2.13.2Segment

Bowling, Arcades & Entertainment Centers

Bowling alleys, arcades, escape rooms, and family entertainment centers offering leisure gaming and activities.

4
Verticals

Overview

Bowling, Arcades & Entertainment Centers covers bowling alleys, arcades, escape rooms, and family entertainment centers — increasingly the 'eatertainment' format that pairs games and activities with food and beverage (Dave & Buster's, Main Event, Bowlero, Topgolf). It has been a fast-growing experiential category.

Bowling has consolidated dramatically (Bowlero's roll-up of independent centers), and the eatertainment model drives strong per-visit spending by bundling entertainment with dining. It is an active consolidation and expansion arena.

Market snapshot

Market size
~$11B
Growth
~8.5%CAGR (2017–22, nominal)
Companies
~5,644 firms
Firms by employee count

73.7% of firms have fewer than 20 employees: 4,161 micro-businesses, below most mandates.

The investable universe1,483 firms with 20+ employees
20–99
1,34290%
100–499
1138%
500+
282%

Bowling has consolidated dramatically — Bowlero rolled up hundreds of independent centers — and the eatertainment format (Dave & Buster's, Main Event, Topgolf) drives high per-visit spend by bundling games with food and beverage. The broader eatertainment economy overlaps restaurant classifications, so this figure is the arcade-and-bowling core.

NAICS 713120, 713950. U.S. Census Bureau — 2022 Statistics of U.S. Businesses; U.S. Census Bureau — 2022 Economic Census.

Business model & economics

Revenue model

Game, activity, and food-and-beverage spending

Key economics

Revenue per firm
$1,878,673
Revenue per employee
$75,414
Employees per firm
22.6
Recurring revenue
Low

visit-driven, but high repeat frequency

EBITDA margin
Strong

high-margin games plus F&B

Capex intensity
High

Characteristics

  • Balanced cost base — payroll is 27% of revenue, leaving room to scale margin without cutting staff
  • Moderate strategic-buyer pool — 28 firms exceed 500 employees; a scaled asset has buyers, but not many
  • Eatertainment bundles entertainment with high-margin dining.
  • Bowling consolidated dramatically via roll-up.
  • Strong per-visit spending and expansion-led growth.

NAICS 713120, 713950. U.S. Census Bureau — 2022 Statistics of U.S. Businesses; U.S. Census Bureau — 2022 Economic Census.

Geographic concentration

AlabamaAlaskaArizonaColoradoFloridaGeorgiaIndianaKansasMaineMassachusettsMinnesotaNew JerseyNorth CarolinaNorth DakotaOklahomaPennsylvaniaTexasWyomingConnecticutMissouriWest VirginiaIllinoisNew MexicoArkansasCaliforniaDelawareDistrict of ColumbiaHawaiiKentuckyMarylandMississippiMontanaNew HampshireNew YorkOhioOregonTennesseeUtahVirginiaWashingtonNebraskaSouth CarolinaIdahoNevadaVermontLouisianaRhode IslandSouth DakotaIowaMichiganWisconsin

Bowling and arcade firms cluster in the Upper Midwest — Wisconsin, South Dakota, Iowa, and Michigan — where bowling is a deep-rooted community institution and small-town centers give the region far more alleys per resident than the coasts.

WisconsinSouth DakotaIowaMichigan

U.S. Census Bureau — 2022 Statistics of U.S. Businesses (firms by state), NAICS 713120/713950. Concentration shown by location quotient.

M&A deal context

Deal activityHigh

Who’s acquiring

  • Eatertainment & bowling consolidators
  • PE-backed entertainment platforms
  • Multi-unit operators

What’s driving deals

  • Roll-up of bowling and entertainment centers.
  • Eatertainment format growth.
  • High-margin games-plus-F&B economics.

Verticals in this segment

Find Bowling, Arcades & Entertainment Centers acquisition targets

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