M&A advisory for online betting companies
Online betting M&A runs on three forces at once: US state-by-state sports betting legalisation opening new licensed markets, European consolidation among listed operators, and tightening affordability and advertising rules in the UK, Netherlands and Germany pushing smaller operators towards exit. Buyers concentrate on operators with multi-jurisdiction licences, durable player economics and platform technology deployable across regulated markets.
The acquirer universe is narrow and almost entirely regulated. Flutter, Entain, DraftKings, MGM Resorts (through BetMGM), Bet365, Kindred (now part of FDJ), Evoke (formerly 888) and the other listed European and US operators drive most strategic activity. PE platforms with the licensing infrastructure to hold regulated betting assets - Apollo, Blackstone through select positions, CVC's gaming holdings and the sponsors behind operator roll-ups - sit alongside them. Flow has direct access across the listed operator corp dev teams and the PE platforms.
Flow team has relevant sector experience and has worked with online betting companies across sportsbooks, online casino operators, B2B platform and content providers, affiliate and media businesses and fantasy and prediction products.
"Online betting" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing online betting M&A targets
Active players
Gross gaming revenue
Net gaming revenue
Bonus & free bet cost
Hold percentage
Average revenue per player
Cost per acquisition
Player LTV
Cohort retention
Deposit-to-stake ratio
Payment processing cost
Revenue by jurisdiction
Online betting valuations in May 2026
Public online betting comps trade at 1.6x EV/Revenue. Median revenue multiple across online betting M&A deals was 3.4x in the last 12 months.
1.6x
Median EV/Revenue as of May 2026 for public online betting companies
5.0x
Aristocrat Leisure is the highest valued public online betting company based on EV/Revenue (excluding outliers)
3.4x
Median EV/Revenue across online betting M&A deals in the last 12 months
2.3x
Median EV/Revenue across online betting VC rounds in the last 12 months
Key recent online betting M&A deals
$17B acquisition of OPAP by Allwyn was the largest online betting M&A transaction completed in the last year.
See all online betting M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Oct-25 | O | OPAP | - | Allwyn | $17B | - | |
Oct-25 | Tipico Group |  | Tipico Group is a Malta-headquartered online sportsbook and casino operator active in 12 European countries plus US states like New Jersey and Colorado. Founded in 2004 with 2,000 employees, it delivers betting on 35 sports via web, iOS, and Android apps, including live wagering on Bundesliga soccer and NBA games. The company runs 300 retail shops in Germany and Austria while powering white-label platforms for partners. Tipico's casino portfolio spans 2,500 slots and live blackjack tables from Playtech, with withdrawal times under 24 hours via Skrill and Visa. | Banijay Group | $9.7B | 13x | |
Jul-25 | Bally's (international interactive unit) |  | Bally’s International Interactive is the iGaming division of Bally’s Corporation that operates online casino, bingo, poker, and sports betting platforms across Europe and other regulated markets. The Excite Platform handles player account management, wallet services, and compliance, while the Engage Aggregator delivers over 2,000 games from suppliers including IGT, NetEnt, Evolution Gaming, and Playtech, plus proprietary slots from in-house studios. Flagship brands feature Jackpotjoy for bingo, unique poker variants like Wild Seat Poker, and free-to-play titles with community chat and live dealer streams. Licensed by the UK Gambling Commission, the unit serves players in the UK, Belgium, and Italy from its London headquarters, following Bally’s 2021 acquisition of Gamesys Group. | Bally's Intralot | $2.9B | 3.9x | |
Sep-25 | PrizePicks | | PrizePicks is a leading daily fantasy sports operator in North America, specializing in real-money over/under prop bets on player performances. Atlanta-headquartered, the platform covers NFL, NBA, MLB, NHL, esports, and more across 30-plus states where sports betting remains restricted. Partnerships include the Atlanta Braves, Miami Marlins, and Charlotte Hornets for promotions and jersey patches. Launched in 2018 as part of Performance Predictions, PrizePicks reaches over 60 percent of the U.S. population digitally via prizepicks.com, iOS, and Android apps, positioning it as a primary alternative to full sports wagering in markets like California, Texas, and Florida. | Allwyn | $2.5B | - | |
