Bragg Gaming Inks Spin Games Online Casino Deal
Posted on May 17, 2021 at 12:05pm
Online casino software developer, Bragg Gaming, is set to acquire Spin Games. This acquisition will be based on a $30 million deal in cash and stock. It will help to immediately establish Bragg Gaming’s operating footprint within the United States, as well as provide the foundation for the company’s growth strategy within the region.
According to the terms of the deal, the sellers of the Spin Games, the Nevada-based B2B gaming technology and content provider, are to receive $10 million in cash. Accompanying this is $20 million in common shares of Bragg Gaming. Half of these shares will be issued on closing, and the additional $5 million in common shares with be issued over the course of the next three years.
Unique Position For Growth
Richard Carter, CEO of Bragg Gaming, explained in a statement that Spin Games’ existing state gaming licenses and established integrations with online casino operators comprise the majority of the US market. This provides the company with a unique position for future growth within the North American market.
Mr Carter added that this deal lays a strong foundation for Bragg’s strategy of building a tier one vertically integrated iGaming business in the United States. He said that the company has taken note from the European market and has seen that the ability to deliver the best-in-class proprietary content, alongside a full iGaming and player management platform, is key to building a successful B2B online casino technology provider.
Cornerstone For Future Expansion
The CEO went on to say that the company’s future growth strategy involves bringing the best content in-house during the early stages of its growth within the United States. This will help better position Bragg Gaming for long-term success. It is believed that with this transaction, the online casino company will experience something transformative. It will create a significant, positive impact for respective employees, shareholders and customers.
Through this transaction, Bragg Gaming will be allowed access to key strategic operator relationships within the United States market. These include Caesars, BetMGM/Roar Digital, Hard Rock, Penn National Gaming, DraftKings and Golden Nugget, to name a few.
The group intends to be able to leverage these in order to cross-sell its existing online casino offerings. These offerings are currently live in European markets. Kent Young, CEO of Spin Games, has over 30 years of experience and will join Bragg as president of the Americas, with immediate effect. In this role, he will drive the group’s US market roll-out strategy.
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Posted on June 14, 2021 at 12:06pm
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