By Samuele Traversin, EVP Business Strategy & Corporate Development, Soft2Bet
Since joining Soft2Bet seven months ago, I have spent much of my time speaking with operators, suppliers, founders, investors, advisors and regulators across several key markets.
Those conversations have focused on different stages of the deal process, but one theme has come up repeatedly: Gaming M&A is no longer being judged on scale, market entry or access to capital alone. Buyers, investors and boards now want to understand how a business will perform once the announcement is over and the real work begins.
Investors still have good reasons to look closely at the sector as more jurisdictions are regulating online betting and gaming, technology standards are improving, and consolidation can help operators and suppliers add capability, market access and local knowledge. What has changed is the level of scrutiny: growth projections are being tested more carefully, with capital providers, strategic buyers and boards looking more closely at sustainable earnings, customer value, acquisition costs, compliance culture and the work required after closing.
For Soft2Bet, this shift fits with how we already approach corporate development: we focus on opportunities that can strengthen the business, deepen our position in regulated markets or bring capability that would take longer to build ourselves. If the logic is unclear early in the process, that is usually a sign to be cautious.
How we think about M&A at Soft2Bet
At Soft2Bet, M&A is closely connected to organic growth, product investment, brand building and operational improvement. A deal has to support the business we are building and compete with other demands on capital and management time.
We start by asking whether the deal fits the business, using what we define as “operator’s view”. That means looking at whether it can strengthen our competitive position, improve our product capability, add local market knowledge or deepen our presence in a regulated market. Size and market access still matter, but they cannot carry a deal by themselves.
We then look at what can be improved after closing. A business can look attractive during a process, but the real test is whether we can help it perform better over time. That means looking closely at the technology, the team, the customer base, the operating model and the practical work needed to make the plan work.
Discipline runs through each stage of that assessment, from valuation and structure to timing, integration risk, future investment needs and senior management focus. Some conversations move forward because the opportunity still makes sense once we test it. Others stop early because the fit is not strong enough.
Strategic fit and the quality behind growth
Scale still plays an important role in gaming, but only when the business behind it is strong. Buyers are spending more time on the quality of that growth, from retention and customer acquisition discipline to unit economics, regulatory strength, proprietary technology and the strength of the management team.
A large customer database may look impressive in a teaser or management presentation, but the number alone no longer tells enough of the story. Buyers want to understand how customers behave, how long they stay, what it costs to acquire them, how profitable they are, and whether revenue can continue to perform as regulation and competition become more demanding.
At Soft2Bet, we look at this in practical terms. The strongest cases are usually businesses with clear market position, product depth, technology, or local knowledge that would be hard to build from the outside. A smaller business can offer greater strategic value than a larger one when the rationale for the deal is clearer and the plan to create value after closing is more realistic.
Value creation starts before signing
Signing is only one stage of the process. An acquisition is more likely to succeed when the buyer understands the operating requirements early, not once the deal has already moved too far. The plan needs to be tested before closing, so both sides are clear on what has to happen once the business becomes part of a new set-up.
We look at integration from the start because systems need to connect, teams need clear roles and product decisions need to protect the customer experience. Compliance, reporting, KYC, AML, taxation and responsible gaming processes must hold up under greater scale. Local knowledge also has to be protected, especially in markets where customer behaviour, payment habits and regulatory expectations differ from one jurisdiction to another.
Acquisition-led growth can disappoint when the deal case is strong, but the operating plan falls short. Some active acquirers in gaming are now dealing with past transactions that seemed sensible when announced but have become harder to integrate and improve as the real operating work began.
Experienced buyers usually know where value sits in the customer base. They also have the people, systems and market knowledge to improve the business after closing.
Discipline through the deal process
A deal can make sense commercially and still struggle once the financing, timing and integration work are put under pressure. Factors like market share, geographic reach and cost savings all have their place, but they need to be tested against the resources the business will need after closing.
Leverage has a place in M&A when it supports a credible plan, but the risk comes when the capital structure starts to dictate the strategy. If too much cash flow is going toward debt repayments, the business has less room to invest in the areas that shape performance in gaming, from technology and product to customer experience, compliance, regulatory readiness and future market opportunities.
The cost of that lost flexibility can be high because gaming businesses need to respond quickly to regulatory change, product trends, payment requirements, responsible gaming expectations and shifts in customer behaviour. A company that maintains sufficient capacity to invest through the cycle is usually in a stronger position than one that has stretched itself thin to complete prior transactions.
Financial discipline, therefore, runs through the whole process at Soft2Bet. The valuation has to make sense, but so does the structure, timing, integration plan and level of management attention required.
Working with founders, advisors and partners
The human side of M&A is often underestimated. Many gaming businesses have been built by founders who have spent years taking risks and making difficult decisions in markets that are not easy to operate in. A transaction may be a financial event, but it is also a major personal and strategic decision for the seller.
Good sell-side advisors can make a real difference here because the best ones bring more to the table than process management. Good advice helps prepare the business properly, test valuation expectations, explain what buyers are likely to focus on and keep the conversation grounded in market reality. Some transactions fail because valuation expectations move too far away from what buyers can support.
