CVC Capital Partners Poised to Acquire Gaming Laboratories International

Private equity’s latest play targets the backbone of regulated gambling. As CVC Capital Partners moves to acquire Gaming Laboratories International, Gaming Eminence investigates the strategic rationale, market implications, and what’s at stake when the names in compliance come under private ownership.

Private equity giant CVC Capital Partners is preparing to acquire Gaming Laboratories International (GLI), the dominant global player in gambling product testing, certification, and regulatory compliance. The deal is being structured through Avalon Buyer Limited, a UK-based acquisition vehicle incorporated in April 2025 and controlled by two CVC executives—Zachary Kelly and Matthew Turner.

The acquisition became public following antitrust filings in Austria and Malta, which confirm that Avalon seeks sole control of GLI and its affiliates, including Worldwide Laboratories LLC and Kobetron LLC. Austria’s Bundeswettbewerbsbehörde (BWB) posted a July 3 notice with a deadline of July 31 for affected parties to comment. Malta’s competition authority published its summary on July 11; its comment period has already lapsed without objection.

Though no official price or terms have been disclosed, the deal is expected to close imminently, pending regulatory clearance. GLI and CVC have declined public comment.

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GLI: From Startup to Cornerstone of Gaming Regulation

Founded in 1989 by James Maida and Paul Magno in New Jersey, GLI has transformed from a small lab into the industry’s de facto compliance backbone. Today, GLI operates in over 35 jurisdictions, employs roughly 1,800 staff, and maintains 35 global offices.

The company tests everything from slot machines and iGaming software to RNGs, lottery systems, and wagering platforms. Its services have expanded over the decades to include cybersecurity, regulatory consulting, quality assurance, responsible gaming advisory, and market-entry strategy for newly regulated jurisdictions. GLI has been instrumental in shaping compliance standards in Brazil, Australia, the UAE, and Macau.

In addition, GLI has hosted the influential Regulators Roundtable for 25 consecutive years, drawing policymakers and regulatory bodies into dialogue on testing standards and jurisdictional challenges.

GLI has also pursued growth through strategic acquisitions: in 2023, it bought iTech Labs, a leading iGaming testing lab, and in 2024, it acquired Trisigma, a Dutch testing firm, significantly boosting its European presence.

Though privately held, analysts suggest GLI’s valuation is likely in the hundreds of millions. In a 2024 interview, Maida hinted that a sale was possible if aligned with the company’s long-term mission:

“We never take anything off the table. The real question is: what does GLI look like in the next 35 years?”

Strategic Intent: Why CVC Is Betting on Compliance

For CVC Capital Partners—ranked among the top six global private equity firms—the move represents a strategic re-entry into the gambling sector, but from a very different angle. CVC’s previous gaming investments include William Hill, Sky Bet, Sisal, and IG Index, but it has since pivoted away from consumer-facing operators.

By acquiring GLI, CVC is targeting the regulatory infrastructure layer—a foundational segment of the gambling value chain often overlooked in M&A headlines but vital to market entry and integrity.

“This is not a bet on gambling. It’s a bet on the regulation of gambling—and that’s where the next frontier of value lies,” one analyst told Gaming Eminence.

This strategy aligns with CVC’s recent trend of acquiring mission-critical, B2B infrastructure assets. In 2025 alone, the firm has moved to consolidate its sports and entertainment holdings into a new €10bn vehicle. GLI would sit neatly alongside that portfolio as the compliance gatekeeper to high-growth markets.

GLI vs. BMM: The Compliance Sector Consolidates

The CVC–GLI transaction follows the April 2025 acquisition of BMM Testlabs by Visualize Group, marking a broader wave of consolidation in gaming compliance. BMM’s deal included a spin-out of its responsible gaming training arm, with founder Martin Storm retaining a significant equity stake.

Now, both of the world’s largest test labs—GLI and BMM—are, or soon will be, under private investment control.

Feature	GLI (Gaming Laboratories International)	BMM Testlabs
Founded	1989 (New Jersey, USA)	1981 (Melbourne, Australia)
Headquarters	Lakewood, NJ, USA	Las Vegas, Nevada, USA
Employees (Estimate)	~1,800	~500
Global Offices	35+	15+
Key Services	Testing, Certification, Cybersecurity, Training	Testing, Certification, Cybersecurity
Recent Ownership Change	Pending acquisition by CVC Capital Partners	Acquired by Visualize Group (Apr 2025)
Market Share (Estimate)	~60–70% globally	~20–30% globally

Market Reactions and Industry Commentary

So far, there’s been no official statement from either GLI or CVC, but the industry has not been silent.

Several analysts and compliance specialists have praised the move as a sign that compliance is finally being valued as strategic infrastructure, not just a regulatory box-tick. The inflow of capital could empower GLI to build faster, test smarter, and expand into jurisdictions where newer regulatory frameworks require rapid certification capacity.

However, some regulatory observers and industry commentators have raised flags over concentration of control. A recent editorial in MaltaMedia questioned whether market dominance combined with capital incentives could jeopardise the perceived impartiality of testing outcomes.

“Compliance is not just a business vertical. It’s a public good,” the piece argued.

So far, regulators have shown no objection, but this will likely be watched closely, especially in jurisdictions where GLI enjoys long-standing monopoly or duopoly status.

The acquisition remains subject to final approvals, but assuming the July 31 deadline passes without objection, GLI will enter August 2025 as a CVC-owned entity.

Key areas to watch include:

Strategic Lever	Opportunity	Risk / Consideration
Global Market Expansion	CVC may fund GLI’s entry into new jurisdictions or verticals	Risk of overextension or loss of localised responsiveness
R&D and Technology Investment	Enhanced lab automation, faster testing cycles, AI integrations	Pressure to monetise may shift focus from regulatory priorities
M&A Activity	Potential acquisition of smaller niche labs or cybersecurity firms	May trigger antitrust scrutiny in some regions
Service Offering Diversification	New training, consulting, and ESG-related certification services	Challenge maintaining core focus and reputation
Commercial Optimisation	Streamlined pricing models, B2B bundling with tech partners	Concerns over price hikes or reduced access for smaller firms

This transaction is not just about buying a lab. It’s about controlling a bottleneck of regulatory legitimacy in one of the fastest growing global industries.

As gambling regulation expands and digital transformation accelerates, testing labs like GLI are no longer behind-the-scenes functionaries. They are essential infrastructure.

With private equity now owning the top two global players, the next few years will test whether these firms can scale responsibly—without compromising their core mandate: ensuring fairness, integrity, and security across a complex global gambling landscape.