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.
Diana Hukasian is the Head of the Sales Development Representative team at Obtained. In this interview at I-CON, the Island Conference in Limassol, Cyprus, she explained how Obtained works across M&A, payments, fintech, forex, crypto, and iGaming.
Obtained is mainly based in Limassol, Cyprus, but the company works with clients worldwide. Its main position in the market is as an M&A center, which means it helps with mergers and acquisitions. At the same time, the company also works with payments and payment orchestration, especially for the iGaming industry.
Obtained is an M&A center, which means mergers and acquisitions, based in Cyprus, mainly in Limassol, but with coverage worldwide.
Diana described the company as active in several connected industries. These include iGaming, fintech, forex, and crypto. This matters because many modern iGaming businesses need support in more than one area. A casino operator may need payment solutions, licensing support, business development, M&A advice, and investor access at different stages of growth.
The interview took place during Island Conference 2026. Diana described I-CON as a multi-vertical event, which made it useful for a sales team because there were many different types of companies and decision makers in one place.
You can talk to an enormous amount of people here and still find more and more opportunities.
I-CON was not only a place for Obtained to meet people in the iGaming industry. It was also a place to present a wider view of the company. Many people already know Obtained as an M&A center, but the company also wanted to show its payment product.
For Diana, the value of the conference came from the mix of verticals. Because the event brought together iGaming, fintech, payments, crypto, affiliates, operators, and service providers, it gave Obtained many possible conversations in one environment.
At the booth, Obtained focused on explaining that the company is not only involved in M&A. It also offers a payment gateway and payment orchestration platform built with iGaming operators in mind.
We're not only an M&A center, but we're also a very strong payment gateway and orchestration platform designed especially for the iGaming industry.
This is an important point because iGaming companies often have very specific payment needs. A payment solution for a normal ecommerce company may not be enough for an online casino or betting operator. Operators often need many payment methods, fast deposits, stable payouts, regional coverage, and payment routing that works across several markets.
Diana explained that alternative payment methods, also called APMs, are one of the main needs for iGaming operators. This is especially true in emerging markets and regions where traditional card payments or bank transfers may not be the best option for players.
Obtained's gateway focuses especially on Southeast Asia, Africa, and Latin America. These are regions where local payment methods can be essential for an operator that wants to grow. If players cannot deposit easily, the operator will have difficulty turning traffic into active customers.
APMs, which are alternative payment methods, are the main need for operators in the iGaming industry.
Alternative payment methods can include many local and regional payment options. In Africa, Diana gave mobile money as a clear example. Mobile money can help operators receive deposits from players faster by bypassing traditional banking systems.
For example in Africa, they are mobile money.
For iGaming operators, this can directly affect revenue. More accessible deposit methods can mean more deposits. Easier payout flows can also improve the player experience. In competitive markets, payment convenience can become one of the reasons why a player chooses one operator over another.
Mobile money was one of the clearest examples in the interview. In many African markets, players may use mobile-first financial tools more often than classic bank services. For an online casino or sportsbook, this means that traditional banking rails may not be enough.
Diana explained that mobile money helps operators collect player deposits faster. The key idea is that the operator can bypass traditional banks and use payment methods that fit local user behavior.
It helps operators to get money from the players, their deposits, faster because they are bypassing traditional banks.
This matters for both deposits and payouts. If deposits are faster and payouts are easier, the operator has a stronger chance to build trust with players. In emerging markets, the right payment setup can be just as important as marketing, game content, or bonuses.
Diana also connected alternative payment methods to commercial growth. If an operator wants a strong presence in Africa or another emerging market, it needs a wide set of APMs.
If you want to have a strong presence in Africa region and any emerging market region, you need to have a lot of APMs in your pocket.
The interview also moved into M&A deals connected to payments and fintech. Diana explained that Obtained works strongly in the fintech industry, including transactions connected to EMI and PI acquisitions.
EMI stands for electronic money institution, while PI stands for payment institution. These types of regulated companies can be valuable acquisition targets because they may already have licenses, compliance structures, banking connections, or operational history.
For Diana, one of the most interesting deals currently on the table is a crypto exchange deal worth tens of millions of euros.
The most interesting one is the crypto exchange deal right now we have on the table, which is worth tens of millions euros.
This type of deal can be interesting for iGaming operators, crypto exchange groups, and companies that want faster access to the European market. Instead of starting from zero, a buyer may be able to acquire an existing operation, team, client base, and structure.
Diana described it as a unique opportunity for large iGaming operators or crypto exchange groups that want to add value to their existing business without building everything from scratch.
You don't need to start your business from scratch in this case.
