Bragg Gaming acquires Nevada based Spin Games

Global B2B gaming technology and content provider Bragg Gaming has entered into a definitive agreement to acquire Reno based Spin Games B2B gaming technology and content provider currently servicing the US market, subject to regulatory approval.

Bragg Gaming and Spin Games have announced that they have entered into a merger agreement, under which Bragg has agreed to acquire Spin in a cash and stock transaction for a purchase price of approximately $30 million. Under the terms of the agreement, the sellers of Spin will receive $10 million in cash and $20 million in common shares of Bragg of which $5 million in common shares will be issued on closing and the balance over the next three years. The transaction will close following final approval from state gaming regulators and satisfaction of other customary closing conditions.

This move is consistent with Bragg’s previously announced strategy to diversify its revenue from European markets and grow its US operations to capitalize on the growing US and Canadian online casino markets. The transaction serves to immediately establish Bragg’s US operating footprint setting the foundation for the Company’s growth strategy in the region. Spin will provide Bragg with immediate technical, product, regulatory and compliance know-how specific to the US market, reducing time-to-market and de-risking US deployment. Following closing, Spin’s founder and CEO Kent Young, who brings over 30 years of gaming sector executive experience, will immediately join Bragg as President – Americas and will play a key role in the Company’s US market roll-out growth strategy.

Through the transaction, Bragg will gain access to key strategic operator relationships in the US and intends to leverage them to cross-sell its existing casino content currently live in European markets while continuing 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. This transaction lays a strong foundation for our strategy of building a tier one vertically integrated iGaming business in the US,” said Richard Carter, Chief Executive Officer of Bragg Gaming. “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”, he added.

 “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 (Canada). 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. We are extremely excited to be joining the Bragg team and look forward to a highly successful future together”, commented Kent Young, Spin Games’ Founder and Chief Executive Officer.