Subject to regulatory approval, Bragg Gaming Group, the multinational B2B gaming expertise and content material supplier and proprietor of ORYX Gaming, has signed a definitive settlement to accumulate Spin Games LLC, a B2B gaming expertise and content material supplier based mostly in Reno, Nevada.
Bragg has agreed to purchase Spin in a money and inventory deal for a purchase order value of roughly $30 million below the phrases of the merger settlement. Spin’s sellers will earn $10 million in money and $20 million in Bragg frequent inventory, of which $5 million shall be issued at closing and the remainder for the subsequent three years.
Compelling strategic and monetary justification
According to Bragg, the acquisition has a compelling strategic and monetary justification and is in step with the corporate’s beforehand said plan to diversify income from European markets and increase its US operations to make the most of the rising US and Canadian on-line on line casino markets.
Spin will present Bragg with fast technological, product, regulatory, and enforcement know-how distinctive to the US market, minimising time-to-market and decreasing the chance of deployment within the US. Following the closure, Kent Young, the founder and CEO of Spin, will be a part of Bragg as President – Americas and play a key function within the Company’s US enterprise roll-out development technique. Young has over 30 years of gaming business government expertise.
Bragg will achieve entry to predominant strategic operator partnerships within the United States because of the deal, together with BetMGM / Roar Digital, Caesars, FanDuel, Golden Nugget, Hard Rock, DraftKings, TwinSpires, Penn National Gaming, Resorts, Parx, Rush Street Interactive, Unibet, and WynnBet.
Although persevering with to develop its US-centric content material improvement, the corporate plans to make use of these predominant operator relationships to cross-sell its current on line casino content material that’s presently reside in European markets. Spin’s distant gaming server and on line casino content material are utterly licenced and distributed in New Jersey, Pennsylvania, and Michigan, in addition to in British Columbia, Canada, the place implementation is pending.
Spin and Bragg’s wholly owned subsidiary ORYX Gaming have joined forces to carry an enhanced full turnkey igaming, sports activities betting, and participant engagement platform to the fast-growing US market.
Richard Carter, the CEO of Bragg, said: “Spin’s current state gaming licenses and established integrations with on-line on line casino operators, comprising nearly all of the US market, uniquely positions our firm for future development within the North American market.
“This transaction lays a robust basis for our technique of constructing a tier one vertically built-in igaming enterprise within the US. We have seen from the European market that the flexibility to ship best-in-class proprietary content material alongside a full turnkey igaming and participant administration platform is essential to constructing a profitable B2B on-line on line casino expertise supplier.
“The cornerstone of our future development technique will contain bringing best-in-class content material in-house throughout the early innings of the US development story to place our firm for long-term success.”
Support of the quickly rising US igaming market
Spin CEO Young commented: “On behalf of the whole Spin workforce, we’re happy to announce this acquisition which can higher place the mixed firm to increase its assist of the quickly rising US igaming market with our proprietary and third-party content material and our main distant gaming server expertise.”
He added: “Since we turned one of many first RGS and igaming content material firms accepted for on-line gaming within the US, we’ve grown our footprint in New Jersey, Pennsylvania and Michigan and been accepted to function in British Columbia.
“In addition to strengthening our assist of our current prospects and markets, this acquisition will speed up Spin’s capability to increase our content material library, pursue new markets and leverage our expertise to assist igaming right here and in new markets as they open. We are extraordinarily excited to be becoming a member of the Bragg workforce and sit up for a extremely profitable future collectively.”