The Toronto-based Bragg Gaming Group has taken a giant step into the US igaming market with the purchase of the B2B gaming technology and content provider, Spin Games.
The Reno, Nevada-based Spin Games was offered $30 million in cash and stock transactions to become part of the merger agreement. Spin Games owners will receive $10 million in cash and $20 million in common shares.
The deal comes to leverage Bragg Gaming’s presence in the US market, while at the same time diversifying its revenue from its European markets.
Under the terms of the deal, Spin Games will share its technical, product, regulatory and compliance experience and knowledge about the US gambling market with Bragg’s team.
The founder of Spin, and the company’s CEO, will become President of Bragg’s Americas arm. He will play a major part in rolling out the newly merged company into the US market.
Spin has a number of strategic relationships in place with some of the biggest names in the US market, including Caesars, FanDuel, DraftKings, Rush Street Interactive and Unibet.
The CEO of Bragg Gaming, Richard Carter said: “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.”
“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.”
