Buying right: Why affiliate acquisition needs a rethink

M&A in the iGaming affiliate space is nothing new. For decades now, it has generally been seen as the most efficient way to scale a business. The playbook has been straightforward, with businesses bolting on revenue-generating assets to consolidate traffic and enjoy greater economies of scale. Several affiliate behemoths grew rapidly using the approach. If a site ranked well and brought in money, it was worth buying. Rinse, repeat, grow.

Yet, I’d argue that the model is beginning to creak. Without naming names, we’ve seen at least one large, listed affiliate that used this approach decline because it prioritised scale over substance. Look, the affiliate space is evolving at an almost alarming speed. This is often in contrast to the products we are marketing, which have broadly remained the same. Now audiences are savvier, search engines are smarter, and the range of content formats has exploded.

It’s not just websites to consider, but rather streamers, influencers, community-led platforms, social-first media brands and much more. These don't always plug into a CMS or a broader strategy as easily as a typical SEO-focused website. As a result, affiliate M&A is no longer just about adding numbers to a portfolio. It’s about finding cultural fit, operational synergy and untapped potential.

Meaningful traction

At Already Media, we’ve leaned into that shift.

Rather than chasing scale for scale’s sake, we focus on acquiring brands that have meaningful traction. We’re looking for those with loyal audiences, niche credibility and perhaps most importantly, authentic voices. It’s about finding brands that aren’t just ranking but actually resonating with the audience.

Two recent acquisitions showcase our philosophy.

It’s been a little over a year now since we acquired PokerListings, a long-established poker authority now being reimagined for modern players. In April, we added Live Casino Comparer, a deeply respected niche site built on trust and first-hand expertise.

Both offer very different challenges and opportunities. But both also align with our belief that the best affiliate brands are built with passion and purpose. In a disrupted industry, M&A must evolve too.

The next era isn’t about buying everything. It’s about buying right.

New playbook

When evaluating a potential affiliate acquisition, it’s easy to get lost in the spreadsheets.

Don't get me wrong, of course, we're studying traffic, revenue, backlink profiles, keyword rankings and more. But we don't believe these are the indicators of long-term, future success.

Instead, we’re now far more interested in the KPIs that aren’t always as easy to quantify. Credibility is the big one. Does the audience truly trust the brand, and is that trust built upon solid foundations?  Take Live Casino Comparer, for example. It wasn’t the biggest site in the space by volume. But what it did have was a reputation built over more than a decade.

At the heart of everything was a loyal, informed readership who trusted the founder, Neil Walker, as an authority in live casino content. The site didn’t churn out SEO fodder. It produced thoughtful, experience-based articles that clearly came from someone who actually plays, tests and understands live dealer games. It was a passion project as much as a business enterprise.

In short, a great affiliate site isn’t just one that ranks. It’s one that resonates. I’ve always said it isn’t particularly hard to generate traffic. But trust is something that doesn’t come easily and can be lost in a second. That’s something to treasure.

Founders first

One of the defining factors in our acquisition of Live Casino Comparer was the opportunity to keep founder Neil Walker involved.

His personal expertise, his tone of voice and his genuine passion for live casino are woven through every page. So, when the acquisition conversations began, it was never a question of replacing him. It was about partnering with him.

That stands in contrast to another growing trend in the affiliate space, where we’re increasingly seeing a handful of businesses employing a “buy and burn” model.

This often involves acquiring assets that don't even have a prior connection to gambling. The sites are then aggressively reworked with casino content and pushed hard to rank. It might spike short-term traffic, but it usually lacks staying power. It's a strategy that treats brands as disposable.

We don't see that as sustainable. Nor is it aligned with our ethos. We believe that long-term success comes from nurturing what makes a brand valuable in the first place.

That usually means keeping the founder close. Founders bring context, authority and vision. And we’ve found that they can often have a positive impact on Already Media beyond the asset that we’ve acquired. It’s about building that pool of expertise that prepares us for whatever challenges may come in the future.

That’s why Neil is still actively involved post-acquisition, both as an advisor and content contributor. And it’s why our M&A strategy is as focused on talent as it is on assets.

Unlocking potential

While Live Casino Comparer represented a deep niche, personality-led acquisition, PokerListings offered a very different kind of opportunity.

This was a well-known brand with a rich legacy, strong domain authority, and decades of backlinks. But if I’m being completely honest, it had lost some of its momentum. What excited us was the chance to reignite it. The first step was rebuilding the platform from the ground up. PokerListings needed a modern infrastructure to support new types of content, languages, and user experiences.

From there, we focused on expanding into new markets and developing regional strategies that respected local player behaviour and preferences. Finally, we started building a genuine community, moving beyond static reviews to foster engagement through editorial, social, and multimedia content.

The future of M&A

M&A will continue to be a central part of Already Media’s growth strategy, even if we do qualify that. Our bar to acquire an asset is already higher, and that won’t change any time soon. We’re not chasing volume for the sake of volume.

We’re looking for alignment and that means brands with clear positioning and founders or teams that still believe in what they’re building.

It feels like our industry has spent years, maybe even decades talking about consolidation. I’d argue that iGaming affiliation is now more fragmented than it has been for a long time. New channels, from social-led tipsters to personality-driven streamers, have challenged the established order.

Thousands of sites offering the same old review tables just won’t cut it anymore. It’s now about creativity, authenticity and sustainable growth.

That’s why we’re committed to doing M&A the right way, not as a shortcut to traffic, but to bring brilliant brands into an ecosystem that helps them reach their full potential.

There are more deals on the horizon, but only where we see long-term value and cultural fit. For us, acquisition isn't the end of a journey, it's the beginning of a new chapter.