iGaming Mergers and Acquisitions: How to Follow Deals and Read the Numbers in 2026

To follow iGaming mergers and acquisitions in 2026, read the deal sections of a few trade titles and then confirm every number in the company’s own release, in five points:

1. Gaming Intelligence has a Finance and M&A section, and iGaming Business files deal stories under its strategy and M&A pages,
2. The company press release or stock-market filing is the source for price and terms, and trade headlines often round or mix measures,
3. A headline number can be enterprise value, cash, shares, an earn-out or a mix, and you need to know which,
4. An announced deal is not a finished deal, because approvals can delay or kill it, as the Allwyn and Novibet case shows,
5. Notable deals from 2024 to 2026 include Apollo and Everi, Intralot and Bally’s International Interactive, Flutter and Snaitech, FDJ and Kindred, and Genius Sports and Legend

Deal values below come from trade press and company releases that we read in early November 2026. This is not financial advice.

• Where iGaming deals are reported
• How to read a deal announcement
• Verified notable deals, 2024 to 2026
• Genius Sports and Legend: why the price is disputed
• When a deal never closes
• Deals still moving in November 2026
• A routine for tracking deals
• FAQ

Where iGaming deals are reported

Deal news starts in four places. Knowing which one you are reading tells you how much to trust it.

The first is the company itself. A press release or a regulatory filing states the price, the structure and the conditions. Listed companies must file these, so they are the most reliable source. The second is trade press. Gaming Intelligence has a “Finance and M&A” section on its front page. iGaming Business files its coverage under a strategy and M&A area of its site. Our ranking of iGaming blogs lists the other titles.

The third is regulators and competition authorities, who approve or block deals. In early November 2026, iGamingExpress reported that France had cleared Banijay’s acquisition of JOA. The fourth is feeds and newsletters that surface headlines early. Our guide to iGaming newsletters lists them.

Two cautions. Gaming Intelligence gates at least some stories behind a subscription, so you may see only a summary. And we left out a vendor’s deal tracker page because its numbers could not be checked against filings.

How to read a deal announcement

Most mistakes come from one headline number. Ask these five questions.

A deal headline is a starting point: check what is cash, what is shares and what may never be paid.

First, is the figure enterprise value or equity value? Enterprise value is equity plus net debt. Flutter’s Snaitech purchase and the Bally’s International Interactive sale were both stated at enterprise value. A buyer may take on debt, so the cheque to the seller can be smaller than the headline.

Second, how much is cash and how much is shares? Cash is certain. Shares move with the buyer’s stock price. In the Intralot deal below, over 40% of the headline was new shares.

Third, is there an earn-out? An earn-out is extra money paid later only if targets are met. It can be counted inside a headline or sit on top of it. It may never be paid.

Fourth, what approvals are needed? A regulator or competition authority can delay or stop a deal.

Fifth, what is the stage: announced, approved, or completed? Many outlets write “acquires” when they mean “agrees to acquire”.

Verified notable deals, 2024 to 2026

These are deals we could confirm from a company release or a trade-press report. Values are as stated by the sources, not our estimates.

Sources: iGaming Business on Apollo and Everi, Business Wire on Intralot and Bally’s and iGaming Business on Allwyn and OPAP. The Snaitech and Kindred figures come from trade-press reports of the closings.

Some details matter. After the Intralot deal, Bally’s held about 58% of Intralot. In the Everi deal, the rest of IGT trades as Brightstar Lottery. The Allwyn and OPAP merger needed approvals, including from Greece’s Hellenic Gaming Commission, and Focus Gaming News later reported “Allwyn completes OPAP merger”. For FDJ and Kindred, the 90% ownership condition was passed on 2 October 2024, with 90.66% of shares tendered.

Note how the Intralot numbers add up: EUR 1.53 billion in cash plus EUR 1.136 billion in shares comes to about EUR 2.67 billion, which rounds to the EUR 2.7 billion headline.

