Bragg Gaming Group (TSE:BRAG) (OTC:BRGGD) announced that it has acquired Wild Streak Gaming, a Las Vegas-based content creation studio with a portfolio of 39 premium casino slot titles supported across online and land-based applications.
Under the terms of the deal, the sellers of Wild Streak received US$10 million in cash at closing and will receive US$20 million in Bragg stock over the next three years.
Similar to Bragg’s pending acquisition of Spin Games, announced on May 12, the WIld Streak transaction increases the company’s ability to distribute and develop high-quality online casino content to the US market in-house.
Wild Streak provides Bragg with a library of 39 premium casino content titles, including several top-performing land-based titles and a suite of intellectual property and know-how, including game designs, mathematic works, advance game mechanics and features that are tailored for US markets.
Wild Streak’s design team includes CEO Doug Fallon, a renowned land-based slot designer with over 20 years of industry experience. Fallon worked in several executive marketing and design positions over more than 11 years at Aristocrat before founding Wild Streak, the company said.
Fallon will join Bragg as managing director of group content and will play a key role in leading the company through its US content creation strategy while also collaborating closely with its European development staff to facilitate the cross-selling and repackaging of proprietary European content for US operators, the company said.
“In an industry where premium content is king, Doug and his team have built up an enviable track record of developing leading premium casino slot content for both the land-based and online casino industry,” Bragg CEO Richard Carter said in a statement.
“…We expect this transaction to be materially enhancing to both revenue and EBITDA in the first full year of ownership, as well as strategically compelling given Wild Steak brings a wealth of US market casino games insights into the group, including valuable game designs, advanced game mechanics and features that are specifically tailored for and proven in the US market.”
Wild Streak reported US$1.05 million in revenue and US$233,000 of EBITDA in fiscal 2020, and $US487,000 in revenue and $US241,000 of EBITDA in the first quarter of 2021.
“Richard and the Bragg Gaming executive team have put in place the strategy and key components to accelerate their growth and market share in the iGaming market, and Wild Streak is excited to be a cornerstone for their growth strategy,” Fallon said. “We are highly impressed with the ORYX Gaming technology stack’s robust foundation and their roadmap for additional capabilities in development. We are looking forward to working with the ORYX team to create unique player experiences as we embed their technology into our game designs.”
“As the trends indicate, much of the historical content designed for Europe does not resonate with the traditional American player and we believe our background is an ideal fit with for the Bragg Gaming Group as it focuses on this emerging market,” he added.
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel
Story by ProactiveInvestors
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