Bragg Gaming accelerates US vision with $30m Spin Games purchase
Bragg Gaming is to acquire Spin Games in a $30m cash and stock transaction that it says will serve to immediately establish its US operating footprint, and set the foundation for the company’s growth strategy in the region.
Under the terms of the deal, sellers of the Nevada-based B2B gaming technology and content provider will receive $10m in cash and $20m in common shares of Bragg, of which $5m in common shares will be issued on closing and the balance over the next three years.
“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”, explained Richard Carter, CEO of Bragg Gaming.
“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.
“We believe this transaction will be transformative for the company, providing significant positive impact for our respective employees, customers, and shareholders.
“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.”
Through the Transaction Bragg will gain access to key strategic operator relationships in the US including BetMGM / Roar Digital, Caesars, DraftKings , FanDuel, Golden Nugget, Hard Rock, Parx, Penn National Gaming, Resorts, Rush Street Interactive, TwinSpires, Unibet and WynnBet.
The group says that it intends to leverage these to cross-sell its existing casino offerings which are currently live in European markets, while continuing to develop its US-centric content creation.
Kent Young, Spin’s founder and CEO Kent Young, who brings over 30 years of gaming sector executive experience, will immediately join Bragg as president of the Americas, where he will drive the group’s US market roll-out growth strategy.
The transaction will close following final approval from state gaming regulators, and satisfaction of other customary closing conditions.
“On behalf of the entire Spin team, we are pleased to announce this acquisition which will better position the combined company to expand its support of the rapidly growing US igaming market with our proprietary and third-party content and our leading remote gaming server technology,” commented Young.
“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.”