Genius Sports and Legend: why the price is disputed

Genius Sports bought Legend, the owner of Covers.com, Casino.org and Casino Guru, in a deal that closed at the end of April 2026. Sources disagree on the price, so we quote the filing.

According to a Genius Sports filing with the US Securities and Exchange Commission, the consideration was $800 million in cash, 10,088,781 ordinary shares and additional earn-out consideration. Other outlets put a single figure on it. SGI Europe, for example, reported about $900 million at close. Gaming Intelligence reported the earn-out as up to $300 million over two years.

Why the numbers differ: some outlets add the share value at the day’s price, some include the earn-out, and some report the deal at its maximum. None of those is wrong, but they are not the same number. If you need a single figure, use the filing wording and say what is in it.

Gaming Intelligence also called the deal controversial, because it takes a data and technology company into affiliate media. That matters for anyone who reads affiliate sites or sells traffic. Our guide to affiliate news sources shows how to read media owned by a supplier with a stake in the industry.

When a deal never closes

A headline price is a promise, not a payment. The clearest 2024 to 2026 example we found is Novibet.

In December 2024 Allwyn agreed to buy 51% of Novibet’s owner, Logflex MT Holding, for EUR 217 million plus an earn-out of up to EUR 110 million. In March 2026, Allwyn and Logflex withdrew after feedback from the Greek competition authority. The headline price never paid out. See the original report on the Novibet agreement.

The lesson is simple. Track the deal until the completion notice, not the announcement. Regulatory pages and our guide to regulation news sources help here.

Deals still moving in November 2026

On 5 November 2026, iGamingExpress reported that France had cleared Banijay’s acquisition of JOA, and that Cirsa’s merger with Lottomatica was heading to a shareholder vote. We did not verify the terms of either deal, so we do not give values. Treat both as open until a completion notice appears.

Also check the stage of each one against official sources. A “cleared” deal can still need other approvals.

A routine for tracking deals

This is practical judgement, not an official method.

• Weekly: open the M&A sections of two trade titles and note deals in your region or niche.
• On any deal that matters to you: find the company release or filing and copy the structure into a note, with cash, shares, earn-out and conditions on separate lines.
• Monthly: check whether the deals you noted have a completion notice or a withdrawal.

Who is this not for? If you only need to know what a supplier costs, deal news will not help. See our guides to how to choose an iGaming platform provider and white label casino cost instead. The wider iGaming section is at the iGaming hub.

FAQ

Where can I follow iGaming M&A news?

Gaming Intelligence has a Finance and M&A section, and iGaming Business files deal stories under its strategy and M&A pages. Check the buyer’s press release or stock-market filing for terms. Regulators and competition authorities publish approvals, which show whether a deal can close.

What is the difference between enterprise value and equity value?

Enterprise value is equity plus net debt, so it shows the price of the whole business including what it owes. Equity value is only the price of the shares. Flutter’s Snaitech deal and Bally’s International Interactive were both stated at enterprise value, so the cash to the seller can be lower.

What is an earn-out in an iGaming deal?

An earn-out is extra payment made later if the target meets agreed goals. It may be paid in cash or shares. Allwyn’s Novibet agreement included an earn-out of up to EUR 110 million, but the deal was withdrawn in March 2026, so none of it was paid.

How much did Genius Sports pay for Legend?

According to a Genius Sports filing with the SEC, it paid $800 million in cash, 10,088,781 ordinary shares and additional earn-out consideration. Trade outlets quote different single figures because they value shares and earn-outs differently, so quote the filing wording.

Is an announced iGaming deal the same as a completed deal?

No. Approvals from regulators and competition authorities can delay or stop a deal. Allwyn announced the Novibet purchase in December 2024 and withdrew in March 2026. Wait for a completion notice before treating the price as final.

What to do next

Choose two deal sources and a note format, then follow one open deal from announcement to completion. For the full set of trade titles, see our ranking of the best iGaming blogs, and see the white label casino ranking if you are comparing platforms.