Mergers and acquisitions reshaped the iGaming landscape in 2025. We examine the deals that defined the year, what they mean for the competitive landscape.
2025 was a landmark year for iGaming mergers and acquisitions. Fiscal pressure, rising compliance costs, and the opportunity to achieve scale economies in saturated markets drove a wave of consolidation that is reshaping the competitive landscape heading into 2026.
The macro drivers
Several converging forces are driving consolidation. Rising tax rates in mature markets, particularly the UK, Netherlands, and Germany, are compressing operator margins and making scale more valuable. Simultaneously, the cost of acquiring and retaining players has increased as customer acquisition channels mature and regulatory restrictions on bonusing tighten.
Larger groups benefit from shared platform costs, centralised compliance functions, cross-brand player pooling for progressive jackpots, and negotiating leverage with game providers and payment processors. For smaller and mid-market operators, the choice is increasingly stark: achieve scale organically (difficult in mature markets), acquire, or risk being acquired.
Notable 2025 activity
The most significant development at the end of 2025 involved Betsson's reported exploration of the acquisition of crypto casino brands Bitcasino and Sportsbet from Yolo Group. If completed, this would represent a meaningful acceleration of a major listed operator's crypto exposure, and a significant validation of the crypto casino segment's mainstream status.
What this means for independent operators
Independent operators facing the prospect of a consolidating market have several strategic options. Some will pursue M&A themselves, using their platforms as acquisition currency. Others will double down on differentiation, geographic focus, product specialisation, or superior player experience, to maintain competitive positioning against larger groups.
The operators best placed to weather consolidation are those with proprietary platforms that provide operational flexibility, full ownership of their player data and provider relationships, and the ability to move quickly in response to market changes without dependency on third-party platform providers.
The ownership argument
The M&A wave reinforces one of the central arguments for operators building on owned platforms rather than white-label solutions. Operators on white-label platforms who are acquired may find their platform contracts represent significant liabilities rather than assets. Operators with fully owned platforms, direct provider agreements, and their own player databases are structurally more attractive acquisition targets and better positioned to negotiate on their own terms.