Jul-25 | Lucky Bet |  | Lucky Bet is a Curaçao-licensed online gambling platform offering slots from NetEnt and Microgaming alongside table games like blackjack and roulette. The sportsbook covers soccer leagues including Premier League and Champions League, plus American sports like NFL. Live casino streams feature Evolution Gaming dealers for baccarat and game shows. Launched in 2020, it operates from Costa Rica with fiat and crypto deposits, plus a VIP program granting cashback and free spins. | Apple iSports Group | $125M | 2.8x | |
Jul-25 | WHOW Games |  | WHOW Games publishes free-to-play social casino apps including MyJackpot, Lounge777, and licensed titles like Merkur24. Available on web and mobile, the platforms incorporate slots, table games, social donations, and community chats. Hamburg-headquartered WHOW emphasizes web-to-app transitions and cross-promotions to engage millions of players across Europe. | DoubleDown Interactive | $64M | 1.4x | |
Aug-25 | kammelna |  | Kammelna is an online card game platform popular in the Kingdom of Saudi Arabia, featuring multiplayer gameplay and tournaments. The Riyadh-based service offers various card game modes with in-app purchases and leaderboards for competitive players across the region. | Impact46 | $53M | - | |
Aug-25 | I | Inspired Entertainment (UK gaming unit) | | - | Genda | $25M | - |
Nov-25 | Goma Gaming |  | Goma Gaming is a provider of software solutions for online gambling and sports betting operators. The company develops the Goma Sportsbook platform and API integrations for mobile apps, websites, and third-party systems. Malta-based, it offers white-label betting interfaces, payment processing, and risk management tools to casinos and bookmakers worldwide. Goma Gaming focuses on iGaming compliance in regulated markets across Europe and Latin America. | EveryMatrix | $600K | - | |
May-26 | FastDraft | | FastDraft is a mobile fantasy sports platform specializing in rapid Best Ball drafts for football enthusiasts. Users complete six-round drafts in under 10 minutes via a 20-second timer and zero-lag interface on iOS and Android devices. The service features $5 entry drafts with $10,000 top prizes, total points scoring, and real-time ownership tracking during drafts. FastDraft also provides free-to-play Rookie Draft Championships and a leading dynasty mock draft simulator for startup leagues. Turbo Mode allows instant ordering of up to 150 teams. | FantasySpin | - | - | |
Mar-26 | Kutt | | Kutt is a peer-to-peer social betting platform that enables users to wager directly against each other on outcomes in sports, politics, pop culture, and current events. The platform functions as a social network where participants create bets, join challenges, and engage in real-money peer wagers without traditional bookmakers. Headquartered in London since its launch, Kutt integrates live event tracking and community discussions to foster interactive betting experiences across mobile and web interfaces. | Bitcoin Depot | - | - | |
Jan-26 | S | Superpont |  | Superpont CT is a Romanian iGaming affiliate company founded in 2013 and formally established in 2015, based in Constanta, Romania. The company operates a portfolio of sports betting and casino affiliate websites including superpont.com, superponturi.com, and undepariem.com, offering betting tips, match predictions, and licensed operator reviews. Superpont CT holds a license from ONJN, the Romanian National Gambling Authority, and was co-founded by Cristian Miltaru and Tudor Popa. The company employs approximately 10 people and was acquired by Entez, a Latvian iGaming affiliate group, in January 2026. | Entez | - | - |
Nov-25 | Innovate Change |  | - | Casino RIX | - | - | |
Nov-25 | Yield Sec | | Yield Sec is a market intelligence provider for the betting and gaming industry, monitoring digital channels for unlicensed operators. Its platform scans search engines, social media, affiliates, apps, and streaming for illegal gambling signals, mapping consumer journeys and quantifying illicit market shares. London-based, it equips compliance teams, regulators, and licensed operators with dashboards, alerts, APIs, and takedown support via yieldsec.com. | Gaming Compliance International | - | - | |
Oct-25 | Reality Sports Online | | Reality Sports Online is a provider of reality-based fantasy sports platforms simulating NFL front office operations. The Football Platform features free agency auctions with player agent algorithms, rookie drafts, salary caps, franchise tags, and injured reserve mechanics, earning the 2012 FSTA Rookie of the Year award. | Mobile Global Esports | - | - |
Most active buyers of online betting companies
Allwyn, Flutter Entertainment and DraftKings are the most active acquirers of online betting companies in the last three years.