From our side, a good process starts with clarity: understanding why a founder or shareholder is considering strategic options, what they want for the business’s future, where the company is strong and where it may need support. We also want to be clear about what Soft2Bet can provide, whether that is technology, product experience, regulatory knowledge, local launch expertise, or operational support.
Trust and preparation make a material difference, and the most productive processes usually involve the buyer and seller understanding the strategic fit and the work that would follow closing.
Where we see opportunity
Periods of market pressure can create good opportunities for companies that know what they are looking for. Many smaller operators are facing pressures such as higher taxation, stricter compliance requirements, greater responsible gaming obligations and rising marketing costs. In this case, scale can help with some of these pressures, which creates room for consolidation and partnership.
We are also seeing more founders review their strategic options after years of building successful companies. For many, future growth may require more capital, stronger technology, wider market access or deeper operational support than they can easily build on their own.
The geographic picture is also important, with North America continuing to offer strong long-term potential as the United States and Canada move through different stages of regulated market development. Newly regulated and developing markets also look attractive when operators have the resources to enter them properly.
We focus on businesses and partnerships where our technology, product experience, regulatory knowledge and operating model can make a measurable difference and where there is a clear opportunity to build on what already exists. This includes situations where our experience building and operating localised brands can help turn a good business into a stronger one.
What comes after the deal
The last decade of gaming M&A was driven by expansion, market access and the search for scale. The coming phase will place greater pressure on execution, with companies needing to allocate capital effectively, integrate businesses properly, protect their ability to invest, and continue improving the customer experience after the transaction is complete.
M&A will continue to play an important role in gaming as companies look to strengthen their positions, expand their capabilities, and respond to an increasingly demanding market. Problems can, however, emerge when the strategic rationale is weak or the operating work has not been properly understood.
Looking at the market now, my strongest impression is that it is becoming more disciplined, which should help create stronger businesses and more sustainable growth. We will continue to assess opportunities by asking whether they fit the business, whether value can be created after closing and whether the process can be managed with the right level of discipline. In this coming phase of gaming M&A, completing the right transactions will be more constructive than completing the most transactions.
Samuele Traversin is a senior Business Strategy, M&A and Corporate Development executive with over 15 years of experience in the global gambling and gaming industry. He has worked across B2C, B2B and platform businesses, supporting growth, international expansion and complex strategic initiatives across Europe, North America and LatAm.
Gaming M&A in 2026 and the return of strategic discipline
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By Samuele Traversin, EVP Business Strategy & Corporate Development, Soft2Bet
Since joining Soft2Bet seven months ago, I have spent much of my time speaking with operators, suppliers, founders, investors, advisors and regulators across several key markets.
Those conversations have focused on different stages of the deal process, but one theme has come up repeatedly: Gaming M&A is no longer being judged on scale, market entry or access to capital alone. Buyers, investors and boards now want to understand how a business will perform once the announcement is over and the real work begins.
Investors still have good reasons to look closely at the sector as more jurisdictions are regulating online betting and gaming, technology standards are improving, and consolidation can help operators and suppliers add capability, market access and local knowledge. What has changed is the level of scrutiny: growth projections are being tested more carefully, with capital providers, strategic buyers and boards looking more closely at sustainable earnings, customer value, acquisition costs, compliance culture and the work required after closing.
For Soft2Bet, this shift fits with how we already approach corporate development: we focus on opportunities that can strengthen the business, deepen our position in regulated markets or bring capability that would take longer to build ourselves. If the logic is unclear early in the process, that is usually a sign to be cautious.
How we think about M&A at Soft2Bet
At Soft2Bet, M&A is closely connected to organic growth, product investment, brand building and operational improvement. A deal has to support the business we are building and compete with other demands on capital and management time.
We start by asking whether the deal fits the business, using what we define as “operator’s view”. That means looking at whether it can strengthen our competitive position, improve our product capability, add local market knowledge or deepen our presence in a regulated market. Size and market access still matter, but they cannot carry a deal by themselves.
We then look at what can be improved after closing. A business can look attractive during a process, but the real test is whether we can help it perform better over time. That means looking closely at the technology, the team, the customer base, the operating model and the practical work needed to make the plan work.
Discipline runs through each stage of that assessment, from valuation and structure to timing, integration risk, future investment needs and senior management focus. Some conversations move forward because the opportunity still makes sense once we test it. Others stop early because the fit is not strong enough.
Strategic fit and the quality behind growth
Scale still plays an important role in gaming, but only when the business behind it is strong. Buyers are spending more time on the quality of that growth, from retention and customer acquisition discipline to unit economics, regulatory strength, proprietary technology and the strength of the management team.
A large customer database may look impressive in a teaser or management presentation, but the number alone no longer tells enough of the story. Buyers want to understand how customers behave, how long they stay, what it costs to acquire them, how profitable they are, and whether revenue can continue to perform as regulation and competition become more demanding.
