Primary Valuation Methods
1. EBITDA Multiple (Most Common)
The most widely used method in iGaming M&A. The business's annual EBITDA (earnings before interest, taxes, depreciation, and amortisation) is multiplied by a sector-specific multiple to arrive at enterprise value.
Typical iGaming multiples range from 2× to 8× EBITDA, depending on growth rate, jurisdiction, and market position.
2. Revenue Multiple
Used when EBITDA is not the best indicator (e.g., early-stage or high-growth businesses). Annual gross gaming revenue (GGR) or net gaming revenue (NGR) is multiplied by a revenue multiple.
Revenue multiples are typically lower than EBITDA multiples and are used as a sanity check.
3. Player Database Value
The player database is often a primary value driver, particularly for operators with a large, active, and high-LTV (lifetime value) player base. Buyers pay a per-active-player premium.
A database of 50,000 active verified players in a regulated EU market may be worth €500K–€2M+ depending on average deposits and retention rates.
Typical Valuation Multiples by Business Type
| Business Type | EBITDA Multiple | Notes |
|---|---|---|
| B2C Online Casino (regulated) | 3–7× | Regulated EU markets command higher multiples |
| B2C Sportsbook | 2–5× | Market share and margins are key |
| Affiliate Website | 3–6× revenue | Traffic quality and SEO stability matter most |
| B2B Software Provider | 4–10× | Recurring SaaS-like contracts get premium valuations |
| Game Studio | 3–8× | IP ownership and content library are key |
| White-label Casino | 1–3× | Lower because of platform dependency |
Key Value Drivers
Related Guides
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