At first, a crypto exchange deal may sound separate from iGaming. However, the connection becomes clearer when looking at payments, market access, and user acquisition. Many iGaming operators already work with crypto payments, digital wallets, and alternative payment rails. A crypto exchange can give a buyer new infrastructure, clients, expertise, and market reach.
Diana mentioned that the opportunity could be especially interesting for companies that do not yet have a presence or clients in Europe. For example, a company from Asia or the United States may want to enter Europe faster through acquisition.
It will be super interesting for the companies which don't have presence and clients in Europe yet, but they want to come to Europe from Asia or USA.
This is one reason M&A is important in fintech and iGaming. Building a business from scratch can take a long time. A buyer may need a company, team, license, compliance setup, bank relationships, payment rails, clients, technology, and operational knowledge. Buying an existing business can reduce that time if the acquisition is structured correctly.
The crypto exchange deal did not start as a normal sell-side M&A mandate. According to Diana, the first conversation was about a different type of cooperation. The company originally approached Obtained to sell its solution and potentially add it to Obtained's payment gateway.
After several meetings, the relationship developed. The company realized that Obtained could also be a strong M&A partner. Instead of only collaborating on the payment side, there was also a possible path to help the company move from one business focus to another.
After maybe the fifth or sixth meeting, we found out that these guys see us as a strong partner on the M&A side.
This shows how M&A opportunities can develop from normal business development conversations. A lead may begin as a payment conversation, a partnership discussion, or a product sale. Later, both sides may discover a larger strategic opportunity.
In this case, the seller had other businesses and wanted to focus attention elsewhere. At the same time, another company in the market could continue developing what they had already created.
They can put attention on the other stuff while someone else in the industry will enjoy what they already created.
Diana explained that the reason behind selling a company is not always simple. In iGaming, fintech, and crypto, business owners can face many different pressures at the same time.
One day, a company may be dealing with regulatory problems. Another day, it may be focused on customer acquisition. Later, the owners may decide that they want to move on, reduce risk, or focus on another project.
The why behind selling the company is not always simple.
In the crypto exchange example, the owners were not actively desperate to sell. Instead, they were open to the right partner. This is a different type of M&A situation. The seller may continue operating unless a buyer appears with the right strategic fit and the right offer.
They are still not actively looking for sale, but they are considering if the right partner will come and put smart money in.
This kind of process can take longer because it is not only about price. The seller may care about the buyer's plans, whether the business will grow, whether the team will stay, and whether the deal is good for the future of the company.
Diana described Obtained as a selective partner. The company does not want to work on every possible deal. Before taking a project forward, it needs to believe in the product, the client, and the opportunity.
This is important because M&A work depends on trust. A broker or adviser that brings weak or risky deals to the market can damage its reputation. For Obtained, image and trust are central parts of the business.
Obtained positions itself as a very picky partner.
Diana said that if Obtained works closely with a company, it means the team trusts that company and believes in the product. This approach also affects how buyers see the opportunity. A deal represented by a selective adviser may feel more credible than a random listing with limited background work.
If we are working closely with you guys, it means that we are trusting you and we believe in your product.
Obtained also wants to avoid being only a middleman. Diana emphasized that clients come to the company because they expect real help, not only a basic introduction to an unknown buyer.
We will not just be the middleman in this case, giving them an unknown client to acquire their business.
At the time of the interview, Obtained had discussions with several large companies about the crypto exchange deal. However, Diana made clear that M&A is not a quick process, especially for large and complex deals.
She explained that these deals are usually not completed in one month, six months, or even nine months. In some cases, it can take up to two years to find the right partner and complete the transaction.
It usually takes up to two years to find the right partner.
The reason is that a large deal has many moving parts. The seller and buyer need to have the right fit. Agreements need to be prepared. Conditions need to be accepted. The parties need to handle control changes, onboarding, team integration, and possible changes in management or ownership.
This is especially true in regulated or semi-regulated industries such as fintech, crypto, payments, and iGaming. The transaction is not only about signing a contract. It may also involve due diligence, compliance checks, legal structuring, technology review, financial review, and transition planning.
This is the toughness of this business.
Obtained supports clients from the first discussion through the later stages of the transaction. Diana described a process that begins with an initial conversation and then moves into business development work.
If a company is selling, Obtained can help find a buyer. If a buyer is looking for a target, Obtained can help identify a seller. The company's legal team and business development team are also part of the support structure.
Our legal team is always there for you. Our business development team is always there for you.
Diana also highlighted customer support as an important part of Obtained's approach. In M&A, clients often need updates, explanations, document support, and fast communication. A transaction can become stressful if the seller or buyer does not understand what is happening.
