Top 10 Biggest iGaming M&A Deals of 2025
Major operators, suppliers and investors pushed through a wave of deals aimed at gaining scale, technology and new markets. Well-known names joined forces with digital-first brands, while media and entertainment groups strengthened their presence in betting and iGaming. Together, these moves reshaped how the industry looks and competes. Below are the ten deals that had the biggest impact this year.
To identify the most influential iGaming mergers and acquisitions of 2025, our analysis focused on several key factors. We considered each transaction’s scale, its effect on the acquirer’s competitive position, and the resulting strategic shifts, such as stronger omnichannel integration or digital expansion. Deals with major technological or regulatory significance were given particular attention, especially those opening new regulated markets or shaping long-term industry consolidation.
1. Apollo Global Management Acquires IGT Digital & Everi Holdings
Apollo Global Management completed the €5.42 billion acquisition of International Game Technology’s Gaming and Digital division together with Everi Holdings. The move created one of the largest privately held gaming technology groups worldwide.
The transaction brings IGT’s game content and platform infrastructure together with Everi’s payments and fintech capabilities. This combination establishes a vertically integrated company spanning casino hardware, iGaming content, and digital financial solutions. It positions Apollo’s IGT as a full-service supplier capable of competing with the biggest public gaming firms.
In the same quarter, Brightstar Capital Partners took slot-maker PlayAGS private for €0.95 billion, aiming to accelerate its product roadmap and digital growth. Both transactions highlight how private capital continues to play an active role in reshaping the gaming technology segment.
2. Banijay Group Acquires Majority Stake in Tipico Group
Banijay Group has strengthened its position in the European betting and gaming market by acquiring a controlling stake in Tipico and combining the brand with Betclic under the Banijay Gaming division. The agreement, signed with CVC Capital Partners and Tipico’s founders, is expected to close in mid-2026 and will create one of the largest betting operators in continental Europe.
The new structure will include Betclic, Tipico and Admiral, together serving around 6.5 million active players and operating more than 1,250 retail locations across Germany and Austria. The group’s combined annual revenue is projected at €6.4 billion, with adjusted EBITDA of €1.4 billion. Around €100 million in medium-term synergies are anticipated, supported by shared technology, economies of scale and a unified product strategy.
Banijay Gaming will expand its presence across key regulated markets such as Germany, Austria, France, Portugal and Poland. By integrating Betclic’s digital expertise with Tipico’s strong retail network, the company aims to strengthen its market position and accelerate the development of a fully integrated, omnichannel gaming business in Europe.
3. Flutter Entertainment Acquires FanDuel Group
Flutter Entertainment acquired Boyd Gaming’s remaining 5 percent stake in FanDuel Group for €1.51 billion, gaining full ownership of the leading sportsbook and iGaming operator in the United States. The transaction values FanDuel at approximately €26.7 billion.
The revised agreement also lowers Flutter’s access costs across several states, generating savings of around €56 million annually. Full control allows the company to simplify its structure, centralize decision-making, and accelerate product integration across U.S. markets.
FanDuel remains the dominant player in the U.S. online sports betting market with a 43 percent market share and a growing presence in iGaming. The buyout gives Flutter full strategic flexibility in what has become the company’s largest and fastest-growing market.
4. Intralot Acquires Bally’s International Interactive
Intralot’s €2.7 billion acquisition of Bally’s International Interactive marks a major strategic shift. The deal expands Intralot’s focus from lotteries toward integrated digital gaming and technology solutions.
The transaction, financed through a mix of cash and new shares, gives Bally’s a one-third stake in the combined group. The merged company expects around €1.1 billion in annual revenue and a 38 percent EBITDA margin before synergies.
Bally’s CEO Robeson Reeves will take over as head of the combined company, while Intralot’s founder Sokratis Kokkalis and Bally’s chairman Soohyung Kim join the board. The integration of Intralot’s lottery systems with Bally’s Vitruvian data platform will support cross-channel engagement and modernize the group’s technological base.
This acquisition signals Intralot’s intention to become a full-spectrum supplier capable of competing with international leaders in gaming technology.
5. Allwyn and OPAP Merger
Allwyn International and OPAP S.A. agreed to merge in an all-share transaction valued at €16 billion, creating the world’s second-largest publicly listed gaming entertainment company.
The deal consolidates Allwyn’s 51.78 percent stake in OPAP and merges two of Europe’s most established operators. Once completed, Allwyn will control around 78.5 percent of the combined entity, while OPAP shareholders will retain the remaining 21.5 percent.
