iGaming M&A Glossary
Key terms used in iGaming mergers, acquisitions, and marketplace transactions — explained clearly.
A
AML
Anti-Money Laundering. Regulatory requirements designed to prevent the use of gambling platforms for money laundering. A key compliance requirement in any licensed iGaming operation.
Active Players
Players who have logged in and made a deposit or bet within a specified time period (e.g., last 30 or 90 days). A critical metric in valuing an iGaming business.
Affiliate Marketing
Performance-based marketing where affiliates (websites, influencers) promote a casino or sportsbook and receive commissions based on referred player activity.
APA (Asset Purchase Agreement)
A legal agreement to purchase specific assets of a business rather than the business entity itself. Common in iGaming M&A when licence or liability concerns exist.
B
B2B (Business to Business)
Companies that sell products or services to other businesses. In iGaming, B2B providers include game studios, platform providers, and payment processors.
B2C (Business to Consumer)
Companies that sell directly to end consumers. Online casinos and sportsbooks are typical B2C iGaming businesses.
Bonus Abuse
When players exploit promotional offers (welcome bonuses, free spins) in ways that generate profit for them without genuine engagement. A risk factor assessed in due diligence.
C
Change of Control
A regulatory event triggered when a gaming licence changes beneficial ownership. Most jurisdictions require regulatory approval before a change of control is effective.
Chargeback Rate
The percentage of transactions reversed by the payment provider at the customer's request. High chargeback rates are a red flag in due diligence.
CPA (Cost Per Acquisition)
A marketing model where affiliates receive a fixed payment for each player who makes a qualifying first deposit.
D
Data Room
A secure online repository containing confidential business information shared with potential buyers during due diligence. iGacquire provides a built-in encrypted data room.
Due Diligence
The process of investigating a business before a transaction closes. In iGaming, this covers financials, licence status, compliance history, technology, and player data.
E
EBITDA
Earnings Before Interest, Taxes, Depreciation, and Amortisation. The primary metric used to value iGaming businesses, expressed as an annual figure multiplied by a sector-specific multiple.
Escrow
A financial arrangement where a third party holds funds until agreed conditions are met. iGacquire uses escrow to secure payments during M&A transactions.
EV (Enterprise Value)
The total value of a business, including debt and equity. The figure that represents what a buyer actually pays for the entire business.
G
GGR (Gross Gaming Revenue)
The total amount wagered by players minus winnings paid out. The top-line revenue metric for casino and sportsbook operators.
Game RTP
Return to Player. The percentage of wagered money a game returns to players over time. Affects player satisfaction and GGR margins.
K
KYC (Know Your Customer)
Identity verification procedures required by gaming regulations. Operators must verify player identities to prevent fraud and money laundering. Sellers must also complete KYC on iGacquire.
KPIs (Key Performance Indicators)
Metrics used to measure business performance. Key iGaming KPIs include GGR, NGR, active players, ARPU, churn rate, and bonus cost as a % of GGR.
L
Letter of Intent (LOI)
A non-binding document outlining the buyer's intention to acquire a business at a proposed price and under specified conditions. Typically the first formal step in an M&A transaction.
LTV (Lifetime Value)
The total net revenue expected from a player over their entire relationship with the operator. High average LTV indicates a high-quality player database.
Liquidity
In iGaming M&A, the ease with which a business can be sold. Businesses with clean compliance, transferable licences, and strong financials are more liquid.
M
M&A (Mergers and Acquisitions)
The process of buying, selling, merging, or consolidating companies. iGacquire specialises in iGaming M&A transactions.
MGA (Malta Gaming Authority)
The gaming regulator of Malta. An MGA licence is one of the most prestigious and widely recognised gaming licences, particularly for EU-facing operations.
Multiple
The factor applied to EBITDA (or revenue) to calculate enterprise value. iGaming multiples typically range from 2× to 8× EBITDA depending on business quality.
N
NDA (Non-Disclosure Agreement)
A legal contract requiring parties to keep shared information confidential. All iGacquire transactions begin with a digitally signed NDA before confidential data is shared.
NGR (Net Gaming Revenue)
Gross Gaming Revenue minus bonuses, promotions, and other deductions. A more conservative and often more accurate measure of operator profitability.
P
Platform Provider
A company that supplies the technology infrastructure for an online casino or sportsbook. Operators can build on owned platforms or license white-label solutions.
Player Database
The registered, KYC-verified players of an iGaming operator. The player database is often the single most valuable asset in an acquisition.
R
Retention Rate
The percentage of players who continue to play over a given period. High retention indicates strong product-market fit and is a positive valuation signal.
Revenue Share
An affiliate compensation model where affiliates receive a percentage of NGR generated by their referred players for the lifetime of those players.
S
SPA (Share Purchase Agreement)
A legal agreement to purchase the shares of a company, thereby acquiring the entire legal entity including all its assets, liabilities, contracts, and licences.
Sportsbook
A platform or product that accepts bets on sporting events. Sportsbooks can be B2C (consumer-facing) or B2B (white-label technology sold to operators).
W
White-label
A ready-made product (casino or sportsbook platform) that operators license and brand as their own. White-label operators typically have lower valuations than operators on proprietary platforms.
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