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Bragg Gaming Group to acquire Reno-based Spin Games for US$30M to accelerate its US rollout

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Bragg Gaming Group (TSE:BRAG) (OTCMKTS:BRGGD) has announced that it is acquiring Nevada gaming company Spin Games LLC in a bid to fast track its growth in the US iGaming market.

The US$30 million cash and share deal sees Bragg acquiring Spin, a Reno-based B2B gaming technology and content provider.

Bragg told investors that the deal is “compelling” for its strategic and financial goals and consistent with its previously communicated strategy to grow its US operations.

READ: Bragg Gaming says ORYX Gaming subsidiary signs deal to strengthen foothold in Mexico

Under the term sheet, the sellers of Spin will receive US$10 million in cash and US$20 million in shares of Bragg, of which US$5 million in shares will be issued on closing and the balance over the next three years.

Toronto-based Bragg is hoping to capitalize on the growing US and Canadian online casino markets.

The transaction will establish Bragg’s US operating footprint and give it access to key strategic operator relationships in the US including BetMGM/Roar Digital, Caesars, FanDuel, Golden Nugget, Hard Rock, DraftKings, TwinSpires, Penn National Gaming, Resorts, Parx, Rush Street Interactive, Unibet and WynnBet.

Bragg said it hopes to leverage those relationships to cross-sell in European markets and continue to develop its US-centric content creation.

“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,” commented Richard Carter, Bragg’s CEO in a statement.

“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.”

Spin CEO Kent Young is joining Bragg as its president – Americas.

“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,” Young told investors.

“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.”

The deal is expected to close later this year.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/949268/bragg-gaming-group-to-acquire-reno-based-spin-games-for-us30m-to-accelerate-its-us-rollout-949268.html


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