iGaming due diligence checklist: what to check before you invest

DeckCount · 13 November 2026

Most investment checklists were written for software companies. They ask about the size of the market, the quality of the team and the rate of growth. Those questions still matter in betting and gaming, but they are not the ones that decide whether a deal completes. An iGaming due diligence checklist has to start somewhere else: with the licence, the platform, the payments and the markets the revenue comes from.

This checklist follows the order in which problems usually surface. It is a guide to what to ask, not a substitute for legal, financial or regulatory advice on a specific deal.

1. Licensing and regulatory position

Start here, because everything else depends on it. A business that cannot show the right to operate in the markets it earns from has no stable revenue to value.

• Which entity holds the licence, and is it the entity you are investing in?
• Is it a master licence held directly, or a sub-licence that depends on another company keeping its own licence in good standing?
• Which markets does the licence actually cover, and which markets does the revenue come from? The two lists should match.
• Has the business, or any of its directors, been through a regulatory investigation, a fine, a suspension or a refused application?
• What conditions are attached to the licence, and what would trigger a review?

2. Platform and technology

Ownership of the technology decides how much of the margin the business keeps and how easily it can be sold.

• Does the business own its player account management system, its PAM, or does it rent one under a white-label agreement?
• If it is white label, what are the terms: the revenue share, the notice period, and who owns the player database if the agreement ends?
• Which parts of the product are proprietary, and which are third-party content that any competitor can also buy?
• Who built the platform, who maintains it, and are those people employees, contractors or a supplier?

3. PSP and banking risk

Payments are the most fragile part of most iGaming businesses, and the part decks say least about. A business that loses its payment service provider can lose its deposits overnight.

• Which payment service providers and acquiring banks does the business use, and how many of them could it lose before deposits stop?
• Has a PSP or bank relationship ever been withdrawn, and why?
• Where are player funds held, and are they separated from operating cash?
• What do chargebacks, declined deposits and withdrawal times look like over the past year?

4. AML and RG

Anti-money laundering and responsible gambling are where regulators look first and where remediation is most expensive. Ask for evidence, not policy documents.

• Who is responsible for compliance, and do they report to the board or to the commercial team?
• How are customers verified, when in the journey, and what happens to those who fail?
• What responsible gambling tools are live today: deposit limits, self-exclusion, affordability checks, intervention on risky play?
• Is any of the money being raised earmarked to fix compliance gaps that already exist? If so, that is a liability, not growth capital.

5. Grey-market exposure

Revenue from markets with no local licensing regime, or where the business holds no local licence, may be lawful today. It still limits what the business can be sold for, because a licensed buyer will discount or exclude it.

• What share of revenue comes from each market, and what is the legal basis for operating in each one?
• Which of those markets are moving towards local licensing, and what would a licence cost in tax, in set-up and in lost players?
• Would the most likely acquirer be allowed to hold this revenue?

6. Unit economics and forecasts

• What does it cost to acquire a depositing player, by channel, and how long does that player take to pay it back?
• How much revenue comes from a small group of high-value players?
• How dependent is acquisition on affiliates, and on what terms?
• Do the forecasts reconcile to the trading history, or do they start from a market size and work down?

7. Founder, team and governance

• Has the team operated a licensed business before, and in which roles?
• Are the key people full time, and are they named in the licence?
• Who sits on the board, and who can say no to the founder?

8. Deal structure and exit

• What is being sold: shares in the licensed entity, or in a holding company above it?
• Does a change of ownership need regulatory approval, and how long does that take?
• Who are the realistic buyers in three to five years, and what would stop each of them?
• How does the price compare with what the sector pays for a business of this type and stage?

Using the checklist

No early-stage deck answers all of these. What matters is which questions are answered with evidence, which are answered with assertion, and which are not mentioned at all. Silence is not proof of a problem, but it is always a question to ask. A deal stopper, such as a licence the business does not hold for a market it is already trading in, matters more than a strong score everywhere else.

For a structured first pass against these areas, score a deck on DeckCount. For the two questions that shape valuation most, read our guide to master licence or sub-licence, proprietary PAM or white label.