduced stricter bonus regulations and increased licensing fees, signaling a trend toward more rigorous oversight. Technological innovation has played a critical role in shaping the M&A landscape in iGaming.