The first half of 2025 saw substantial M&A activity in the Gaming sector, with approximately 117 deals completed globally, roughly flat with the same period in 2024. Strategic buyers, such as established publishers and platform owners, drove the majority of the transactions as they sought to enhance their intellectual property portfolios and expand technical capabilities. Financial buyers also participated with Private Equity firms picking up 19 companies in the sector as they focused primarily on growth-stage opportunities. 
 

In terms of deal value, the total disclosed amount for the first six months of 2025 reached $14.5 billion, on pace to exceed 2024 levels. Several large-scale transactions contributed to this figure, including CVC Capital Partners’ $5B acquisition of Dream Games, the Turkish mobile gaming studio known for the hit title "Royal Match”. Another high-value deal was Flutter Entertainment’s purchase of betting operator Snaitech for approximately $2.5B. 

The top buyer in the first six months of 2025 was Singapore-based game development company Virtuos Holdings, which made 3 deals. Additionally, PE firm Bain Capital and gaming provider Flutter Entertainment both made 2 deals.  

The number of VC deals in the Gaming sector has declined considerably in recent years, dropping from over 1,760 in 2022 to 400 during the first half of 2025. Venture capital investment in the Gaming sector has been incredibly volatile and that trend continued into the first half of 2025. These dynamics are instead encouraging companies to turn to M&A strategies for growth and liquidity as there is a growing preference for strategic partnerships and long-term value creation.