See all online betting acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Allwyn |  | Allwyn AG, formerly known as OPAP Holding SA, is a gambling company that operates lotteries and sports betting, including horse races. The company is the exclusive gambling provider in Greece. The firm is organized into segments based on the type of game: Lotteries, Betting, Online betting, Other online games, Instant and Passives, VLTs, Telecommunication and eMoney services. It generates the majority of its revenue from the Lotteries segment. The gaming services are provided either online or through physical retailers. The company generates the vast majority of its revenue in Greece. | OPAPPrizePicksNovibet | 3 | |
Flutter Entertainment | | In 2016, Irish company Paddy Power merged with UK firm Betfair to form online gaming operator Flutter Entertainment. Today, Flutter has the top digital revenue share in the US, UK and Ireland, Australia, Italy, and many other countries. Some of its leading brands are FanDuel in the US, Sky Betting & Gaming and Paddy Power in the UK and Ireland, Sportsbet (acquired by Paddy Power beginning in 2009) in Australia, and Sisal in Italy. As of Dec. 31, 2024, the company offered products in over 100 countries and had 13.9 million average monthly users. In 2024, sports betting was 56% of revenue, online gaming 40%, and fantasy sports, horse racing, and other 4%. The company is scheduled to launch a predictive sports betting platform in late 2025. | SnaitechNSX GroupMaxBet | 3 | |
DraftKings | | DraftKings got its start in 2012 as an innovator in daily fantasy sports. Then, following a Supreme Court ruling in 2018 that allowed states to legalize online sports wagering, the company expanded into online sports and casino gambling, where it generally holds the number-two or -three revenue share position across states where it competes. DraftKings is now live with online or retail sports betting in 28 states and i-gaming in 5 states, with both products available to around 40% of Canada's population. In 2024, sports revenue was 61% of total sales, i-gaming 32%, and fantasy and lottery 7%. The company plans to launch a predictive event platform in late 2025 and also operates a non-fungible token commission-based marketplace and develops and licenses online gaming products. | SimplebetSports IQ AnalyticsJackpocket+1 | 3 | |
GiG Software | | GiG Software PLC is a B2B provider of software within the iGaming industry, offering its proprietary technical platform solutions and services tailored to casino operators through a SaaS model. The Company enables operators to design, implement, and operate online casinos through its comprehensive turn-key platform and surrounding product suite. Its products and services are iGaming Platform, Sportsbook Sweepstakes Omnichannel, Managed Services, and others. | CasinomeisterKaFe RocksTitan | 2 | |
Adventure Box Tech |  | Adventure Box Technology AB is, the social cloud platform for consumer-created computer games, makes it easy and fun to create, share and play 3D games online. The company has entered into a strategic partnership with RightBridge, paving the way for a new form of collaborative development that leverages external intellectual property rights. Company has placed great emphasis on developing improvements for mobile users, including sharing features on mobile browsers. Adventure Box Technology's game tool KOGAMA has established itself as a pioneering platform in the field of online game creation and multiplayer experiences. | Blok SportsLion Gaming GroupSparx Technology | 2 | |
Française des Jeux |  | Française des Jeux is a Paris-headquartered operator of lotteries and sports betting services across France. It manages national draws including Loto and EuroMillions through retail networks and digital channels. The company also runs ParionsSport for fixed-odds wagering on sports events and operates online poker via PokerStars France following regulatory approvals. | Kindred GroupPremier Lotteries Ireland | 2 | |
Betsson | | Betsson AB is a holding company that invests in and manages companies operating in the online gaming industry. The products consist of casino and sports betting. The main category of the casino is slots, or virtual slot machines, followed by the live casino, which provides the player with a virtual, real-life-like casino experience with table games broadcast live from the game provider's studio. Company's brands include either the entire product portfolio, such as Betsson, Betsafe, and Nordicbet, or just one product, such as Racebets (betting on horses) and Jalla Casino (casino). The brands’ services are offered through the proprietary platform that manages payments, customer information, accounts, transactions and a range of games on offer. | Sporting SolutionsBetfirstRhino Entertainment Group (B2C unit) | 2 | |
Better Collective |  | Better Collective AS is a developer of educational platforms within the iGaming industry. The company's segment includes Publishing and Paid Media. It generates maximum revenue from the Publishing segment. The publishing business segment includes revenue from Collective’s proprietary online platforms and media partnerships, where online traffic comes either directly or through organic search results. | AceoddsPlaymaker CapitalTipsbladet | 2 | |
Gambling.com Group |  | Gambling.com Group is a Dublin-headquartered performance marketing provider for the iGaming sector, listed on NASDAQ as GAMB. The company operates affiliate sites like Gambling.com and Bookies.com, driving traffic to operators in regulated markets including New Jersey, Pennsylvania, and the UK. Its proprietary affiliate management system tracks conversions across 20 languages. | OddsJamFree BetsSpotlight.Vegas | 2 | |
Caesars Entertainment | | Caesars Entertainment includes about 50 domestic gaming properties across the Las Vegas (47% of the estimated 2025 EBITDAR before corporate expenses) and regional (49%) markets. Additionally, the company hosts managed properties and digital assets that produced marginal EBITDA in 2024. Caesars' US presence roughly doubled with the 2020 acquisition by Eldorado, which built its first casino in Reno, Nevada, in 1973 and expanded its presence through prior acquisitions to over 20 properties before merging with legacy Caesars. Caesars' brands include Caesars, Harrah’s, Tropicana, Bally’s, Isle, and Flamingo. Also, the company owns the US portion of William Hill (it sold the international operation in 2022), a digital sports betting platform. | ZeroFlucsWynnBET (Michigan iGaming unit)Horseshoe Baltimore | 2 |
Founders and investors we've worked with
We've supported winning builders across online betting and beyond.
Pure
We provided buy-side advice to Russmedia on its acquisition of Pure, a London-based casual online dating platform, supporting commercial diligence and deal execution.
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MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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