BRAGG GAMING TO ACQUIRE NEVADA-BASED SPIN GAMES IN $30M DEAL

Toronto-based Bragg Gaming Group is set to acquire Nevada-based B2B gaming technology and content provider, Spin Games LLC, in a deal worth approximately $30M USD. 

The Cash and stock transaction will see the sellers of Spin receive $10M in cash and $20M in common shares of Bragg, of which $5M will be issued on closing and the balance over the next three years. 

According to Bragg, the acquisition “offers a compelling strategic and financial rationale” consistent with its aims to “diversify its revenue from European markets and grow its US operations, capitalising on the growing US and Canadian online casino markets.” 

Spin has a team of more than 30 staff who will provide Bragg with extensive technical, product, regulatory, and compliance knowledge of the US market. Spin’s founder and CEO, Kent Young, will be joining Bragg as President – Americas. 

The acquisition will give Bragg access to key strategic operator relationships in the United States, including BetMGM / Roar Digital, Caesars, FanDuel, Golden Nugget, Hard Rock, DraftKings, TwinSpires, Penn National Gaming, Resorts, Parx, Rush Street Interactive, Unibet and WynnBet.

Initial planning of technical integrations between Spin and Oryx, Bragg’s wholly owned Europe-based subsidiary, are currently underway, with the company saying the combined offering will deliver the benefits of Oryx’s advanced turnkey Player Engagement Platform with Spin’s technology, local market know-how and US operator relationships. Additionally, the Transaction deepens Bragg’s global development resources with Spin’s existing development center located in Chennai, India.

Discussing the acquisition, Richard Carter, Chief Executive Officer of Bragg Gaming, said: “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.

“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. The cornerstone of our future growth strategy will involve bringing best-in-class content in-house during the early innings of the US growth story to position our company for long-term success.”

Kent Young, Spin Games’ Founder and Chief Executive Officer, added: “Since we became one of the first RGS and iGaming content companies approved for online gaming in the US, we have grown our footprint in New Jersey, Pennsylvania and Michigan and been approved to operate in British Columbia. In addition to strengthening our support of our existing customers and markets, this acquisition will accelerate Spin’s ability to expand our content library, pursue new markets and leverage our technology to support iGaming here and in new markets as they open. We are extremely excited to be joining the Bragg team and look forward to a highly successful future together.”

AYO.NEWS says:

As we noted yesterday, many were slow to recognise the potential of the US online casino market, preferring to concentrate on sports betting over the last few years. But, spurred on by the COVID-19 induced closures of land-based casinos, the vast scale of the US online casino markets is now becoming evident, and suppliers and operators are falling over themselves to establish market share. Clearly, the Bragg – Spin offering is going to be a force to reckon with.