The answer was not a single fixed number, because the market value of a business depends on several factors.
Important factors include the size of the company, the assets included in the sale, the complexity of the structure, and whether the business is already successful. A buyer will usually look at much more than the brand name alone.
In iGaming, one common way to discuss valuations is by using GGR, or gross gaming revenue. In the deals mentioned in the interview, the valuation range can move widely.
We mainly speak GGR and it can be from x2 to x8.
This means that one iGaming business may sell for a much lower multiple, while another can command a much higher valuation. The difference depends on the quality of the operation, the financial results, and what is actually included in the sale.
Again, depending on the complexity, depending on what's included and how successful the business is.
When the discussion moved from multiples to example numbers, the range became more concrete. Based on the transactions Obtained has seen, some iGaming deals can start around 1 million, while larger deals can reach around 30 million.
They can go from maybe 1 million to 30 million. That's what we've seen so far.
For buyers and sellers, this shows why every deal needs to be judged separately. Two online casino businesses can have similar revenue but very different values if one has a stronger license, better payments, a larger team, stronger compliance, or a more stable player base.
Christina Georgiou is the Head of Business Development at Obtained. Her role is connected to the company's commercial growth, client relationships, and the development of opportunities across M&A, licensing, fintech, crypto, and iGaming.
Obtained is based in Limassol, Cyprus. The company works as an M&A center with a strong focus on fintech, while also serving iGaming companies, crypto companies, and financial institutions.
The company is active in several connected areas. It helps clients with buying and selling businesses, but it also supports company setup, new license registration, and payment gateway services.
This makes Obtained more than a simple broker. In many iGaming and fintech transactions, buyers and sellers also need help with company structures, licensing, payment flow, compliance, and market access. These areas are often connected to the value and feasibility of a deal.
Obtained was founded around three years before the interview. The idea behind the company came from combining different types of specialist knowledge within fintech, crypto, legal services, and gaming.
The co-founders came from related but different professional backgrounds. One side brought experience in EMI and crypto, while the other brought legal and gaming knowledge.
One of them is more of an EMI and crypto specialist. The other one from a legal background and gaming.
This mix of experience helped shape the company. M&A in iGaming and fintech often requires more than finding a buyer or seller. It can involve licenses, ownership structures, compliance checks, payment services, legal setup, and knowledge of regulated or offshore markets.
By bringing these backgrounds together, Obtained built a network that could connect people and companies across several sectors.
Over time, the company added more specialists and expanded its ability to support different types of clients. This includes clients looking for a business to buy, companies looking for a buyer, and operators that need licensing or corporate setup support.
One of Obtained's important success stories is the growth of the company itself. The business started with only a small number of people and expanded quickly.
Many companies started with maybe three or four people. Now we're growing to 25 to 30 in such a short time.
This growth reflects the demand for M&A, licensing, and fintech-related services in markets such as iGaming, crypto, payments, and financial services.
Another sign of development is the type of transactions the company now handles. As Obtained grows, the deals are becoming larger and more complex.
The size of the deals that we work with are getting larger and more complex.
Complexity can come from many areas. A deal may include a license, an operating company, a player database, payment infrastructure, staff, technology, or regulatory obligations. In such cases, the process is not only about price. It is also about due diligence, structure, timing, and trust between the parties.
That's always something great to be part of.
A major topic in the interview was the Nevis license. This type of license has entered discussions among some online casino operators looking at offshore licensing options.
Nevis is a small island in the Caribbean region. In the context of iGaming, it has become interesting because it is positioning itself as a newer license option for gaming businesses.
The appeal is linked to a possible gap in the market. Some operators are looking for a license that can be more affordable and faster to obtain than some other options, while still having a formal jurisdiction behind it.
Nevis also has its own government and parliament. This matters because a licensing framework needs legal and administrative support from the jurisdiction itself.
Within the wider offshore license market, Nevis appears to be positioning itself between other jurisdictions. For operators, this may make it a practical option when speed, cost, and licensing structure are all important.
Operators are interested in Nevis because the offshore licensing market has been changing. When existing jurisdictions change rules, requirements, costs, or processing times, operators often start looking for alternatives.
In this environment, Nevis may appeal to companies that want a license that is easier to obtain than some alternatives, while still following a recognizable structure.
There has been a lot of changes with the offshore jurisdictions right now in terms of gaming.
The license is described as having similar requirements to other offshore licenses, but with a simpler process. This can be important for operators that want to enter the market faster or restructure their business without unnecessary delay.
The key point is not that there are no requirements. Operators still need to meet formal obligations. The attraction is that the process may be less complex compared with some other jurisdictions.
The Nevis license still has requirements that operators need to meet. It is not presented as a license without structure or compliance obligations.
The requirements are broadly similar to other offshore jurisdictions. A local company is needed, and the operator must deal with reporting and compliance matters.
You need a local company. You still need to fill in your reportings.
AML compliance is also part of the process. This is important because gaming businesses need to show that they have controls for anti-money laundering, customer checks, and regulatory cooperation.
You have your AML compliance in cooperation in Nevis.
The main difference is the level of complexity. Compared with some other jurisdictions, the Nevis route may be simpler for operators that can meet the requirements.
