The investment gods giveth, and the investment gods taketh away. A Digi-Capital report on the state of the gaming industry revealed that M&A activity hit a record of $4 billion in transactional value in 2012, up 18 percent from 2011. That said, there was a 27 percent decrease in transactional volume, meaning it was a 60 percent larger average transaction size – $49 million –  that accounted for the overall growth. Also, total investment in the space was down 57 percent to $835 million from its 2011 high of $2 billion. So if you’re a giant, times are good. If you’re a smaller, lesser known company, funds and exits could be tough to come by. [Source: Digi-Capital]