Bragg Gaming Group and Spin Games announced today they entered into a definitive agreement under which the global B2B gaming technology and content provider will acquire the Reno-based technology and content company servicing US markets, subject to regulatory approval.
Eyeing US and Canada
The merger agreement provides for the acquisition of Spin Games in a combined cash and stock transaction around $30 million, of which $10 million Bragg will pay in cash and the remaining $20 million in common shares, with $5 million of them issued upon deal completion and the balance over the next 3 years.
The deal which will require approval from state gaming regulators and satisfaction of other customary closing conditions provides Bragg with the opportunity to deliver on its previously announced strategy to diversify away from its reliance on European gaming and establish presence in the growing US and Canadian online casino markets.
Leverage Spin’s US Know-How
Bragg will fully utilize Spin’s US-specific technical, product, regulatory and compliance know-how, to minimize deployment risk and reduce time-to-market, while Spin CEO and founder Kent Young is set to bring over 30 years of experience by joining Bragg as President – Americas and play a key role for the company’s rollout and growth strategy in the US.
The acquisition of Spin Games will open up cross-selling opportunities for Bragg’s casino content from existing relationships between Spin and US leading gaming companies.
“Spin’s existing state gaming licenses and established integrations with online casino operators, comprising the majority of the US market uniquely positions our Company for future growth in the North American market. This transaction lays a strong foundation for our strategy of building a tier one vertically integrated iGaming business in the US.”Richard Carter, CEO, Bragg Gaming
Cross-Selling Casino Content
Casino operators Caesars, Golden Nugget, Hard Rock, Penn National Gaming, Resorts, and Parx, as well as online gaming brands BetMGM, FanDuel, DraftKings, TwinSpires, Unibet and WynnBet, are potential buyers for the company’s content which is currently live in European gaming markets. Fully licensed in New Jersey, Pennsylvania and Michigan, Spin Games’ casino content also received regulatory approval and is pending deployment in British Columbia in Canada.
“Spin’s outstanding product and talented team instantly expands our local market footprint and brings a wealth of US market know-how to the group, including valuable product, technical, regulatory and compliance expertise.”Richard Carter, CEO, Bragg Gaming
Full Turnkey Platform
Upon closing the transaction, Spin’s and Bragg’s wholly owned subsidiary Oryx Gaming will position the B2B technology and content company to provide a full turnkey platform for iGaming, sports betting and player engagement in the US, as plans for integrations between Bragg and Spin are already in motion.
“We have seen from the European market that the ability to deliver best-in-class proprietary content alongside a full turnkey iGaming and player management platform is key to building a successful B2B online casino technology provider.”Richard Carter, CEO, Bragg Gaming
Finally, the integration of Spin’s existing development center in Chennai, India, is set to expand further Bragg’s global development potential and resources.