The group plans to maintain its listing on the Athens Stock Exchange, with a secondary listing expected in London or New York. For Allwyn, the merger accelerates its transformation from a lottery-led business into a diversified gaming group with a global footprint.
The combined entity will operate under the Allwyn brand, headquartered in Switzerland. Integration is expected to deliver stronger technology capabilities, wider market reach, and a unified content and sponsorship strategy across Europe.
6. Flutter Entertainment Acquires Snaitech
Flutter completed its €2.3 billion acquisition of Italian operator Snaitech, strengthening its position in Europe’s largest regulated gambling market. The deal increases Flutter’s online market share in Italy to about 30 percent and supports its strategy of combining retail and digital engagement.
Italy’s restrictive advertising rules make digital acquisition difficult, but Snaitech’s nationwide retail presence offers a clear advantage. Flutter plans to deploy its proprietary “Flutter Edge” tools to enhance pricing, risk management, and player retention. The group expects €70 million in operating cost savings and €10 million in capital expenditure efficiencies within three years.
7. Sportradar Acquires IMG ARENA
Sportradar finalized the acquisition of IMG ARENA, gaining one of the industry’s most comprehensive portfolios of official sports data and betting rights. The deal adds more than 70 rightsholder relationships and includes 38,000 data events and 29,000 live streams each year.
The transaction is designed to strengthen Sportradar’s margins and cash flow while enhancing its ability to deliver real-time, data-driven products. With IMG ARENA’s portfolio, Sportradar now covers more than one million matches annually, consolidating its position as a leading supplier of sports content for bookmakers and media partners.
8. Allwyn Acquires Majority Stake in PrizePicks
Allwyn International agreed to acquire a 62.3 percent stake in PrizePicks, the largest daily fantasy sports platform in North America. The €2.15 billion transaction marks Allwyn’s biggest U.S. investment to date and extends its portfolio beyond lotteries into fantasy and sports entertainment.
PrizePicks operates across more than 45 U.S. states and has demonstrated strong revenue and EBITDA growth. The company’s simplified, peer-to-peer model has made it the leading DFS platform among younger audiences. For Allwyn, the investment diversifies its U.S. exposure and strengthens its focus on skill-based digital entertainment.
9. MIXI Acquires PointsBet
Japanese tech company MIXI acquired a 66.4 percent stake in Australian sportsbook PointsBet for €162 million through its subsidiary MIXI Australia. The acquisition gives MIXI majority control and marks its entry into the regulated Western betting market.
Best known for its social and mobile gaming ecosystem, MIXI plans to leverage PointsBet’s sportsbook technology to expand into interactive betting experiences. The move illustrates the growing participation of Asian tech firms in global iGaming and confirms Japan’s emergence as an international investor in digital wagering.
10. Sega Sammy Acquires GAN Limited
Sega Sammy Holdings completed the €92 million acquisition of GAN Limited, integrating the U.S.-focused gaming technology company into Sega Sammy Creation. The €1.97-per-share offer represented a premium of more than 120 percent compared with GAN’s prior stock price.
The acquisition gives Sega Sammy direct access to the U.S. online betting and real-money gaming market. It also adds valuable B2B technology capabilities that complement Sega Sammy’s existing entertainment portfolio. The deal reflects a broader trend of traditional gaming groups accelerating their digital transformation through targeted acquisitions.
All deal values have been converted to euro (EUR) based on average 2025 exchange rates.
The Year of Consolidation
2025 has been a year of consolidation for the iGaming industry. Rather than chasing new markets, operators and suppliers focused on streamlining their structures and building more integrated organisations.
Global leaders are reinforcing their positions in regulated jurisdictions, prioritising long-term profitability over short-term expansion. Their strategy revolves around connecting retail and online channels into unified ecosystems – a trend clearly visible in the cases of Snaitech, Tipico and OPAP. After years of fragmentation, Europe is beginning to form strong, globally relevant gaming groups.
On the supplier side, the focus has shifted to data and technology. Companies like Sportradar, Intralot and Apollo are strengthening the industry’s infrastructure by investing in payments, sports data and platform integration. This marks a shift toward greater maturity and more sustainable business models, where technological control defines market power.
Meanwhile, Asian investors are becoming increasingly active. MIXI and Sega Sammy are expanding into Western markets, including the United States and Australia, leveraging their technological expertise and strong financial backing. Their moves highlight how iGaming is evolving into a truly international industry, where regional borders and business models are becoming increasingly interconnected.