Why Licences Matter in iGaming M&A
A gaming licence is one of the most important value drivers in any iGaming acquisition. It determines:
Which markets the business can legally serve
What payment providers and banks will work with it
How trustworthy the brand appears to players
Whether the transfer to a new owner is feasible
The premium or discount applied to the valuation
The regulatory approval required to close a deal
Key Licensing Jurisdictions
Malta (MGA)
PremiumMalta Gaming Authority · Europe
Advantages
EU-recognised, widely trusted by banks and payment providers
Strong regulatory framework
Access to EU market
Considerations
High compliance costs
Rigorous application process
Annual fees
M&A Note: Gold standard for European B2C operators. MGA licence is highly valued in M&A transactions.
United Kingdom (UKGC)
PremiumUK Gambling Commission · Europe
Advantages
Access to lucrative UK market
High regulatory credibility
Strong consumer protection
Considerations
Strict advertising restrictions
Very high compliance burden
Frequent rule changes
M&A Note: Required to operate in the UK market. UKGC-licensed businesses often carry a premium in M&A.
Gibraltar
HighGibraltar Gambling Commissioner · Europe
Advantages
Low tax environment
Respected jurisdiction
EU market access (pre-Brexit era)
Considerations
Post-Brexit complications for EU payment processing
Higher scrutiny from some payment providers
M&A Note: Popular with major online gambling groups. Well-regarded in M&A.
Isle of Man
HighIsle of Man Gambling Supervision Commission · Europe
Advantages
Favourable tax regime
Reputable jurisdiction
Good banking access
Considerations
Limited name recognition outside industry
Not EU jurisdiction
M&A Note: Respected jurisdiction for established operators.
Curaçao
Entry-levelCuraçao Gaming Control Board · Caribbean
Advantages
Fast and affordable to obtain
Flexible (accepts many business models)
Popular for crypto casinos
Considerations
Limited banking access
Lower trust from players and partners
Often requires additional local licences for regulated markets
M&A Note: Common for startups and crypto operators. Lower M&A valuation premium than EU licences.
Estonia (EMTA)
HighEstonian Tax and Customs Board · Europe
Advantages
EU jurisdiction
Modern digital regulatory framework
Good banking access
Considerations
Specific to Estonian market
Requires Estonian legal entity
M&A Note: Growing in popularity for EU-focused operators.
Sweden (Spelinspektionen)
PremiumSwedish Gambling Authority · Europe
Advantages
Access to large, regulated Swedish market
Trustworthy jurisdiction
Considerations
Mandatory bonusing restrictions
Responsible gambling requirements are strict
M&A Note: Required to legally operate in Sweden.
Kahnawake
Entry-levelKahnawake Gaming Commission · North America
Advantages
Long track record (since 1999)
Affordable
Accepts some business models declined elsewhere
Considerations
Limited banking access
Not EU-recognised
Declining relevance
M&A Note: Historical licence used by early internet casinos. Lower value in modern M&A.
Licence Transfer in M&A Transactions
In most iGaming M&A transactions, the gaming licence cannot simply be transferred to a new owner like an ordinary contract. Instead, the new owner must apply for a change of control approval from the relevant regulator. This process:
Requires disclosure of the new beneficial owners
Involves background checks on key individuals
Can take 4–16 weeks depending on jurisdiction
May be a condition precedent to deal closing
Can result in a new licence being issued to the acquirer
Related Guides
Find Licensed iGaming Businesses for Sale
Browse iGacquire's marketplace for licensed online casinos, sportsbooks, and software providers from verified sellers.