At Soft2Bet, we look at this in practical terms. The strongest cases are usually businesses with clear market position, product depth, technology, or local knowledge that would be hard to build from the outside. A smaller business can offer greater strategic value than a larger one when the rationale for the deal is clearer and the plan to create value after closing is more realistic.
Value creation starts before signing
Signing is only one stage of the process. An acquisition is more likely to succeed when the buyer understands the operating requirements early, not once the deal has already moved too far. The plan needs to be tested before closing, so both sides are clear on what has to happen once the business becomes part of a new set-up.
We look at integration from the start because systems need to connect, teams need clear roles and product decisions need to protect the customer experience. Compliance, reporting, KYC, AML, taxation and responsible gaming processes must hold up under greater scale. Local knowledge also has to be protected, especially in markets where customer behaviour, payment habits and regulatory expectations differ from one jurisdiction to another.
Acquisition-led growth can disappoint when the deal case is strong, but the operating plan falls short. Some active acquirers in gaming are now dealing with past transactions that seemed sensible when announced but have become harder to integrate and improve as the real operating work began.
Experienced buyers usually know where value sits in the customer base. They also have the people, systems and market knowledge to improve the business after closing.
Discipline through the deal process
A deal can make sense commercially and still struggle once the financing, timing and integration work are put under pressure. Factors like market share, geographic reach and cost savings all have their place, but they need to be tested against the resources the business will need after closing.
Leverage has a place in M&A when it supports a credible plan, but the risk comes when the capital structure starts to dictate the strategy. If too much cash flow is going toward debt repayments, the business has less room to invest in the areas that shape performance in gaming, from technology and product to customer experience, compliance, regulatory readiness and future market opportunities.
The cost of that lost flexibility can be high because gaming businesses need to respond quickly to regulatory change, product trends, payment requirements, responsible gaming expectations and shifts in customer behaviour. A company that maintains sufficient capacity to invest through the cycle is usually in a stronger position than one that has stretched itself thin to complete prior transactions.
Financial discipline, therefore, runs through the whole process at Soft2Bet. The valuation has to make sense, but so does the structure, timing, integration plan and level of management attention required.
Working with founders, advisors and partners
The human side of M&A is often underestimated. Many gaming businesses have been built by founders who have spent years taking risks and making difficult decisions in markets that are not easy to operate in. A transaction may be a financial event, but it is also a major personal and strategic decision for the seller.
Good sell-side advisors can make a real difference here because the best ones bring more to the table than process management. Good advice helps prepare the business properly, test valuation expectations, explain what buyers are likely to focus on and keep the conversation grounded in market reality. Some transactions fail because valuation expectations move too far away from what buyers can support.
From our side, a good process starts with clarity: understanding why a founder or shareholder is considering strategic options, what they want for the business’s future, where the company is strong and where it may need support. We also want to be clear about what Soft2Bet can provide, whether that is technology, product experience, regulatory knowledge, local launch expertise, or operational support.
Trust and preparation make a material difference, and the most productive processes usually involve the buyer and seller understanding the strategic fit and the work that would follow closing.
Where we see opportunity
Periods of market pressure can create good opportunities for companies that know what they are looking for. Many smaller operators are facing pressures such as higher taxation, stricter compliance requirements, greater responsible gaming obligations and rising marketing costs. In this case, scale can help with some of these pressures, which creates room for consolidation and partnership.
We are also seeing more founders review their strategic options after years of building successful companies. For many, future growth may require more capital, stronger technology, wider market access or deeper operational support than they can easily build on their own.
The geographic picture is also important, with North America continuing to offer strong long-term potential as the United States and Canada move through different stages of regulated market development. Newly regulated and developing markets also look attractive when operators have the resources to enter them properly.
We focus on businesses and partnerships where our technology, product experience, regulatory knowledge and operating model can make a measurable difference and where there is a clear opportunity to build on what already exists. This includes situations where our experience building and operating localised brands can help turn a good business into a stronger one.
What comes after the deal
The last decade of gaming M&A was driven by expansion, market access and the search for scale. The coming phase will place greater pressure on execution, with companies needing to allocate capital effectively, integrate businesses properly, protect their ability to invest, and continue improving the customer experience after the transaction is complete.
M&A will continue to play an important role in gaming as companies look to strengthen their positions, expand their capabilities, and respond to an increasingly demanding market. Problems can, however, emerge when the strategic rationale is weak or the operating work has not been properly understood.
Looking at the market now, my strongest impression is that it is becoming more disciplined, which should help create stronger businesses and more sustainable growth. We will continue to assess opportunities by asking whether they fit the business, whether value can be created after closing and whether the process can be managed with the right level of discipline. In this coming phase of gaming M&A, completing the right transactions will be more constructive than completing the most transactions.
Samuele Traversin is a senior Business Strategy, M&A and Corporate Development executive with over 15 years of experience in the global gambling and gaming industry. He has worked across B2C, B2B and platform businesses, supporting growth, international expansion and complex strategic initiatives across Europe, North America and LatAm.