Bragg Gaming to acquire Nevada-based Spin Games
If regulators approve, deal will be for $10m in cash, $20m in stock.
Bragg Gaming Group on Wednesday said it has entered into a definitive agreement to acquire Spin Games LLC.
Bragg is a Toronto-based provider of global B2B gaming technology and content.
Spin Games LLC, headquartered in Reno, Nevada, is a B2B gaming technology and content provider currently servicing the US market.
The transaction, which is subject to regulatory approval and other customary closing conditions, calls for Bragg to acquire Spin for a total of $30m; $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.
Bragg said the deal is a continuation of its strategy to diversify its revenue from European markets and grow its US operations to capitalize on the growing US and Canadian online casino markets.
In a statement, Bragg said that acquiring Spin will provide it with “immediate technical, product, regulatory and compliance know-how specific to the US market, reducing time-to-market and de-risking US deployment.”
Kent Young, Spin’s founder and CEO, will join Bragg as president – Americas.
Through the transaction, Bragg noted it will gain access to 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 intends to leverage these key operator relationships to cross-sell its existing casino content currently live in European markets while continuing to develop its US-centric content creation.
Spin’s remote gaming server and casino content are fully licensed and distributed in New Jersey, Pennsylvania and Michigan, and is licensed with deployment pending in British Columbia, Canada.
“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,” said Richard Carter, CEO of Bragg Gaming (pictured).
Young added, “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 online gaming market.”
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