BUYER POOL ANALYSIS
Selling a Gaming to Strategic / Industry buyers
Industry operators, larger competitors, and corporate buyers acquiring for synergies, geographic expansion, or capability fill. Typically pays a premium for clear strategic fit but discounts for integration cost and overlap.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 10.24x across 30 disclosed deals (P25: 7.27x, P75: 16.46x). Median EV/Revenue 2.7x across 45 deals. Median deal value: $78.75M.
- How many disclosed transactions?
- 48 deals total (48 from 2018+), filtered to Strategic / Industry acquirers of gaming businesses.
- Most active buyers
- Keywords Studios plc (:KWS) (4) · Enad Global 7 AB (publ) (3) · Standard General L.P. (2) · Light & Wonder, Inc. (2) · Pure Casino Entertainment Limited Partnership (1) · KRAFTON, Inc. (1)
Recent disclosed deals
Strategic / Industry acquisitions of gaming businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2026 | Gamehost Inc. | Pure Casino Entertainment Limited Partnership | $222.6M | 9.2x | 3.66x |
| 2025 | Eleventh Hour Games, Inc | KRAFTON, Inc. | $93.7M | — | 2.39x |
| 2025 | Performance Predictions LLC | Allwyn AG | $2533.0M | 10.2x | — |
| 2024 | Bally's Corporation | Standard General L.P. | $5435.4M | 11.6x | 2.31x |
| 2024 | Fairmount Park, Inc. | Accel Entertainment, Inc. | $39.1M | 5.5x | 1.21x |
| 2024 | Galaxy Gaming, Inc. | Evolution Malta Holding Limited | $119.9M | 11.9x | 4.08x |
What this buyer pool prices for
Strategic buyers — operators in adjacent geographies, larger competitors, or corporate consolidators — price for synergies and capability fill. They tend to discount integration cost and overlap risk but pay above market when there's clear strategic fit (key customer relationship, license, geography, technician/professional team). Multiples are competitive with PE for fee-viable deals; below PE for sub-scale acquisitions.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to gaming businesses acquired by strategic / industry buyers. EV/EBITDA outliers outside the [0.5x, 60x] band and EV/Revenue outliers outside [0.05x, 25x] are excluded from medians. Where available, post-2018 transactions are weighted; otherwise the all-time sample is used. Deal counts shown reflect deals with disclosed financials only — total transaction count for this buyer pool is typically 2-3x larger. Full methodology
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