Gaming technology company Bragg Gaming Group is set to acquire the Reno, Nevada-based technology and content provider iGaming Spin Games in a deal that will strengthen the footprint of the premiere in United States and will help it grow in this lucrative space.
Under a combination deal between the two companies, Bragg would buy Spin Games in a cash and stock transaction for a total purchase price of $ 30 million.
The deal will see Spin Games sellers receive $ 10 million in cash and $ 20 million in Bragg common stock, of which $ 5 million in common shares will be issued upon closing of the transaction and the remainder to be issued over the next three years.
The combination is subject to Nevada gaming regulators approval and other customary closing conditions and is expected to be finalized in the fourth quarter of the year.
Spin Games specializes in the development of exclusive online casino games designed in internal studios in North America and India. The company also operates the proprietary ROC remote gaming service and is licensed to distribute iGaming titles from leading third-party vendors.
Its products are integrated with all major US online gambling service providers, including BetMGM, Caesars, FanDuel, Golden Nugget, Hard Rock, TwinSpires, Penn National Gaming, DraftKings, WynnBET, Parx, Rush Street Interactive, and more.
Spin Games is licensed and live in New Jersey, Pennsylvania and Michigan and is licensed and working on deployment in British Columbia Canada.
Expansion opportunities in the United States
Transaction Will Create Multiple US Expansion Opportunities For Bragg And Its Online Casino Content Provider ORYX games. Through the purchase of Spin Games, the group will have access to its relationships with the online gambling operators in the United States listed above.
Bragg said he plans to leverage these relationships to cross-sell existing ORYX digital casino content currently available in multiple European markets, while continuing to build US-focused games and related iGaming products. .
The combined offer of Spin Games and ORYX should position the larger group provide enhanced turnkey solutions for iGaming, sports betting and player engagement in the growing American gambling market.
Bragg said the initial planning for technical integrations between Spin Games and ORYX has begun and that these integrations will deliver the benefits of ORYX’s advanced player engagement platform with Spin Games. “The technology, the know-how of the local market and the relations with the American operators”.
Additionally, the company said the transaction will bolster its global development resources with Spin Games’ existing game development center in Chennai, India.
Spin Games Founder and CEO Kent Young, who has over three decades of gaming industry experience, immediately joined Bragg as Group Director. President – Americas. Mr. Young is called upon to play a critical role in the broader company’s US market growth strategy.
Source: Bragg Gaming Accelerates Entry into US iGaming Market, Acquiring Nevada-Based Spin Games, ORYX Gaming Newsroom, May 12, 2021