For an operator, this can affect timing, cost, and planning. A simpler licensing route can make a project easier to launch, but the company still needs proper documentation, compliance processes, and a suitable corporate structure.
Obtained works across several industries, so the size of deals can vary a lot. Smaller transactions may involve money service businesses, while larger transactions may involve EMIs or more complex financial institutions.
Some smaller money service business deals can be much lower in value compared with iGaming operations or EMI transactions.
We have small deals that are more, money service businesses that are being sold for, 20,000 to 30,000 let's say.
At the higher end, EMI-related deals can reach much larger values. European EMIs, Cyprus EMIs, and Lithuanian EMIs were mentioned as examples of more valuable transaction types.
We work with EMIs, which are more in the 5 million, European, Cyprus, EMIs, Lithuanian EMIs, which are M&As.
These larger deals are attractive because regulated financial institutions can have significant value. The value can come from licensing, compliance work already completed, operational history, existing clients, and market access.
| Deal type mentioned | Example range or value discussed |
|---|---|
| Smaller money service businesses | Around 20,000 to 30,000 |
| EMI-related deals | Around 5 million in some cases |
| iGaming businesses seen by Obtained | Roughly 1 million to 30 million |
| iGaming valuation method discussed | Often around 2x to 8x GGR, depending on the business |
The table shows why M&A discussions need clear context. A small money service business, a licensed EMI, and a profitable casino operation are very different assets. Each has a different buyer profile, risk level, compliance burden, and valuation method.
From an M&A perspective, Lithuania and Cyprus were both highlighted as active markets for financial institutions. These jurisdictions are relevant because they are connected to European financial structures and regulated businesses.
A lot of the financial institutions are moving a lot now in Lithuania.
Cyprus is also important for Obtained because the company is based there. This gives the team close exposure to market activity in Cyprus and to companies that use Cyprus as part of their business structure.
Cyprus, as I mentioned before, being European. Us being based in Cyprus, we see that a lot.
At the same time, the company is not limited to only one region. The interview made clear that M&A activity can move between markets depending on regulation, buyer demand, and the type of companies available for sale.
This global view matters because iGaming and fintech companies are often international from the start. A business may be incorporated in one jurisdiction, licensed in another, serve users in several markets, and use payment partners from different regions.
In iGaming M&A, many types of businesses can be bought and sold. These include game studios, casino operators, sportsbook operators, affiliates, tech providers, payment companies, and platform businesses.
For Obtained, the strongest current interest is around operational businesses. Buyers are especially interested in companies that are already active, already licensed, and already generating results.
For us, it's the operations, operations with the team, with the license already, something that's successful.
This type of business can be more attractive than a project that is still only an idea. A working operation gives the buyer an existing structure, staff, systems, and possibly existing revenue.
Profitable casinos and sportsbooks are especially active targets. These businesses can offer the buyer a faster route into the market compared with building a new operation from zero.
A lot of clients now are looking for profitable operational casinos and sportsbooks to purchase.
A buyer may prefer a business that already has the difficult parts in place. This can include a license, a team, payment setup, compliance processes, customer data, and proven performance.
Finding buyers and sellers in iGaming and fintech is a mix of marketing, sales development, networking, and reputation. Obtained uses several channels to create deal flow.
The company has its own marketing team and SDR team. LinkedIn is also part of the process, together with campaigns and regular participation in industry events.
We have our own marketing team. We have a team of SDRs that look on LinkedIn.
Events such as SBC Summit Malta are important because they bring together operators, suppliers, investors, service providers, and advisers. For a company working in M&A, face-to-face trust can matter a lot.
Trust is a central part of M&A work. A seller may be sharing sensitive financial and operational information. A buyer may be discussing acquisition budgets, strategy, and target markets. For that reason, brand awareness and word of mouth are important.
It's more about brand awareness and word of mouth and building that trust in our clients to come back to us.
The time needed to complete an M&A deal can vary widely. Some deals may move quickly, while others can take many months.
It can be really between maybe one week to even one year.
The timeline depends on the complexity of the transaction. A simple asset sale may be faster, while a licensed business with regulators, compliance reviews, ownership changes, and financial due diligence can take much longer.
Another important factor is how quickly the client can provide information. If documents, financial records, company details, or compliance materials are delayed, the whole transaction can slow down.
Regulators can also affect timing. In regulated sectors, checks may be needed to confirm whether buyers or key people are fit and proper. This can make the timeline less predictable.
Because of these variables, there is no single standard process length. A deal can only move as fast as the parties, documents, regulators, and due diligence allow.
For the rest of 2026, Africa was highlighted as one of the most interesting regions to watch. The discussion around Africa includes expansion, payments, gaming operations, and M&A activity.
I think Africa is now a big hit.
The region is becoming more visible in conversations about iGaming growth. Operators are looking at expansion, payment companies are looking at payment coverage, and investors are watching for businesses that may be bought or sold.
We're hearing a lot about Africa, expansion and payments over Africa, gaming operations looking to be sold, looking to be bought.
For iGaming companies, Africa can be interesting because of market growth, mobile-first users, payment development, and the need for local knowledge. For M&A advisers, this can create activity around existing operators, payment solutions, and market-entry structures.
Obtained itself is also part of the 2026 story. The company is growing, working on larger and more complex deals, and operating across iGaming, fintech, crypto, licensing, payments, and M&A.