The main part of Obtained is to show that customer support level is 24/7.
This is especially useful when deals involve parties in different regions and time zones. A buyer may be in Asia, a seller may be in Europe, and legal or payment partners may be in other jurisdictions.
Diana explained that an initial discussion with Obtained is not only about immediately selling a company. It can also help a business owner understand whether now is the right time to sell.
Sometimes a company comes to the table thinking it wants to sell, but after asking more questions, it becomes clear that the business may need to improve first. It may need a better license, better platform provider, stronger payment solution, or improved banking relationship before it can attract a better valuation.
Sometimes this initial discussion is a lot of why questions.
This is a practical point for iGaming founders. Selling too early can mean accepting a lower valuation. By improving the business first, the company may become more attractive to buyers and investors.
Should I do it right now or do I need to wait another time to grow my business?
Diana described Obtained's role as partly consultative. The company is not only asking for a mandate and trying to sell the asset immediately. It first tries to understand what the owner wants and whether the business is ready.
It's not just, okay yes, give me your company, we're going to sell it.
Diana gave an example of a client that approached Obtained to ask whether the company could help sell the business and how much the business might be worth.
After discussions, Obtained realized that the company's value was not high enough yet. The problem was not only the company itself. The business lacked proper regulation, strong banking relationships, and payment rails.
The company value is not so high so far because it doesn't have the proper regulation in place.
For iGaming, fintech, and payment businesses, these elements can strongly affect valuation. A company without a good payment setup may struggle to collect funds from customers. A company without the right license or regulation may be harder for buyers to acquire. A company without stable banking relationships may carry more operational risk.
If your business doesn't know how to properly collect funds from your clients, it's just a company. It doesn't have any value.
In this example, the company had an MSB license in Delaware in the United States. Obtained planned to help the company expand, possibly into Europe. Diana said that after around one year, the company may become a much better candidate for investment discussions.
This example shows that the best M&A strategy is not always to sell immediately. Sometimes the better approach is to improve the business first, increase its value, and then go to the market later.
Although investments are not the main line of Obtained's business, Diana said that the company can help in some cases. This depends on whether the company is interesting and whether Obtained believes in the product.
Obtained has a network that it can use when a company has a strong opportunity. However, the key point is trust. The company does not want to introduce every project to investors. It needs to believe that the product and team are strong enough.
We have a great network which we can utilize if it's a really interesting company and we believe in the product.
Diana also connected this to something she learned from a workshop with Uri Levine, the co-founder of Waze. The idea was that investment decisions often depend on chemistry between people, not only numbers and documents.
Usually it's just a click, it's like a date.
This is a useful way to understand early investment conversations. A company may have good numbers, but investors also need to trust the founders and believe in the product. The relationship between investor and company can shape the future of the business.
We are looking for chemistry where we believe in a product.
A repeated theme in the interview was trust. Whether the topic was M&A, payments, investments, or customer support, Diana returned to the idea that Obtained needs to trust the companies it works with.
This matters because the company is often introducing sellers to buyers, buyers to sellers, and companies to investors. In each case, reputation is important. A weak introduction can damage trust on all sides.
We need to trust in your product, in our partners, in our clients, and then it's just a matter of when are you ready to move on.
For iGaming and fintech businesses, this is especially important because deals can involve sensitive information. Sellers may share financial results, payment data, compliance documents, client information, ownership details, and future strategy. Buyers need to trust that the seller is serious, and sellers need to trust that the buyer can complete the deal.
Obtained's role is to support that process, help both sides understand the opportunity, and make sure that the deal has a realistic path forward.
The second CasinoLove interview with Obtained focused on how M&A, payments, and investments connect in iGaming and fintech. Diana Hukasian explained that Obtained is known as an M&A center, but the company also offers a payment gateway and payment orchestration platform for iGaming businesses.
The most important payment topic was alternative payment methods. For markets such as Africa, Southeast Asia, and Latin America, operators need local payment methods to make deposits and payouts easier. Mobile money in Africa was one example.
On the M&A side, Diana discussed payment institution deals, EMI acquisitions, and a crypto exchange opportunity worth tens of millions of euros. She also explained that large deals can take up to two years because finding the right buyer, handling agreements, and managing the transition can be complex.
The interview also showed that Obtained does not see M&A as only selling a company as quickly as possible. Sometimes a business owner should improve the company first by adding better regulation, stronger banking relationships, better payment rails, or stronger market positioning.
For iGaming founders, the main message is simple. A company can be more valuable when it has the right structure, license, payment setup, team, and trusted partners behind it.