M&A (Mergers and Acquisitions)

M&A has been one of the dominant features of modern iGaming. Major transactions have reshaped operator competitive position (Flutter forming through the Paddy Power Betfair merger then adding The Stars Group; Entain emerging from GVC's Ladbrokes Coral acquisition; DraftKings going public through SPAC and acquiring SBTech; major US operators forming through tribal-operator joint ventures and acquisitions). Supplier consolidation has been parallel: Evolution acquiring NetEnt, Red Tiger, and DigiWheel; Light & Wonder simplifying around its core gaming portfolio; Playtech evolving its operating perimeter through multiple transactions. The strategic drivers vary by deal but recurring themes include scale to support fixed compliance and technology costs, market access in jurisdictions requiring local licensing, content portfolio breadth, and capture of vertically integrated economics. Regulatory considerations are central: most major iGaming M&A requires regulator approval for change of control across multiple jurisdictions, with diligence on the acquirer's licensing standing being a key gating factor. Listed-company M&A in the sector is also subject to scrutiny from equity markets where shareholders evaluate strategic rationale and integration execution.