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M&A Representation

iGaming M&A Advisor: What Owner-Side Only Actually Means

Independent advisor to casino owners and iGaming operators. We represent your interests only — not buyers, not brokers. Valuation, deal structuring, buyer identification, due diligence management.

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The Problem With iGaming Brokers

Most iGaming sellers work with brokers. Brokers have an obvious conflict of interest: they're paid a percentage of deal value (typically 3–5%). Their incentive is to close a deal — any deal — as fast as possible, not to maximise your exit value.

This creates predictable dynamics:

Brokers work for buyers, even if you hire them. Their incentive structure makes it inevitable.

What an Owner-Side Advisor Actually Does

An independent owner-side advisor's only client is you. We're not getting paid a percentage of deal value, so we don't have an incentive to close a bad deal fast. Our goal is straightforward: maximise your exit value and protect your interests throughout the process.

Specifically:

When You Need an M&A Advisor (vs. When You Don't)

You probably don't need an M&A advisor if:

You definitely need an M&A advisor if:

The iGaming M&A Market in 2026

The market is active but not hot. Here's what we're seeing:

Strategic buyers (established casino brands, major software providers, large media/gaming groups) are still consolidating. They're looking for bolt-on acquisitions in their core markets (UKGC-licensed, EU-regulated). These buyers typically pay the highest multiples (6x–10x EBITDA for Tier-1 assets) because they can cut costs post-acquisition.

Financial sponsors (private equity groups, family offices, investment vehicles) are moderately active. They typically have 3–5 year hold periods and look for cash-flowing businesses that can be optimized operationally. They pay moderate multiples (4x–7x depending on growth trajectory and profitability).

Regional consolidators (mid-sized groups building out specific markets) are opportunistic. They want tuck-ins in geographies where they already operate. They're the most flexible on structure (willing to do earn-outs, seller notes, etc.) but often pay lower multiples.

Most active buyers are in EU and CIS markets. UK buyers still exist but are fewer — most UK consolidation happened 2022–2024. US market (where legal) is attracting institutional buyers, but licensing complexity makes acquisitions slower.

Our Advisory Process: 5 Steps

Phase 1: Assessment & Valuation (3–6 weeks)

We review your financials, analyze player cohorts, assess regulatory positioning, and model various scenarios. Output: a detailed valuation range and a list of key value drivers and risks to address pre-market.

Phase 2: Pre-Market Preparation (4–8 weeks)

We work with you to address the biggest valuation risks: clarifying normalisation assumptions, strengthening financial documentation, building player cohort narratives, and preparing for due diligence questions. We also help you decide what information to market (if you want to highlight specific strengths or address specific concerns).

Phase 3: Buyer Approach & Marketing (2–6 months)

We identify tier-1 buyer candidates, prepare an information memorandum, and conduct outreach. We manage NDAs, preliminary calls, and preliminary questions. Goal: identify 3–5 serious buyer prospects within 2–4 months.

Phase 4: Due Diligence & Negotiation (3–6 months)

Once a buyer is serious, they'll request detailed financials, legal docs, and access to management. We coordinate all requests, manage timelines, and defend your position during valuation negotiations. This phase is where most deals either succeed or break down.

Phase 5: Deal Closure (4–8 weeks)

We work with your legal counsel on deal documentation, representations & warranties, earn-out provisions, and closing mechanics. We coordinate with the buyer on final details and help you close cleanly.

Markets We Cover

We advise casino owners and operators in:

Each market has distinct regulatory, tax, and buyer dynamics. We advise on how to position your business within your specific market context.

Owner-Side Only. We don't represent buyers, don't have broker relationships, and don't get paid based on deal closure. We're paid a flat fee to represent your interests throughout the sale process. This is the model used in corporate M&A for decades — it should be standard in iGaming too.

10–15% Value Premium vs. Broker
6–18 mo Typical Process
3–5x Fee Recovery

Why Independent Advisory Matters

Due diligence is where most deals break down. A buyer's team will re-test your financial assumptions, stress-test your retention curves, and dig into regulatory risk. Without someone in your corner who understands both finance and iGaming operations, you'll be negotiating from a disadvantage.

An independent advisor who's seen dozens of exits, understands what's normal and what's concerning, and can call out unreasonable buyer positions is invaluable. The difference between closing at 5x EBITDA and 6.5x EBITDA is enormous — a 30% increase in exit value on a €5M business is €1.5M additional proceeds.

For a professional fee (typically 1–2% of exit value, plus expenses), an independent advisor typically recovers their fee in the first valuation and negotiation round. The ROI is high, the conflict of interest is zero.

Common Questions About M&A Advisory

How much does M&A advisory cost?
Typically 1–2% of total deal value, depending on deal size and complexity. We often charge a retainer upfront (covers initial valuation and preparation) plus a success fee at closing. This aligns incentives — we're paid when you get paid. For a €10M deal, typical cost would be €100k–€200k. Most owners recover this in the first negotiation round.
Can I use a broker and an owner-side advisor at the same time?
You can, but it's inefficient and creates competing narratives. Brokers and owner-side advisors have different incentive structures and often conflict. Better to choose one: use a broker if you want broad market reach and are willing to accept their incentive misalignment, or use an owner-side advisor if you want focused, expert representation without conflicts.
What if I want to stay on as COO or have an earn-out?
We advise on both structures. Staying on post-acquisition is common (buyers often want founder involvement). Earn-outs are negotiable — we'll fight for higher upfront cash and lower earn-out thresholds. The risk with earn-outs is your control drops and the buyer controls the metrics, so structuring matters enormously.
How long does the whole process typically take?
6–18 months from initial decision to close. A well-prepared seller with strong financials and multiple interested buyers can close in 6–9 months. An unprepared seller or one in a stressed market can take 15–24 months or stall entirely. Most closings take 10–14 months from decision to close.
What if a buyer comes to me directly without going through you?
Tell us immediately. We manage the process and work with you on all buyer conversations. If a buyer approaches directly, we help you evaluate their seriousness, valuation credibility, and strategic fit. We ensure you're not being lowballed and that any deal serves your interests. Direct inbound is common and not a problem — it's just another buyer to manage.

Ready for Independent Representation? Let's Talk Strategy.

Whether you're exploring a sale, want a professional valuation, or need advice on M&A strategy, we're here. Owner-side only, no conflicts, complete confidentiality.

Discuss Your Exit Strategy