Regulatory
Market Access
Definition
The right to operate in a regulated market, often acquired through partnership with a licensed local entity (US states), through licensing application, or through M&A.
Why it matters
Market access has become one of the most valuable assets in modern iGaming, particularly in the US where most state online gambling frameworks require operators to partner with a casino license holder for market entry. The economics of market access deals can be substantial: the casino license holder receives ongoing payments (revenue share or fixed fees) in exchange for granting the online operator the right to operate in the state. Major commercial relationships (DraftKings with Bally's, FanDuel with Boyd Gaming, others with various tribal and commercial partners) form the structure of US online gambling.
For international markets, market access work involves combination of license application, local partner relationships, and regulatory engagement. Some markets (Brazil's SPA framework) opened with relatively accessible licensing for international operators meeting the qualification criteria. Others (the US patchwork, Asian markets) require more bespoke market access structures. The combined economics of market access deals across multiple states is a meaningful cost line for major US online operators.
Frequently asked questions
How does US market access typically work?
Most US states with online gambling require operators to partner with a state-licensed casino. The casino entity holds the "skin" license that the operator operates under, with a commercial agreement governing revenue share, term, and operational division. The structure varies by state and deal.
Can market access rights be sold or transferred?
Sometimes, subject to regulator approval. Some market access agreements have provisions for assignment or transfer. The regulator's approval for the new operator is typically required, treating the transfer effectively as a fresh license application.